If only there was a system I could devise where people could be convinced to invest in nothing. Maybe I could invent some type of imaginary coin and get friends and family to invest promising the value would then increase. All I would have to do is write some cryptographic puzzle software to keep a ledger of who has what.
The value would skyrocket with all the new investments if enough people were swept up in the new fad. I can just see the possibilities now – a new currency system that doesn’t require anything but software. It might become difficult to record and maintain all the transactions alone but I can delegate the software duties to others and pay them a small fee. They could be called scrapers.
It is possible that at some point people may lose faith in my system and start to bail bringing the value down but I think most people will follow the trend for various reasons such as greed.
Maybe I could ensure that investors would receive much resistance if an exodus was attempted. Great fees could be imposed to deter or prevent people from moving my money around. I am sure that 20 to 30 dollar fees would discourage most people trying to sell small amounts.
I suppose that there would be a big risk trusting my software to never crash deleting all the records. I guess everyone who invested would be out of luck except for me if my software suddenly ceased to exist for whatever reason.
After careful consideration, I choose not to be dishonest by duping and defrauding the general public. It may be that the idea was not so innocent after all.
It is likely that such a system will never be created. The consequences of such a fraudulent system could bring about disastrous results.
I will leave all that for someone else to do.