If you're wondering why so many people are beating up on Bitcoin right now, choose your fighter: a) We're all in the pocket of Big Fiat b) The whole thing is a pyramid of fraud and crime, a mighty crash is coming, and I want you to keep your tendies so you can afford Pinboard
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Good theories should make predictions.
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This runs into the problem of reflexivity—the people participating in the bubble see and react to whatever predictions there are, and to one another. Most people knew Beanie Babies were not going to stay valuable forever, but no one knew how long the runup would last.
End of conversation
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