This rally is so different because no one is beating around the bush anymore. It’s not about technology. It’s not about use cases or improving the world. It’s just, “More people buy, number go up.” The veil has been lifted and we all know it. It’s a momentum trade plain and simple. We turned a bunch of computers into a casino and then dressed it up as something else. 

But people know the truth. I got my hands on an early copy of Nat Eliason’s upcoming book Crypto Confidential that convinced me of this point. The book, which provides an insider’s perspective on the 2021 crypto bull run, made me realize how much of a game crypto is. More importantly, it made me realize how many people know it’s a game as well. They understand the rules and they play accordingly. They know they can get scammed. They know they could lose it all. Nevertheless, they still play.

The article goes on to talk about reasons why people gamble knowing they have little to no chance of winning, and honestly, it’s depressing but rational.