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I wouldn't go as far as calling it a reinvention of the modern financial system, but I would call it a reinvention of the Dutch tulip mania[1], with the notable

by rualca 6y ago

I wouldn't go as far as calling it a reinvention of the modern financial system, but I would call it a reinvention of the Dutch tulip mania[1], with the notable exception that tulips do have some tangible value. https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania

SamReidHughes 6y ago
The other obvious exception is that bitcoins don’t self-replicate.
- Animats 6y ago
  Tether, though...
- bdcravens 6y ago
  Real Bitcoin, on the blockchain, yes. Many "transactions" however are just on exchanges, never touch the blockchain, and are little more than database entries. Look at places like Robinhood - you can't even withdraw the Bitcoin.