How do you know if things are early though? Some go longer than others, so you can see some quack getting attention and buy in - just in time to be the last fool as everyone else realizes it is garbage. Or it can continue to go up - you have no way to know.

For myself, personally - that's an easy metric...

By the time I hear about something, it's too late.

I bought some cryptocurrencies on Coinbase about a year ago. Today I figured was as good a time as any to cash out. My net loss was about 70%.

I'm fortunate that this was a small amount relative to my net worth to count as a fun "experiment" and not a significant chunk of the money I need to survive.

Based on this N=1 experiment, I now feel justified in suggesting more profitable and environmentally friendly endeavors, such as lighting half your money on fire.

Check back at this comment in 3 years.

There are ten, if not hundreds, failed pyramid schemes for every one on which you could make money. The schemes are not made for you. The way to earn money off of pyramid schemes is to create one.

Whether bitcoin is just a pyramid scheme or not, only time will tell. I don't believe so, but I'm not an economist, so who am I to say :).

If my grandparents know about it it's too late

Until it doesn't, but your point is correct. Otherwise known as the greater fool theory (usually of stock investing, but applicable anywhere fools are found). Assuming you can enter and exit with a profit, you win. Next game...

This is what makes marks so unremarkable.

That's no better then buying all lottery tickets you can get your hands on.

The trick is to stick with things where the odds are affected by humans being irrational.

At least, I hope it is, I haven’t actually started that strategy.