1174: Fintech supremacy and what can go wrong early. John Berlau, @jberlau
Image: Louis L. Klotz, Minister of Finance: 12 September 1917 — 20 January 1920, in the second government of Georges Clemenceau. He was responsible for negotiating reparations from Germany. His policy was characterised by his famous formula: "The Boche will pay!" John Berlau, @jberlau, Competitive Enterprise Institute; author of George Washington, Entrepreneur; in re: Fintech; George Washington used alternative monies, incl tobacco warehouse receipts. Today, anything from cryptocurrencies to _____. Bitcoin is at $50,000. CNBC said it poses no threat to the dollar. Is the dollar under siege? Certainly, bitcoin is volatile. Ethereum is more used, but bitcoin can be used in fractionals. Robinhood, an online trading site. Gamestop. A young man who destroyed himself when he thought he was in debt, but he was not. Everything needs regulation against fraud. Young people: Warren Buffet owned stock before he could drive, and Carl Icahn was on Wall Street at 25. Is this a shakeout stage of fintech? Yes, we’re still learning. Short sellers certainly are learning. AMC was able to pay off some of its debts; reduced it by $500 million. https://cei.org/blog/young-investors-tragedy-should-not-cancel-robinhood-and-0ther-fintech-investing-apps/