Yes. False beliefs breed more false beliefs, and at some point they catch up with us.
I had a colleague who was fanatically into soccer. I asked how does he feel when his team loses? It is devastating for many especially in big games. But he said he is willing to take the risk of rooting for a specific team and possibly losing because it gives him excitement. It's a bit like a drug really you get addicted to your team winning. It's a bit like any gambling addiction.
If you had no interest in the outcome of a soccer-match you wouldn't get very excited watching it.
In reality most people don't have a real interest in a soccer-game since they don't gamble money on it. Therefore it seems people pick a soccer-team to root for BECAUSE we want to get excited. We want that adrenaline. (or is it dopamine?) We want to believe that the arch of history tends towards our team winning.
False Belief 1: If my soccer-team wins I'll be much better off, much happier.
Consequent False Belief: Since my team did not win I must now be desolate. I must feel bad.
One thing wrong with it is that the myth leads us to blame ourselves for the failure to recover as well.