Why we put money into bizarre cryptocurrencies like ponzicoins

Early investors in initial coin offerings made an absolute killing, which led to a lot of media coverage of newly minted 'crypto-billionaires'

Some initial coin offerings seem like scams (and some are), but behavioural research shows our emotions are part of why people buy in to cryptocurrencies for fruits and vegetables or crypto trading even if cool-headed rationality screams at us not to.

An initial coin offering is just like an initial public offering. But, instead of shares, what’s being sold are cryptocurrency “coins” or “tokens”. These are similar to virtual currencies found in computer games, enabling you to buy goods or services