The lure of being lucky and striking it rich is a powerful opiate in America. From our very foundation as a place of refuge for the unluckiest of Europe, the self-made millionaire has a place of reverence in American lore. Very few attain that status, but millions have exhausted that dream and put themselves in an early grave working to attain it.

The chase for American riches has taken many forms, from the California Gold Rush to endless swindles, and the latest destination is cryptocurrency. Cryptocurrency is digital currency that can be exchanged for other currencies. Bitcoin is the most famous but there are more of them than I care to count.

There is absolutely a place in the world for a digital currency, but many of the current crop of these currencies defy what a currency needs to be: a stable unit of value measurement. If Bitcoin can lose 22% of its value in the matter of days, or drop precipitously in the course of a morning based on the whims of Chinese regulators, it is missing an essential element of being a usable currency.

And there will be a time when crypto currencies are real and have real value and usefulness. It’s important to note that in some totalitarian countries like China, the use of crypto currencies have been a force for good, enabling people to do business without oppressive government interference. But we are in such early days of the cryptocurrency world that the safe and regular use of cryptocurrencies is still years away.

There are cryptocurrencies pegged to regular currencies—such as Tether, which tracks the U.S. dollar—known as Stablecoins. In the future, some kind of Stablecoin may be used globally that would enable secure, anonymous use with the kind of stability that a currency needs.

But that kind of legitimate use is a long way away from the rampant speculation that is captivating the imaginations of get-rich-quick investors. What’s worse, the same kind of faux populism that gave us the GameStop rush of a year ago has been de rigueur in the crypto world.

And this rampant, pure speculative increase in value is based on hopeful dreams and nothing more. Even stocks that are widely overvalued are supported by an understandable business model. With crypto, you can lose your shirt in the course of an afternoon and have no one to blame but yourself. Most world currencies – U.S. Dollars, French or Swiss Francs, Euros, British Pounds—are backed by powerful governments that have a vested interest in maintaining a stable currency. You can argue that U.S. Dollars are propped up by the Federal Reserve Bank or even an Illuminati conspiracy, but they are doing a better job than they keyboard commandos, Russian bots and other shady characters running the crypto world.

What is so shameful about the current state of crypto is that people are being drawn in who otherwise would invest in something more constructive. Hard-working people who find it hard to get ahead and save for their kids’ college tuition are plowing money into the latest online toy money when they could be investing in something real. At this point I’d be happier with these people stuffing money into mattresses rather than putting it into the latest cryptocurrency that’s being talked up by social media shysters.

But like major speculative rushes of the past, the crypto world will experience a “shakeout,” where those that don’t have real values drop quickly and investors lose money. It could be quick and violent. There will be stories of people losing their life savings because they were told they could double their money in months.

Crypto currency speculation is going to be one of those things future generations read about and ask why people of our generation didn’t do something about this global boondoggle. The reckoning is coming; please don’t get burned.