Bitcoin enthusiasts today are very much recreating the digital equivalent of the California Gold Rush. The currency is the answer to all our modern day problems, they claim. I hear all that. It is still a rerun, because it is human.
Before the Big Bust happens, here are a few cautionary words for the hoi polloi: One of the reasons for the existence of the stock market is to provide a casino for gambling and for the movement of capital from the pockets of small gambler "investors" to the pockets of big gambler "investors."
If you think chaos in Libya is the only force driving up gasoline prices these days, think again. Over the past few decades, institutional investors like hedge funds and investment banks have flooded oil markets with hundreds of billions of dollars.