@baldur a lot of people are saying this - it's been on the media for weeks now, I can't quite understand this dynamic of everyone knowing it's a scam, but no one divesting - is it simply because they can't?

@rubenerd @baldur @davidgerard great situation! I'm wondering if there has been a historical precedent for this - most crashes have been fairly unforeseen if I remember correctly (everyone of course says they were obvious in retrospect, naturally)

@nebogeo @rubenerd @davidgerard Well, I have to disagree. Most major crashes over the past 50 years were thoroughly warned about in advance. Savings and loans crisis. Japanese real estate bubble. Dot-com. 2008. There's tons of records of economists, bankers, even legislators warning about those bubbles, waving concrete evidence of systemic risks. They get a couple of pieces in the news one night and then get drowned out by the constant drumbeat of irrational exuberance.