Be it Stocks, Art, whatever.
This economic theory states that the price of an investment is not determined by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price. Or one may rationally have the expectation that the stock can be resold to a “greater fool” later.
In others words people are investing in things not because they believe that it is worth the price, but rather because they believe that they will be able to sell it to someone else at an even higher price. And it appears there is large supply of “bigger fools” out there waiting to invest.
David Hogan
Not only does the system set out to cheat people it also rewards people for their hate and misinformation:
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