> Here’s what’s never happened before: everyone knows the script.

I'm don't think this is unique, most bubbles historically as far back as the South Sea bubble have had a lot of people aware of the irrationality, but investing in an attempt to profit from it.

I'd even go so far as to say, this is exactly what makes bubbles so volatile as opposed to normal "market corrections". If the dotcom boom had been all people who really believed they were sensibly evaluating the internet's financial potential, I don't think we'd have seen them jump ship quite so quickly.

I won't predict the future, but another point about historic bubbles: they almost all go on much further than people think they will before collapse.

I agree with that. This one may be unique in possibly living up to the hype.

Oh, they know its a bubble. FOMO is kind of rational I guess. Seeing others profit wildly while you fall behind can be pretty motivational to enter the trade.

Greater fool theory: https://en.wikipedia.org/wiki/Greater_fool_theory