The market doesn't care whether you understand it. So long as you pull your money out before the bubble deflates back to or below the level at which you initially invested, you will make money. There is a risk that the bubble could just pop when the public gets cold feet, but "the market can stay irrational longer than you can stay solvent" cuts both ways.
The primary problem with bubble economics is ethical, not utilitarian. Just like in a casino, every dollar you make in a bubble is a dollar someone else has lost (or will lose when they cash out too late).
Yes. When it immediately went up by 10x or so shortly after I bought it, I sold enough to get my initial "investment" back. Then sold some off and on over the years.
The primary problem with bubble economics is ethical, not utilitarian. Just like in a casino, every dollar you make in a bubble is a dollar someone else has lost (or will lose when they cash out too late).