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Doing the wild west days America had a bunch of what was called wildcat currencies issued by private banks with dubious backing in either non existing gold rese
by Stranger43 4y ago
Doing the wild west days America had a bunch of what was called wildcat currencies issued by private banks with dubious backing in either non existing gold reserves or over inflated property holdings.
look up https://en.wikipedia.org/wiki/Wildcat_banking https://en.wikipedia.org/wiki/Wildcat_banking it's kind of an interesting period in finance that got kind of forgotten as it did not exactly end well.
- umeshunni 4y agoI read a comment somewhere along the lines of "Crypto is a great experiment where people who didn't live in the 19th century get to relive at 10x speed all the bank runs and regulatory changes that happened then"
- nullc 4y agoEarly in Bitcoin we came across the 1923 "Reminiscences of a Stock Operator", https://gutenberg.org/ebooks/60979 https://gutenberg.org/ebooks/60979 -- which described some of the scams we were seeing cropping up. Much of the altcoin industry seems to have picked it up as an instruction manual. (Not that there aren't scams in Bitcoin land-- but they've mostly been concentrated into the altcoin ecosystems, which tend to be overweight in the exuberant and gullible even compared to Bitcoin. It's completely unsurprising to see the FTX implosion happening at a scamcoin casino who's CEO had been publicly attacking Bitcoin -- it would have been much more surprising to see it at a Bitcoin only or mostly organization)
- opportune 4y agoAltcoins prey on gullible, ignorant, greedy people - the best people to scam. Those are also the targets of Nigerian princes and all other get rich quick schemes. Shitcoins represent a technological breakthrough in scamming because they scale so much better than operating a call center and have no physical footprint
- busyant 4y agoWildcat banking sounds exactly like crypto. thank you for the link.