Walking the streets of Amsterdam we chance upon the Flower Market. Its bright and breezy displays are a far cry from the Dutch tulip market bubble in the 1630s.
At its height, speculation drove the price of certain prized specimens to six times the average annual salary at the time only for the market to crash spectacularly in just a few days.
It's a timely reminder of the 'greater fool' theory. This economic concept suggests profit can be made by buying an overpriced asset with the belief it can be sold on to another, 'greater fool' for an even higher price.
At least tulip bulbs can be planted and enjoyed for their intrinsic value. I have yet to discover what, if anything, can be done practically with crypto-currency ...
