3 ms·
> We tried the "anyone can issue money" model in the 1800s, all it led to was bank runs and scams. And now it's back with technology behind it. A lot of peopl
by whataretensors 8y ago
> We tried the "anyone can issue money" model in the 1800s, all it led to was bank runs and scams.
And now it's back with technology behind it. A lot of people call ICOs scams. What's the equivalent bank run? Perhaps a panic flee from fiat reserves?
- pjc50 8y agoThe equivalent is exit scams and flash crashes; a lot of people keep pointing out that Tether is a non backed token pretending to be a backed one.
- paulgb 8y ago> What's the equivalent bank run? Bitconnect is sure to be one of the first of many examples. https://en.wikipedia.org/wiki/Bitconnect https://en.wikipedia.org/wiki/Bitconnect
- whataretensors 8y agoI'm more curious how the sporadic economy and capital flight will hit our existing centralized structures. They haven't been load tested against hyper-liquidity of cryptocurrency with mass adoption.