It's a fascinating book & I highly recommend it. Some of the more bizarre phenomena covered include a tulip craze in Europe, when a single tulip bulb could go for a fortune, and a Japanese country club membership mania, when people in Japan were buying & selling club memberships for insane sums. There are lots of other good ones. In the end they all collapsed, since there wasn't enough intrinsic value to justify the crazy prices.

I believe cryptocurrencies in general will eventually collapse as well, but I am looking for reasons why perhaps they won't.

It is worth noting that the reason the US dollar holds value as well as it does, is because the most powerful government in the world acts on its behalf. When it comes to bitcoin, no one is standing behind it.

If you have read this book, I want to hear from you. Tell me why you believe Bitcoin will - or - will not become a chapter in the next edition of the book?

Yes, I read about the 51% attack possibility. I did not know that the problem had been eliminated in other currencies.

I have several thoughts regarding the Currency Phenomenon. I am interested in hearing anyone's responses.

1. As the cost of processing bitcoin transactions (mining) continues to increase over time, once the cost becomes prohibitively expensive, who will process the transactions? Why would anyone be willing to spend their money on hardware & electricity with no return on their investment? And when nobody is willing to do it anymore, won't the currencies collapse? O

2. There is an interview on YouTube where a guy says that bitcoin has value, because people spend money to create it by mining it. This is a fallacy. Spending money to produce something does not automatically give it value. Many useless, worthless things are created every year that nobody wants. All of those things cost money to make.

3. Some people believe that cryptocurrencies will completely replace physical currency, that cash will be obsolete. I feel that would be a dangerous situation. Once all money becomes digital, the power grid will become the number 1 target for terrorists. Also, as fossil fuel reserves are depleted, the cost of electricity will rise significantly. There is still no way to generate the amount of electricity the world needs by alternative means. Nobody is sure if it can be done.

4. Many people seem to think that bitcoin is somehow inherently democratic, but I think the opposite is true. Clearly, those with the most money are able to mine bitcoins much more rapidly.

I am interested in your thoughts...