The corresponding moment for the cryptocurrency bubble will only be discernible in retrospect, but we have some pretty strong candidates already. Even if they were widely accepted by legal merchants, it would at the moment be lunatic to exchange them for anything but real money. The blockchain technology underlying the various cryptocurrencies is meant to make human decisions redundant and to replace faith in governments with indisputable rationality. The delusion that this might be possible has produced one of the most astonishing outbursts of irrational exuberance in financial history. When this bubble bursts, it will be clear that so long as there is greed we will need laws to tame it.

Source: The Guardian November 23, 2017 19:07 UTC