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In reply to the discussion: Experts Raise Warnings about Steve Bannon's New Cryptocurrency [View all]DBoon
(22,366 posts)58. It's like starting a bank pre-Lincoln presidency
after Andrew Jackson ended the original banking system:
https://www.factmonster.com/math/money/brief-history-us-banking
When the second Bank of the United States went out of business in 1832, state governments took over the job of supervising banks. This supervision often proved inadequate. In those days banks made loans by issuing their own currency. These bank notes were supposed to be convertible, on demand, to cash?hat is, to gold or silver. It was the job of the bank examiner to visit the bank and certify that it had enough cash on hand to redeem its outstanding currency. Because this was not always done, many bank note holders found themselves stuck with worthless paper. It was sometimes difficult or impossible to detect which notes were sound and which were not, because of their staggering variety.
By 1860 more than 10,000 different bank notes circulated throughout the country. Commerce suffered as a result. Counterfeiting was epidemic. Hundreds of banks failed. Throughout the country there was an insistent demand for a uniform national currency acceptable anywhere without risk.
In other words, a libertarian paradise.
Cryptocurrencies are trying to recreate this original Eden-like state.
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You really have to be clueless to invest any money with anyone in Trump's crowd.
Lonestarblue
Jan 2022
#3
I don't understand why Mother Jones would want to warn the Biden haters about the danger of $FJB
Rachel M at 6 pm
Jan 2022
#4
Epshteyn is pronounced ep-shteen, not ep-steen. Most people don't know that.
Midnight Writer
Jan 2022
#6
Sending a crook like Steve Bannon real money to invest into phony currency that will work out ...
Botany
Jan 2022
#62
Buy it first few minutes and dump it later in the day to fleece MAGAts out of some cash.
TheBlackAdder
Jan 2022
#17
Good for them. I am always looking for business strategies to take their money too.
Missn-Hitch
Jan 2022
#28
That sounds like a Ponzi scheme. If he make one dime off that I bet it's illegal on a federal level.
BradBo
Jan 2022
#43
Anyone Who Has Heard of Him Raise Warnings about Steve Bannon's New Cryptocurrency
muriel_volestrangler
Jan 2022
#52
crypto is a danger to American democracy and jobs. No surprise Boris Epshteyn anti-American pos
rockfordfile
Jan 2022
#59