So you're thinking about investing in bitcoin? Don't

A collective insanity has sprouted around the new field of 'cryptocurrencies', causing an irrational gold rush. I know you're tempted, but don't be a fool

I've been watching this bitcoin situation for a few years, assuming it would just blow over.

But a collective insanity has sprouted around the new field of "cryptocurrencies", causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories - and questions in my inbox - ask whether or not to "invest" in BitCoin.

Related: Bitcoin and cryptocurrencies 'will come to bad end', says Warren Buffett

Imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it online, freely available for anyone to use.

Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

Bitcoin has become a bubble with the forces of human herd behavior, greed, and fear of missing out amplifying it

Related: Bitcoin is a bubble, but the technology behind it could transform the world | Will Hutton

Related: Bitcoin drops $2,000 in value as South Korea announces planned trading ban