Even Cynics Can Love Crypto

Why do people keep falling for this stuff? Here is Bloomberg's Brandon Kochkodin with the answer, which is that they expect other people to fall for it even harder:

You see this in old-school pump-and-dump schemes too: The subscribers to Slick Steve's Penny-Stock Touts Newsletter don't necessarily think that Slick Steve has any great insight into biotechnology or whatever, but they know that when Slick Steve pumps a stock it goes up, and they want to know what stock he is pumping so that they can get in on the early side of its rise. For all I know there is no one who really believes in the pump-and-dump: There are just people who get in early and profit, and others who get in late and lose money and resolve to be faster next time.