knows that there is a chance that they could collapse completely - Nobody is being deceived
I think this is your bias based on the people bought in within your circle, but when technologies like this hit the mainstream, that's never the case.
I think this is your bias based on the people bought in within your circle, but when technologies like this hit the mainstream, that's never the case.
Once they've convinced themselves that it's a valuable investment and have purchased multiple times, the very idea that it could be a bubble is something they will be purposefully be blocking out to keep their view of themselves as rational actors intact.
So you'd probably be surprised how many people will very quickly refuse or mock the idea that Bitcoin could be a bubble. This is especially so if people do the usual thing and actually merge the idea of being a 'Bitcoin investor' into their own personal self image. At that point, all bets are off, and a Bitcoin crash can quickly become a suicide event. It's why we have laws around investments and gambling to try and protect people.