As I'm reading the article, linked by David Gerard in the community created by David Gerard and moderated by David Gerard:

Oh shit David wrote this?

Seriously though great piece. Loved the closing paragraph.

But in the end, gravity still works, and a balloon can be inflated only so much. The bitcoin bubble is an artifact of market manipulation and has no more economic substance than the Hawk Tuah coin does. The U.S. government may be ripe for plunder, but other nations need to take steps to shield themselves from the impact of rug-pulling on a global scale.