Episode 493 • • 48:11 - 50:54
493: Snowquestration
Historical Context of Digital Currencies Flooz and Beans
The current Bitcoin trend is compared to failed late-90s digital currencies like Flooz and Beans.com, which were backed by celebrities and venture capitalists but ultimately collapsed. Flooz was notably used by a Russian crime syndicate for money laundering before its demise in 2001. A prediction is made that Bitcoin will eventually become a worthless collectible item valued at less than ten dollars.