Dear John: Like you, I believe bitcoin is a total fraud with nothing backing it.

And it should be regulated by gambling commissions — not federal securities regulators.

I gave your May 20 column a little extra visibility by posting in on LinkedIn. N.R.

Dear N.R.: Thanks for passing that column around.

But I disagree with you that bitcoin and the other cybercurrencies should be regulated by gambling commissions. That’s insulting to gamblers. Gambling commissions regulate honest games.

Bitcoin isn’t honest. People are manipulating the price upward for their own benefit. And, at some point, the price will collapse like it did last year, for no reason other than the fact that the manipulators have lost control of the market.

But the people who understand what’s coming will get out before the collapse.

That’s nothing like gambling.