One person creates a fantasy and then speaks of it as though it is real.
Another person hears and believes.
They add their desires to the fantasy and speak as though it is real.
Others hear it and believe.
They speak of it as though it is real.
They begin to act together on their shared belief.
Still more hear it and believe.
They speak and act together on their shared belief.
They begin to trade real things with others who see value produced by the actions of shared belief.
They give their people a group name.
Talk of fantasy is replaced by the value of actions.
Talk of belief is replaced by team membership.
New members and new actions are assumed to create value.
Talk of membership is replaced by employment.
Value is measured by market capitalization.
Is the fantasy now real?
Was anyone a fraud?