Americans haven’t learned from history — they just repeat the mistakes. As Mackay wrote in Extraordinary Popular Delusions and the Madness of Crowds, “Every age has its peculiar folly,” and ours is digital tokens backed by nothing but collective delusion. His quotes about the Dutch tulip bubble apply perfectly: “They go mad in herds, and only recover their senses slowly, and one by one,” and, “The rage among the Dutch to possess tulips was so great that the ordinary industry of the country was neglected, and the population, even to its lowest dregs, embarked in the tulip trade.” Just replace tulip with Bitcoin, and that sums it up perfectly.