Are prices only well described by log periodic power laws if market participants don't know they are well described by log periodic power laws, or does that make things more complicated?
I don't think that a bubble feels like a bubble to the participants driving it. I remember seeing this same phenomenon with gold prices a couple of years ago. So many people were adamant that "this time its different" even though we have seen gold spike and crash many dozens of times throughout history. Now that some of these people are losing lots of money in gold maybe their views change but it won't matter, next time will be same for the people driving it.