I would argue it is far worse than crypto. The collateral damage is far worse. At least the risk of crypto is mostly contained to those who voluntarily participate.

Yet, tomorrow, once again we will find the pattern repeats. Most will forget it repeats, but it will do so again and again until the end of time.

Simply roll forward in time and much of the past wisdom becomes the new fallacies of a more modern time.

In the present, the past precedents always seem to fade away as we cling to the notion of some sense of modern infallibility. We learned all those lessons and we now exist in our brilliance.

No matter which point we select from history, at that moment the world was “modern” and “sophisticated”. The fallacies of the past were self-evident and the wisdom of the present seemed unsurmountable.