I know the comparison is highly unpopular here, but I still believe that Bitcoin has a lot in common with a ponzi scheme. There is tremendous peer pressure to stay into the 'game', if only to fill the pockets of people that were here before. I almost on a daily basis see people advising new members, that mostly have no clue about Bitcoin or where the price is headed, to buy as much as they can and 'hold'. It really is sickening to see sometimes.
Well, you'd better stay off Wall Street, never run for political office, never work for a large company, or god forbid work in the entertainment industry. Because everyone in every one of those establishments will knock your game piece off of the board in an instant, given the chance.
You call it a cult. The whole human race is a cult then: A cult to better ourselves at the expense of others. It's called natural selection.
Sorry to say but the world today is not such a rosy place once you're out of the nest. In my view we attract so many unskilled investors because they see it as a chance to dig their way out of a shitty life position. They don't have access to traditional investment vehicles like many of us in the US and EU but (thanks to technology) they happen to have a computer and are technically literate. To them Bitcoin is a way out, a way to financial freedom to whatever degree they'd like to use it. It is an opportunity for many who are stuck under the thumb of corrupt governments siphoning off their country's resources and fruits of its citizens' labor. Obviously a change like this would not happen overnight, and not necessarily with Bitcoin. Large price swings may scare some people, but looking at the bigger picture it is a blip. And there will be more price swings, more volatility, and more resistance by centralized powers. Strap in or get off the bus.
Here's another version of the chart. See where it says "point of maximum financial risk/opportunity"? It think it is relevant.
