Fools are everywhere, especially with the Internet around. A term used in investing, the Greater Fool Theory is an idea that suggests one can make money by purchasing overvalued assets from another person, particularly a greater fool. This has been tested to happen in reality, time and time again. With people relying less on actual statistics, and more on hype and what is trending, it is easier to make fools out of everyone, targeting those with more money and discretion.
We saw this most recently with the collapse of the FTX cryptocurrency exchange, said to be worth $32 billion at a time, or P1.7 trillion, to next to nothing, in a matter of weeks. FTX is among the largest crypto exchanges worldwide, with its 30-year-old CEO, Sam Bankman-Fried, labeled as the savior of cryptocurrencies. Unfortunately, that same person has now reportedly fled US jurisdiction out of fear of being…
