GAMMA-RAY BURST THEORY - BACK TO THE DRAWING BOARD

Gamma-ray bursts have always been intriguing sources to study in terms of particle acceleration, but not since their discovery two decades ago has the theory of these objects been in such turmoil. Prior to the launch of Compton Gamma-Ray Observatory and observations by BATSE, there was strong evidence pointing to magnetized Galactic neutron stars as the sources of gamma-ray bursts. However, since BATSE the observational picture has changed dramatically, requiring much more distant and possibly cosmological sources. I review the history of gamms-ray burst theory from the era of growing consensus for nearyby neutron stars to the recent explosion of halo and cosmological models and the impact of the present confusion on the particle acceleration problem.