Although I also think Psi is bogus, my belief has nothing to do with the fact that previous claims of psi have been bogus. Evidence can never justify a theory, any more than finding 10 white swans in a row proves that there are no black swans! Believing that psi is false because of evidence that psi has been false in the past is the logical fallacy of inductivism. Most rational people do not believe in Psi because it has no logical theoretical/scientific basis and because it does not explain things well.

Much of this type of argument strikes me as nonsense. Something that is true can not be justified. One can (and should) argue that something is true. But argument is not justification. If the argument explains something well, then one should believe it, if it is the best theory available.

But evidence can never support any argument. It merely corroborates it. The reason that you believe a coin is fair is not ultimately because the results of an experiment convince you. It would be easy to set up an algorithm that causes the first 3000 examples of a computer simulated coin-flip to have the correct number of heads or tails to make the uninformed believe that the simulated coin flip is fair. But the next 10,000 could yield very different results, just by using an easy-to-create mathematical algorithm. No p-value can be assigned even after 3000 computer simulations of a coin flip. The data never tell a story (to quote someone on another site).

The reason we rationally believe the results of experiment when we flip the coin, but not when we see an apparent computer simulation of a coin flip is: In the case of the actual coin we already have explanations of the effects of gravity on two-sided metal objects, well before we have any data about coin flips. The same is not true about the computer simulation of the coin flip, unless we see the program ahead of time.

It is the theory about the effects of gravity on two-sided metal objects (with a particular pattern of metal distribution) that we try to evaluate when we flip coins. The data never tell us a story about whether the coin is fair. We first have a theory about the coin and its properties and then we utilize the experiment (the coin flip) to try to falsify our notion that the coin is fair if the coin looks balanced. Or, we falsify the notion that the coin is not fair, if our initial theory is that the coin does not look balanced. Examples of a phenomena do not increase the probability of it being true.

The reason we may believe that a coin could be fair is that we first evaluate the structure of the material, note that it seems to have a structure that would promote fairness given standard human flips of coins. Only then do we test it. But it is our rational understanding of the properties of the coin and expectations about the environment which make the coin flip reasonable. The results of any test tell you nothing (logically, nothing at all) about the fairness of a coin unless you first have a theory and an explanation about why the coin should or should not be considered fair.

The reason we do not believe in psi is that it does not explain anything, violates multiple known laws of physics, yet creates no alternative scientific structure that allows us to understand and predict events in our world.