Originally Posted by Alan Mendelson View Post
Originally Posted by RS__ View Post
From what I found, Greater Fool Theory is basically when you buy something and have the expectation to sell it later at an increased price, to a "greater fool".


Why Alan thinks this can be used as a knock against APs, I have no idea.
It's not a knock against APs. It's an explanation of what APs are doing. They are adding a value to a bet just as the coin collector adds value to a coin.
It's the same as asking what are Shacky's sites worth. Most of us would say absolutely nothing. Heck, most of us have never heard of him. But the "greater fools" chimed in at a million or two. There was a roulette forum with more than 160 daily members. And one baccarat forum with almost that many. Gosh. Shacky must have crapped his tights and did the proverbial loop on the unicycle. (Can't wait for Red to start his sites.)