Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Cipher Trace. The breakdown is produced and distributed by Coindesk.

And now here's your host, NLW.

What's going on, guys?

Welcome back to the breakdown.

This is an experiment in this special bonus episode.

So some of you may have seen that for the last couple weeks, I've been doing a

beta test of some new types of content. And really what this is about for me is just exploring

what type of bonus or auxiliary content would be interesting for the breakdown audience.

And so last week, obviously so much of our discussion was about the Robin Hood

rally, right? And the Wall Street Betts era of new investors and what it means and is it new or is it

a reflection of something old? And so whenever there's a discussion of whether some new trend is

actually a new trend in finance

or is really just a version of history repeating or rhyming, I turn personally to

Jamie Catherwood. Some of you have heard Jamie on the podcast. He did an episode about the

history of pandemics from a financial perspective, But Jamie is the finance history guy on Twitter.

He's at Oshonnessy Asset Management.

And he wrote a great piece last week called Rubbish Rallies.

That is the story of an 1860s boom of land grants that came from an 1820s scam.

Everyone knew the 1820s thing was a scam, but somehow still, despite that,

these 1820s land grant scams pumped in 1860s.

So this week when I was doing this kind of beta test,

...