Have bitcoin and its cousins, and the related initial coin offerings, already peaked? The question has reverberated around the World Blockchain Forum, which finishes today in London. It’s true: things don’t look good in crypto-land. Big bankers have called bitcoin a fraud; the Chinese government has not only banned ICOs but told the country’s bitcoin exchanges that they need to shut down by the end of this week (they’ve all headed for the door already). But if the bitcoin price is any guide, the currency and the derivatives it has spawned aren’t going anywhere. After plunging below $3,000, bitcoin is back up to around $3,800—six times what it was a year ago. Crypto-currencies, even more than other financial instruments which may seem as wispy, derive their value from faith. And as long as people still believe in them, they will continue—but don’t count on the stratospheric prices to last.