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Author Topic: History Repeats Itself  (Read 1673 times)
Alex Thornton
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June 10, 2011, 08:28:18 PM
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I was reading Money A History edited by Jonathan Williams today for fun. This passage on 17th century goldsmiths first lending against their gold deposits stood out (my emphasis in bold):

Quote from: Money A History
In 1676 an anonymous pamphlet was published on the Mystery of the New Fashioned Goldsmiths or Bankers. The writer deplored the goldsmiths’ move into the ‘unlawful practices’ of lending money at high rates of interest, claiming that they would charge double or treble interest for discounting bills of exchange, according to whether ‘they found The Merchant more or less pinched’. Such men surely could not be trusted, and the writer hoped that ‘people will suddenly come to their wits, and begin to examine why a Goldsmith-banker should be better Security than another man, or fitter to be trusted for ten times more than he is worth…

So the modern advent of paper lending initially received a great deal of backlash. Sound familiar?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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March 20, 2013, 01:56:29 AM
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I was reading Money A History edited by Jonathan Williams today for fun. This passage on 17th century goldsmiths first lending against their gold deposits stood out (my emphasis in bold):

Quote from: Money A History
In 1676 an anonymous pamphlet was published on the Mystery of the New Fashioned Goldsmiths or Bankers. The writer deplored the goldsmiths’ move into the ‘unlawful practices’ of lending money at high rates of interest, claiming that they would charge double or treble interest for discounting bills of exchange, according to whether ‘they found The Merchant more or less pinched’. Such men surely could not be trusted, and the writer hoped that ‘people will suddenly come to their wits, and begin to examine why a Goldsmith-banker should be better Security than another man, or fitter to be trusted for ten times more than he is worth…

So the modern advent of paper lending initially received a great deal of backlash. Sound familiar?
It is a pity, Bitcoin hadn't been invented back then, those gold smiths wouldn't have had any leverage.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
Dalkore
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March 20, 2013, 02:25:40 AM
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I was reading Money A History edited by Jonathan Williams today for fun. This passage on 17th century goldsmiths first lending against their gold deposits stood out (my emphasis in bold):

Quote from: Money A History
In 1676 an anonymous pamphlet was published on the Mystery of the New Fashioned Goldsmiths or Bankers. The writer deplored the goldsmiths’ move into the ‘unlawful practices’ of lending money at high rates of interest, claiming that they would charge double or treble interest for discounting bills of exchange, according to whether ‘they found The Merchant more or less pinched’. Such men surely could not be trusted, and the writer hoped that ‘people will suddenly come to their wits, and begin to examine why a Goldsmith-banker should be better Security than another man, or fitter to be trusted for ten times more than he is worth…

So the modern advent of paper lending initially received a great deal of backlash. Sound familiar?

Nope, Bitcoin can not be inflated like that.   Sounds like we have a major improvement in some respects Smiley.

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March 22, 2013, 07:03:04 PM
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Indeed!!!

We don't need anyone playing the bank.
Nor can anyone lend bitcoins that are not there!!!
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