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BTCC / BTCC Square / Global Cryptocurrency /
The Rise of Permissionless Capital Markets and Historical Parallels to Speculation

The Rise of Permissionless Capital Markets and Historical Parallels to Speculation

Author:
Global Cryptocurrency
Published:
2025-04-29 23:30:03
17
1

Andrew Carnegie’s skepticism toward speculative ventures in the 1890s mirrors contemporary debates around permissionless capital markets. The industrial magnate dismissed Federal Steel as a manufacturer of stock certificates rather than steel—a critique that resonates with modern scrutiny of speculative assets.

While some monopolistic trusts in oil, sugar, and tobacco proved viable investments, others in rope and wallpaper collapsed under their own weight. This historical precedent underscores the importance of distinguishing between value creation and mere speculation—a lesson equally relevant to today’s crypto markets.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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