>Over half the Bitcoin exchanges have gone bust.
Gee, reminds me of the 1999
Or should we make an analogy to the *regulated* housing market in 2007/2008?
Regulation has little to do with it. The fed blows bubbles, by printing vast sums of 'dollars', including the current bitcoin and stock market bubbles. Excess credit has to flow speculatively somewhere when negative real interest rates are the norm in ZIRP capital.