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The Manipulation Of Cryptocurrencies During The Great Depression

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The banking institutes that are in place today, have overwhelming amounts of control and have the ability to be taken down. Furthermore, these banks are limited to individual countries and for this reason, cannot reach out to remote corners of the globe. In addition, the banks have the ability to manipulate their customers, by controlling their purchases online. Likewise, They also have the ability to regulate the economy to their will, by controlling international trade. On the other hand, Cryptocurrencies have seen an increase in popularity in the past four years. With this in mind, Crypto is at the point now where they have enough support to take over the economy of some countries, earning billions per day in volume. Cryptocurrencies should replace the world banks since they control too much of the economy, they also cannot profit from crypto’s which are appearing in almost every developed country, which gives them the potential to take over the economy globally. …show more content…

During the Great Depression, banks were unregulated, free to manipulate and deceive their customers uncontested by the government. When the stock market crashed in 1929, hundreds of billions were lost. The billions of dollars lost during the Great Depression were lost because of the abusive banking institutes. The FDIC, aided the bank's customers, by applying an insurance-like policy. The FDIC was created to prevent the uncontrolled banks from robbing their customers, and insured their customers up to five thousand dollars. The aid from the FDIC would help banks customers, but not completely. This widespread issue across the United States during the 1930’s affected millions of customers, and could easily be prevented with Cryptocurrencies

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