Chapter 10
The Speculation of Crowds and “This Time Is Different” Thinking
On its path to maturity, bitcoin’s price has experienced euphoric rises and harrowing drops, as have many cryptoassets. One of the most common complaints among bitcoin and cryptoasset naysayers is that these fluctuations are driven by the Wild West nature of the markets, implying that cryptoassets are a strange new breed that can’t be trusted. While each cryptoasset and its associated markets are at varying levels of maturity, associating Wild West behavior as unique to cryptoasset markets is misleading at best.
Equities, which many consider to be transacted on the most transparent, efficient, and fair markets in the world, had a rocky first couple of centuries. Yes, ...
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