Cryptocurrencies....Tulip mania or Legitimate asset?

in cryptocurrency •  2 years ago 

I've heard from Crypto nay sayer's making comparison's to tulip mania. I have to strongly disagree with this concept. Looking back through history I see Crypto's more like examples of unbacked limited currencies we have already had throughout history.

Tally Sticks

Invented by King Henry I. Tally sticks were used to pay taxes, used for record keeping. Soldiers and laborers were also paid with them. The sticks would be split in 2...1 for the, 1 for circulation, the grains in the wood had to match to prevent counterfeiting. Not everyone agrees on a time frame but they roughly lasted 500-700 years. The evil Bank of England came in wipe the Tally stick out of existence.

The Continental

Ben Franklin was a Huge proponent of paper money and wrote many letters about it, When he came to Philadelphia as a teen he saw the squalor of the city because of the lack of gold and silver available. Then the rise of paper money came about and the city and the colonies around them began to thrive. Of course the continental met it's death when the British (and the bank of England) counterfeited the currency into oblivion.

Looking back through time I believe these examples are much closer to Cryptocurrency than the tulip bubble

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