taxi driver principle
"All of my professional service providers keep asking me about crypto because they keep hearing about it and they know I'm a tech person..."
While the argument about porn studios is interesting, there's a simpler and more traditional observation here, and it's called the taxi driver or shoeshine boy principle. It states that a market bubble or boom (traditionally in a specific stock but it could be anything) is reaching its peak when bankers get asked about it by the very least financially literate people they encounter -- which historically might have been taxi drivers or shoeshine boys. The essential truth of it is that once everyone who can possibly be interested in buying into something is doing so, there is no one left to buy to keep prices going higher. It does not seem unreasonable to apply this principle to cryptocurrencies, a fact I pointed out a few weeks ago when my own senior citizen parents asked me whether I thought them legitimate investments (short answer: no; longer answer: hell no).
Biting the hand that feeds IT
