Crypto Fragility: "Speculation Without Anchor"

If stocks still have physical assets (factories, land, products), crypto is much more fragile because:

  • Without Underlying Asset: Most crypto assets do not generate cash flow or real products. Their value is purely based on the law of supply and demand: "I buy now because I hope there is someone more foolish than me who will buy at a higher price later" (Greater Fool Theory).

  • Extreme Volatility: Because there is no real "anchor" of value, human emotions (fear and greed) become the main drivers. One tweet from a major figure or regulation from one country can wipe out trillions of rupiah in wealth within minutes.

  1. In this system, for someone to profit Rp1 million, there must be another person (or a group of people) who loses Rp1 million. Money is not created from added value or the production of goods, but rather just changes hands.

Here is the dark side you found in that research:

1. Greater Fool Theory

This is the essence of the "awareness" you mentioned. Many people enter the crypto world not because they believe in its technology, but because they are aware that they are gambling.

  • They buy worthless assets, hoping to sell them to "someone more foolish" at a higher price before their value crashes.

  • The problem is, everyone believes they are the "smart one," but in this scheme, there will definitely be someone holding the asset when its value goes to zero.

2. Awareness in "Destruction"

What makes this strange—as you observe—is voluntary.

  • Casino Effect: At the casino, everyone is aware that statistically the dealer will win, but they still come because of the hope for "instant luck."

  • FOMO (Fear of Missing Out): The fear of being left behind while others suddenly become rich paralyzes rational thinking. People are willing to become prey for market predators as long as there is a chance (no matter how small) to become a predator too.