@big e....IMHO the reason Cryptos are so popular, is because of greed.
So many people dream of becoming wealthy through no effort of their own. One person I know was always saying. "When I win the Lotto I will do this, or when I win Lotto I will do that." If he did, it would be a greater miracle than Lazarus, for he does not even buy tickets. When they did a survey of major Lotto prize winners a few years ago, five years later, most of them were no better off, or even worse off. Most of them had not even paid off their mortgage.
I really do believe this is the main driver of Cryptos, plus FOMO. They believe everyone else is making money, so they have to be in it too. BUMFLUFF!!! So many people who post on these forums have no rational balance. For instance, if you say to the EV fanatics, that the history of the automobile is littered with thousands of companies which failed. Therefore, if they looked back in another hundred years, there would be as many EV and alternative vehicle manufacturers who failed too. Well. These arrogant nongs deny that this could happen, and insist that they, and only they, could be correct.
In long life I have seen many booms, starting with Poseidon in 69 - 70. I did not participate in the Dot/Com boom either. For mine, I have no dreams of avarice. My only ambition is to make a living out of the market. A thousand gain here and there, on a regular basis, is my only aim. Last year I made just over $30K, plus a tax refund of $2.5K, plus a couple of $K franking credit. That is more than enough, at 77 years old, for me to live on. If one was younger, and still working, one would be quite comfortably off.
An interesting aside. When old man Kennedy was getting stock tips from his shoeshine boy, before the late 20s crash, he ruminated upon this phenomenon. Then he rang his broker, and sold all his stocks. He bought them back a year later, for half their price, or less. At the moment, every webpage you open is full of blurb exhorting you to invest in this, that, or the other - before you miss out. Do you see the similarity? Or is it just me?
