There was a short period in the USA, known as the wildcat banking era in the 1840's, when it was indeed possible for anybody to setup a bank. There's quite an e

There was a short period in the USA, known as the wildcat banking era in the 1840's, when it was indeed possible for anybody to setup a bank. There's quite an entertaining paper from the time that describes the resulting chaos: http://www.jstor.org/stable/2338493 http://www.jstor.org/stable/2338493 And yes, it pretty much describes the current crypto scene as well.