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You don't have to believe one's bullshit. You just have to believe others will believe the bullshit.

This is the moving force behind all investments of the past decade or so. Crypto? Everyone involved knows it's empty, but they hype it up anyway because they believe some people buy the bullshit, and plenty of people gobble it up and signal boost it because they think they're ahead of the pack. NFTs, same thing. Tesla stocks was probably the one that started it. Pokemon cards.

It's just one pump and dump scheme after another. The difference now is every one of them is too big to fail.

In a way, it's perfect. If what you're promising is sufficiently vacuous and you're a true believer, you can get away with. If you're promising something concrete and deliverable, fraud is so much easier to prove.

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