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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Replying to @Pinboard
You have been saying that for a long time. People who passed on investing in Bitcoin because of your advice have had a pretty big opportunity cost.
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Replying to @jogehrs
That is true. The Madoff fraud ran for 17 years, and anyone who correctly identified it as a fraud before it ended missed out on massive returns.
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So you can be right about this stuff for as long as you want, and also lose people a lot of money. Not investment advice1
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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.
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