WOLF STREET REPORTBeer, Wine, & FoodBrick and MortarCalifornia Daydreamin’CanadaCars, Trucks & CrashesCentral BanksChinaCommercial PropertyCompanies & MarketsConsumersCredit BubbleCryptosDebtor NationEnergyEurope’s DilemmasGold & SilverFederal ReserveHousing Bubble 2Inflation & DevaluationInformation AgeJobsTradeTransportationWall St. Shenanigans Bitcoin plunged to $3,738 at the moment. Down nearly 40% from two weeks ago, and down 81% from peak-mania of $20,078 on December 17, 2017. It’s back where it had first been on August 12, 2017. It looks like a magnificent bubble that is imploding, but “bubble” is a misnomer; it’s a magnificent scam, where people paid a lot of money – many billions of dollars – to get an essentially useless digital entity whose price then dissolved into where it had come from. This chart via CoinMarketCap shows the drama of bitcoin’s market cap surge to $333 billion on December 17, 2017 and the collapse to $64.9 billion now: There are now 2,071 of these cryptos, according to CoinMarketCap, up from 1,926 when I last wrote about it on September 9, and up from 1,400 on January 17, 2018, and up from just a handful a few years ago. These cr...