Nobody Learned Anything from the Crypto Crash

Do you know why? A mania kills a segment of the stupid, but provides enough capital to the remaining lucky who cashed in early such that they can reproduce where they otherwise wouldn’t have. It’s evolution at work. In the short term.

A whole lot of people don’t learn anything from MLM and pyramid scams. A lot of people send money to television and radio evangelists. A lot of people habitually buy lottery tickets. A lot of people are greedy, are un/disinformed or unmathematical/unscientific or not sceptical or something, and are easily persuaded to cast the dice and trust sources that so many educated, experienced smart people accurately understand to be incorrect.

faith + greed + an impulse to gamble = money for the taking

The Fed needs to keep raising interest rates.