When I finished writing my history book (which is coming out in February), I had a much deeper perspective on some of the great manias in financial history. In the modern age, Bitcoin has provided us a new South Seas, Dutch Tulip, and John Law all wrapped into one, and I’ve been stunned at the doe-eyed innocence that the press has given the “currency.” Its recent loss of about 55% of its value in the span of a few weeks is no huge surprise. My guess is that, within a year, this will be $100 or so once more. People. Never. Learn.