I'm in two minds about FTX's collapse.

On the one hand, crypto and the obtuse behaviour it inspired are gross. The people who complain about their crypto losses are frustrated that someone else pulled the rug on them before they got to pull it on others.

On the other hand, fraud is wrong. All parties should get swift justice. This includes celebrities who shilled these investments for fees or to pump their own book.

But no one should get a bailout. Restitution should be forced onto the fraudsters and their promoters.

The lessons I see are:

• Don't put all your eggs in one unregulated basket.

• If it seems too good to be true, it probably is.

• Don't try to time bubbles and manias—avoid them.