It’s awfully tempting to say I (and just about everyone else) told you so as the alleged “cryptocurrencies” plunge – but there are good reasons to think this isn’t the end of this particular speculative mania.

For a start, the vast majority of crypto-trading-cards are held by relatively few people, who therefore have a large vested interest in trying to hold a line in the virtual sand.

Bitcoins tumbled on Tuesday, steadied somewhat on Wednesday: The wild ride continues. Credit:Chris Ratcliffe

According to the New York Times, as much as 95 per cent of the supposed wealth is held by just 4 per cent of the players. The Winklevoss brothers of Facebook semi-fame won’t say goodbye to a billion dollars without a fight.

Furthermore, the spectacular December gains by some of Bitcoin’s sprogs reek of dubious ramping on thin volume. A manipulated market is often good for another attempted ramp.