I really don't want to rub the noses of people who are going to lose everything in this, it's just a comment on human psychology and how it never, ever changes.
We sit here today in front of our laptops or smart phones, with running water, incredible advances in medicine, eletric cars, and we've been to the moon, and we convince ourselves that we're "better" and "smarter" than our forebears, but you know what - we aren't.
There are very few people who truly innovate, the rest of us might own a smart phone - but we have no clue how it works, we might be connected to the internet, but we couldn't have built it.
Most people are no more advanced than people were 300 years ago, you could have given them a laptop and shown them how to use it, or taght them to drive an electric car, etc - just because that technology wasn't available to them doesn't make them dumber than we are.
But Human nature - that never changes, the endless cycle of people caught up in "get rich quick schemes", from the tulipomania, the south sea bubble, John Law destroying the French economy (in the early 1700's where French people wanted mass immigration "because we need {a lower class of } people to do the jobs we don't want to do - now that we're all rich"), the dot com boom, the housing bubble, and now the crypto-bubble.
It's happened before, it's happening now, and it will doubtless happen again ad nauseum - people in general are not capable of critical thinking, they are emotional thinkers.
They jump in on the way up so as to "not lose out" (and greed), and then bail out on the way down out of fear.
The TV shows here in the UK basically advising people to get into buy to let properties using borrowed money were scandal, the idea - with no skill, knowledge, thought, or money - you can become rich, rich, RICH!
I knew one guy an ex bouncer and as thick as two short planks who proudly told me he was a property millionaire - he couldn't seem to understand that £1 million of mortgages makes him in debt to a million, not the other way around - he lost it all.
And that's the thing, it's a big game played by the wealthy to redistribute your money (and the money you borrowed) to them.
I hope no one got their fingers burnt too much, but I imagine in the media soon will be the tales of woe of people who have lost it all to crypto currencies and that will be that, until the next time when it's tulips or some other wonderful new innovation.
Like electric cars - I know a guy ho has invested £100K in a scheme that will make electric car chargers obsolete within 10 years - he expects to get back at least £20 million - I told him he's been scammed and will get back nothing - he didn't like it.
I guess I'm saying the world is full of suckers - don't be one of them.
Good luck everyone.
Meh you're right, i'm quite into human psychology myself. And its quite interesting to see people with no investing experience start investing. But you got to understand basically every market moves in and out of bubbles, crypto is just like that. Crypto will have some crashes, some severe crashes and some hardcore runs... as it has basically always done since the moment it came on the market for people to trade.
Not entirely sure if you came here just to tell us not to be one of the suckers losing it all but it doesn't really make sense to not participate at all. You don't have to put in a lot of money or go into debt (which is just fucking stupid) but if you could get a new laptop out of it, or maybe a cool vacation you really wanted to do.. then thats fine right? A lot of people are fortuneseekers here, and some have found theirs and others lost it, some got it and lost it just as quick as they accumulated it if not quicker.
You got plenty of people screaming revolution, new paradigm and such things. I'm a bit more cautious with those statements as history will repeat. We might see blockchain being adapted worldwide for businesses, governments and charity.. but the idea that everyone will be rich of this is indeniably wrong.
