this post was submitted on 19 Sep 2024

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chapotraphouse

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Is there a history analog of bitcoin tho? (hexbear.net)

submitted 3 months ago by RNAi@hexbear.net to c/chapotraphouse@hexbear.net

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[–] LanyrdSkynrd@hexbear.net 8 points 3 months ago* (last edited 3 months ago)

The Mississippi Company was something like bitcoin. John Law basically invented fractional reserve banking by assuming the national debt in exchange for the right to print paper notes backed by France and exclusive trade rights to the Americas. The whole thing blew up because there was no mechanism to stop inflation, investors could buy an unlimited amount of shares of a finite investment.