31 Jan '14, 1am

How (and When) the Fortunes of the World Are Made

How (and When) the Fortunes of the World Are Made

• Tulips and the Dutch Golden Era arrived in The Netherlands roughly around the same time. ◦ tulips – 1593 ◦ Dutch Golden Era – roughly the 17th century (1600-1699) • 1636 the demand for rare tulips grew so much, they were traded on Amsterdam’s Stock Exchange. • Unknown at the time, the ‘most beautiful and rare’ tulips had a virus called the tulip mosaic virus • 1635-1637 Tulip Bubble ◦ Average annual income = ~150 florins ◦ Prices for Rare Tulip varieties: ▪ [~480 perits = 1 ounce] ▪ Admiral Von der Eyk 1,260 florins ▪ Shilder 1,615 florins ▪ Viceroy 3,000 florins ▪ Admiral Liefken 4,400 florins ▪ Semper Augustus 5,500 florins ◦ Semper Augustus tulip cost the same as a luxurious house in Amsterdam ▪ Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds (1841) • Short term value: Everyone imagined the passion for tulips would last for ever, ◦ The tulip ...

Full article: http://www.master-of-finance.org/bitcoin/

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