I didn't say it works for everyone, I explained why people take the risk, what the macro backdrop is for this behavior. It's quite disappointing that nobody engages with that point.

Further, getting rich at somebody's expense is business as usual for any asset, be they stocks, housing, metals, anything. It's a false morality to think that this is a behavior that "good" people widely reject. Absolutely everybody in a position to do so, will. Have you ever met a home owner that gives a social discount to his inflated house when selling? I don't think so.