[smallnamespace]

> last hold out becomes convinced and buys into the hype

Interestingly, this can be justified by economic theory, because it's the marginal price of the next transaction that everyone sees, so you always need someone who's willing to buy in for a higher price.

Once everyone has already bought in and there's no fresh money to prop up the bubble, everyone can immediately see that, and things fall apart just like you said.

[ianai]

The telling stuff always happens on the margin ;)