> This cycle has happened four times before and every time there are more people investing.

How many more people could be convinced to put money into cryptocurrency? At this point I suspect there aren't a lot left.

Every time it goes up it's more people than the last time.

There's a finite supply of suckers, and the cryptocurrency industry has already been digging pretty deep.

If it's like other tech the more people are now in the developing world which would mean high volume usage but have trouble reaching past heights of speculation.

Every four years today's high schoolers graduate college and start earning money. They don't witness the previous cycle and it's lessons, so they are impressed by the tech and don't realize the greater fool is them.

You don’t think retail are gonna look for alternative investments over the coming cycle? That they’ll be happy with stocks, bonds, and deposit accounts at their local credit unions?

> they’ll be happy with stocks, bonds, and deposit accounts at their local credit unions?

You’re describing gambling addicts. Healthy casinos keep their share of revenue to a minimum for a reason.

Once everyone understands the fundamentals there may be no greater fools left. That would be recipe for an 'apocalypse'.

It's going to be a long time before even a significant minority of people understand the fundamentals.

It’s possible but there are a lot of people invested in crypto and they’re not all fools. There are a lot of people that have never invested in crypto and they’re definitely not all fools.

"Greater fool" is a technical term, not a judgement.

The underlying implication turns out to be pretty literal.

Greater dreamer works as well. The most important part is the infinite growth of expectation.

It's both.

Yet pyramid schemes/MLMs keep popping up, for decades. Their model isn't so different from what motivates people who get caught up in cryptocurrency and NFT scams.

The principle of the "daily ten thousand" ensures there's a constant supply of new fools... https://xkcd.com/1053/