1/ In the year 1711 an absurd company was formed called:

"A company for carrying an undertaking of great advantage, but nobody to know what it is".

It was in the time of the South-Sea Bubble, 100s of ridiculous companies started up and went bust. @CryptoWhale $btc $eth.

2/ These innumerable joint-stock companies started up everywhere and soon even received the name 'bubbles'. "During the progress of this bubble, England presented a singular spectacle ... Men were no longer satisfied with the slow profits of cautious >

3 industries. The hope of boundless wealth for the morrow made them headless and extravagant for today." "Persons of distinction, of both sexes, were deeply engaged in all these bubbles...But it did not follow that all these people believed in the feasability of the schemes.."

4/ They just wanted to sell them to the next person at a higher price. "On the 11th of June...the king published a proclamation, declaring that all these unlawful projects should be deemed public nuisances, and prosecuted accordingly, and forbidding any broker, from buying or...

5/ selling any shares in them, under a penalty of 500 pounds".

The current status of the crypto market is eerily similar to that in the year 1711. What's the difference between a company "For trading in hair" or "for improving the art of making soap"and projects as $doge $shib?

All quotes are from the book:

"Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay.

Recommended read and one of my favourite books.