Nick Szabo  🔑

Fair point haha. Maybe this is just to say that people then were suckers too. However, obviously I agree with JW on the sentiment

And if they outlawed gold holding to push you into the USD you might as well make a few bucks. Either way you are forced to finance the war and either way your money will go to zero if you lose. But we are talking about mETH and #bcash and #xrp

As it relates to public schooling, I unfortunately think xrp would have had no shortage of investors in 1941. Or 1928...or 1913...and so on. Ponzi Scheme's namesake came around the turn of the century, duped 30,000 in a few months on promises of 2x their principal in 45 days

Fools have always existed. But if you can see the government has greatly subsidized something you know there would be a lot less without it. I’ve already outlined several ways promote and encourage speculation without insight. But here is another: Inssider trading is illegal.

But secret insight is the definition of smart money investing as it is the only way to earn profit. The only way to be a successful speculator. That one law has done more to encourage foolish investing than anything Ponzi ever attempted.

I don't think anyone in here would disagree with any of that. I think szabo and I were pointing out that mandatory schooling wasn't the point at which dumb money magically flooded the market

I’m not saying it magically flooded. I’m saying that over a 100 year period it was carefully cultivated into a massive ongoing harvest. Public schools, accredited investors laws, gambling laws, 401ks, Pension plans, all massively increased an otherwise insignificant problem.

"Government will swindle people" - no question. But also, "(private citizen) people will swindle people" -and there's nothing new under the sun. But yes, the accumulation of insanity particularly over the last century will not be missed when it finally breaks up. Good riddance.