Quote from: jimbo2000 on December 11, 2018, 12:02:06 PM

Quote from: exstasie on December 10, 2018, 08:02:56 PM

Quote from: The Pharmacist on December 10, 2018, 04:37:44 PM

The other things you mentioned also happen in the stock market. When prices are up, people think it's too expensive to buy; when the market crashes, they get scared and don't want to buy something that's obviously on sale. Even worse, if they sell at a loss when the stock they own starts to plummet. The markets are a weird taste of human psychology.

Yup, it's a universal thing. Markets are all about psychology, which is why gauging sentiment can be really useful as a trader. I always watch things like the Speculation board, Crypto Twitter, the Tradingview chat, and Bitfinex/Bitmex long vs. short data to gauge what other people think will happen. More often than not, when most people believe something, they're wrong. Like you said, at the bottom people are too scared to buy. At the top, I find people are usually too greedy to sell. It's a whole fear/greed cycle.

It is why for years people have had great success in gauging market/group psychology instead of focusing too much on fundamentals. At the end of the day it doesn't matter if something is the best thing ever, what matters is if people believe that it is. BTC could in time fall victim to this, it is one of the most revolutionary things of our time BUT it could be that long-term enough people don't begin to see this, or that they are disillusioned by what they see in mainstream media.

Well, that's why traders are able to gauge the market and make speculations. People try to learn about bubbles because history just repeats itself. This is also why Bitcoin is continuously being compared to past bubbles such as the tulip bubble etc. because some believe that the same thing will happen all over again.

Instead of being negative, people should just take advantage like how traders are able to. Yes, it may not turn out to be the best thing ever, but you'd still be able to profit from it if you knew how to play your cards right. People give up easily just because the market went bear after the 2017 hype. They become too impatient to profit and quickly lost interest once the price have declined. Those who remained are truly the elite, as OP have said.