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Off the cuff thought, but I wonder if the early days of modern banking were marred with such blatant fraud and deceit. I think of stage coach robberies of US b
by ChilledTonic 2y ago
Off the cuff thought, but I wonder if the early days of modern banking were marred with such blatant fraud and deceit.
I think of stage coach robberies of US bonds, and the various bank “rug-pulls” (to use crypto fraud nomenclature) that occurred before the Coinage act of 1857 - but it’s such distant history it’s hard to find how people felt about it at the time.
What I’m getting at is this - is crypto fraud innate to it’s very essence, or did all “advancements” in banking technology have the same problem before everyone settled in and “got used” to attempts at fraud.
- throwaway211 2y agoYes. Banks, especially trust, transaction banking, bills, discounting, came about in no small part as fraud avoidance.
- yieldcrv 2y agoThe rug pulls continued well into and past the 1930s, when bankers thought it would be funny to make an insurance pool out of tax payer money, thereby increasing deposits and business. It worked. Nothing fundamentally prevents it from happening again, state sponsored deposit insurance has expanded to more asset classes and deposit types several times. Deposit insurance is just a confidence game.
- shrubble 2y agoEven in ancient Sumeria where they used sealed clay jars (an early form of baking if you think about it), they have found examples where the stated contents on the writing outside and what was found inside were not the same....