https://tech.sina.com.cn/i/2018-07-04/doc-ihevauxi9769547.shtml
Google translate the transcript if you don't understand mandarin.
Summary: fools' consensus has great value; you don't need to agree with fools but you need to know how to play it!
My note: 4000+ P2P ponzi schemes have collapsed in China involving trillions of RMBs. Cryptos are only small part of this historical money mania!