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Bitcoin buoyancy is driven by popular mass delusion but the madness will keep making money
Josh Williams is managing director of The Draft
Bitcoin buoyancy is driven by popular mass delusion but the madness will keep making money, writes Josh Williams. (Photo illustration by Mark Case/Getty Images)
In 1841, the journalist Charles Mackay published
Extraordinary Popular Delusions and the Madness of Crowds, his masterpiece. In it, he chronicled the economic bubbles and mass delusions that have plagued mankind across the ages. “Men… go mad in herds,” he warned, “while they only recover their senses slowly, and one by one.”
The cryptocurrency Bitcoin is a mania worthy of Mackay. Nearly valueless just a decade ago, its price reached an all-time high of over £47,000 in April this year. While the price has now dropped to little more than half that, don’t be fooled. Much of the herd is still mad, and Bitcoin could remain irrationally valuable for a long w
Lionel Shriver Warns Readers Not to Meet Their Favorite Authors
Credit.Rebecca Clarke
May 27, 2021
“The warts-and-all version is almost always a disappointment, and they risk a retroactive taint,” says the novelist, whose forthcoming book is “Should We Stay or Should We Go.”
What books are on your night stand?
Two books to prime for my next novel: Eric Hoffer’s “The True Believer” and Charles Mackay’s “Extraordinary Popular Delusions and the Madness of Crowds.” One exercise in reverse research writing the novel first and then doing the homework: Katie Engelhart’s “The Inevitable,” about end-of-life suicide. Finally, mercifully, fiction: Ewan Morrison’s “How to Survive Everything,” which sounds like an antidote to the Engelhart.
Bad ideas are flourishing like Washington lobbyists. Just look around. It’s near impossible to blink without countless crackpot ideas coming into view. What’s more, the worse an idea is, the more popular it becomes.
Take Mickey’s Fine Malt Liquor. It’s almost as destructive as doctor prescribed pain killers. Yet people chug down Big Mouths as if their lives depend on it.
Or consider central banking. Has any other single idea extracted more wealth from the lowly wage earner? The Federal Reserve’s backdoor taxation program has snookered honest hard-working Americans for over 100 years.
Why is it that bad ideas are so warmly received? Perhaps, it’s because they generally promise something for nothing. That one can live off the forced philanthropy of their neighbors. That one can get more out of their retirement fund than they put in.
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