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Vaniver comments on Look for the Next Tech Gold Rush? - Less Wrong Discussion
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I thought about it for a while and wound up concluding that the Bitcoin thing probably happened because there was a barrier to entry that kept out the majority of people. Back in 2010 or 2011, you had to send cash to places like Dwolla to actually get BTC. It sounds stupid, but I suspect that if you had been able to (e.g.) invest in a Bitcoin ETF back then, Bitcoin would have appreciated in price fast enough that it would have been hard to get in on the rush.*
So the lesson I'm taking away from that one is to beware of trivial inconveniences.
*Of course, this presumes that the "rush" is over, but at least it's a lot harder for me to be sure that buying Bitcoin is +EV at $500 than at $1.
Yeah, I knew about Bitcoin in 2010, thought to myself "I really ought to put $1k into that in case it explodes," and didn't because of the inconvenience. Oops.