Sharpen the pitchforks and log in to Reddit, friends. Because I’m the latest talking head who is foolish enough to use the B-word to refer to bitcoin. For the record, I’m not calling a top in the cryptocurrency space. Market timing in general is a fool’s errand, and particularly troublesome with a phenomenon like bitcoin BTCUSD, -2.20% that has surged 17-fold in the last year while the S&P 500 SPX, +0.15% is up about 18%. I am actually quite impressed with the value of blockchain as part of the global economy. The technology behind bitcoin has real utility, even if I think the valuation of the digital currency itself is a bit crazy right now. But when you take a hard look at the last few years, it’s hard to deny that the run-up is starting to look shaky. And compared with past events, the rise of cryptocurrencies has all the hallmarks of a disaster waiting to happen.via