View: Why cryptocurrencies must cut deals with states to survive
By David FicklingOn Feb. 18, 1522, a secondhand clothing merchant named Geronimo Bambarara in the crowded Rialto district of Venice came up with a new way of clearing out stock.
Instead of selling his goods directly for money, he decided to enter customers in a draw. In exchange for a 1 lira ticket, they might win more than 1,000 times that amount in cash or take home prizes of carpets, cloth of gold, fabric, amber or animals. The promotion was a success. Within a week, the numbers chancing their…
