4 ms·
Largest might be a stretch. I suggest spending some time reading about John Law, the South Sea Bubble, and the Mississippi Company. When you realize that all
by beambot 4y ago
Largest might be a stretch. I suggest spending some time reading about John Law, the South Sea Bubble, and the Mississippi Company. When you realize that all of these ponzi schemes ultimately resulted in modern central banking, you might reasonably contend that the largest ponzi scheme is still sitting right here in plain sight -- with crypto illuminating (mocking?) the essence of fiat-denominated "wealth" and "money".
- boppo1 4y agoCan you give us a TL;DR on how those schemes resulted in modern central banking? It's challenging to find solid info on the introduction/acceptance of central banking as the status quo. Lots of it veers hard into conspiracy theory and information that I can tell is wrong from a handful of college finance courses. I know this is the second (or third) central banking paradigm that has existed in the US. The last one got shut down by ol' AJ, but I don't really understand how that all went down and how it's different (or similar) to what we have now.
- beambot 4y agoThe ~1 hour YouTube series The History of Paper Money by Extra Credit is a good, factual starting point presented in an entertaining fashion: https://www.youtube.com/watch?v=-nZkP2b-4vo https://www.youtube.com/watch?v=-nZkP2b-4vo
- rottencupcakes 4y agoIs it really a ponzi scheme if it’s enforced via threat of violence?
- beambot 4y agoPerhaps -- in the same way that the difference between a religion & a cult is really just a matter of scale and mass acceptance. To be clear: I'm not advocating against the model of money as we know it today... All models are wrong, but some are useful.