Dear Rudolfs,

Thank you for reading my work and thank you for taking the time to share your thoughts on the matter.

I would humbly suggest that people buy cryptocurrencies for a variety of reasons. For the same reason that people would pay for the same product.

To dismiss all cryptocurrency buyers and driven purely by greed I would suggest, is perhaps a step too far.

Whatever the case may be, my point behind this piece is to get all of us to question the stories which we tell ourselves and pass of as explanations as to why we do the things we do.

When in reality, human behavior can rarely be elegantly encapsulated in beautiful equations. Which is why we always temper any formulas which we use to track market behavior for externalities — to do otherwise would be irresponsible from a risk management perspective.

Nonetheless, I do take your point that there was a highly visible segment of cryptocurrency purchasers who may have been driven by greed.

Yours,

Patrick