Quote:
Originally Posted by GreenLantern
Honestly, I do agree that it's been social media fueled. Instagram was a thing back in 2017, but not nearly as widespread as it is now, especially not in terms of people showing off luxuries.
That said, much of what I see on IG is people faking it, and it's tough to see it converting into a $30k purchase frequently enough to make this dramatic of a difference in the market values.
I still contend that the social media uptick caused speculators to start hoarding. When I see posts like these:
https://www.instagram.com/p/B7yFQGCglAr/
https://www.instagram.com/p/B7pAPE_AOax/
https://www.instagram.com/p/B7MroVRgh8g/
https://www.instagram.com/p/B7ItdCqgcRN/
https://www.instagram.com/p/B6wW64Vg5Md/
It's hard to see the market values as caused by anything else other than grey market hoarding / market cornering triggered by speculation triggered by a massive uptick in social media coverage as more and more people started using social media to show off and prop themselves up. It happens in unregulated illiquid markets. We learn this stuff in Econ 101 or something. :) |
Bloody hellfire. Thanks GL, that's crazy. I don't use any social media, so don't track what the latest and greatest crazes are. Yes, it's been about 800 years since I did Econ 101, but that rings more than a few bells.