As of this writing, the marketcap of all cryptocurrencies tracked by Coinmarketcap is $174b. And as of this writing, the value of Apple's cash on hand is $246b. Everyone's talking frenzy bubble yadda yadda but realistically speaking, when the dot com bubble popped in 2000, it erased $1.7 trillion in 52 weeks.

There's a lot of stupidity in the market. A lot of froth. I started nagging mk about BCH because I track its value in BTC, not in dollars. BCH has fell more than 50% since introduction when you consider the opportunity cost of trading it out to BTC when it split. And really, if you track ICOs in terms of their coins of origination, 99% of them are garbage. It's almost like a completely unregulated market populated by rubes with poor sense is subject to predation or something.

But then, people were paying $14 a share for Pets.com. Uber loses a little under $2 billion a year and it's valued at $70b (half of the entire cryptocurrency market). Stupid money isn't unique to cryptocurrency.

Cryptocurrency is untraceable wealth. "Do you need a blockchain for that?" Well, somewhere between 8% (Piketty) and 32% (zukman) of all global personal wealth is offshore and untracked; that's somewhere between 7 trillion and 32 trillion that isn't, can't, won't be taxed. Crypto works really goddamn well for that. Better than gold even. Which is kind of the core argument for cryptocurrency: it doesn't work like money.