Comment by therobots927

As someone who was deeply immersed in the crypto / NFT twitter scene in 2021 (yes I was an idiot, moving on…) it bears an uncanny resemblance to the current behavior of AI CEOs and speculators.

You kind of had to be there to understand. When you’re immersed in that stuff, the rational part of your brain takes a backseat, and the primitive social / visual parts start to run the show. You start to develop incredibly warped perceptions of value entirely driven by the predominant narrative and most importantly, price action. When you see prices go parabolic, you start to interpret that as confirmation of the narrative. This generates a positive feedback loop that can lead to unbelievable and insane valuations. And by extension equally insane narratives.

What makes it even more uncanny is that a lot of the same actors (tech CEOs, VCs) are involved in this. Make no mistake - they understand how to leverage mania to their advantage. They go on long soliloquies about how game changing this or that asset is, and how anyone not buying in NOW is “NGMI” (not gonna make it).

This will not end well. I’ll never forget the incredibly insane financial decisions I made - it really felt like being under the influence of a drug.