What's particularly amusing about this episode is that no one learned anything at all. Bitcoin too is pure hype, its present value reflecting merely the blind belief investors have that its price will continue to rise. There are no fundamentals supporting its valuation. The notion that "blockchain changes everything" is as hollow as the idea that the Internet will totally change the way human beings perceive the world. In the end, people will always be gullible and there will always be others eager to take advantage of that eternal fact.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.

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