Motley Fool Money Number Go Up
Sep 17, 2023
Zeke Faux, an investigative reporter for Bloomberg and author of "Number Go Up: Inside Crypto's Wild Rise and Staggering Fall," dives into the chaotic world of cryptocurrency. He shares insights on why investors disregard rationality, recounts surreal NFT parties with Snoop Dogg and Eminem, and examines the red flags associated with stablecoins. Faux's personal experiences reveal the disillusionment with the crypto craze as he highlights the complexities and risks of investing in this volatile space.
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History of Financial Manias
- The desire to believe in financial narratives is a recurring theme in history, not unique to crypto.
- Investors often succumb to hype and FOMO, leading to irrational decisions.
Dogecoin FOMO
- Zeke Faux's friend made money on Dogecoin, tempting him to invest despite his skepticism.
- This personal experience highlights the powerful allure of FOMO, even for seasoned investors.
South Sea Bubble
- The 1700s poet Alexander Pope, caught in the South Sea Bubble, desired a ten-horse carriage.
- This historical parallel illustrates how the pursuit of status symbols fuels speculative bubbles.
