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Update are-crypto-tokens-securities.md
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Issue #193 [s] Fixed type and removed "charlatans"
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theo-cox committed Sep 22, 2022
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Expand Up @@ -68,7 +68,7 @@ See [Bitcoin as an Anti-Authoritarian Force][../notes/bitcoin-as-anti-authoritar

### Wider risk

We tried the complete laissez-faire *caveat emptor* securities model in the 1920s. **It ended very badly**. The kind of fly-by-night “There Will Be Blood” type of charlatans ran wild selling securities to the public.Most US states created Blue Sky Laws to "to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines and other fraudulent exploitations."
We tried the complete laissez-faire *caveat emptor* securities model in the 1920s. **It ended very badly**. Fly-by-night “There Will Be Blood” actors ran wild selling securities to the public. Most US states created Blue Sky Laws to "to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines and other fraudulent exploitations."

History is repeating itself. **Shibu Inu and Dogecoin were the blue sky securities of the 1920s**. People were attracted to get-rich-quick schemes back then just as much as they are today. Human psychology is remarkably invariant across time.

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