Summary of Dan Davies's Lying for Money

Please note: This is a companion version & not the original book.

#1 The online drug dealer 9THWONDER on the marketplace Evolution was ripped off by its customers in January 2015. The apology and confession were unusual, but the scam wasn’t. The unlisted websites where contraband is bought and sold over confidential web browsers have been rife with frauds from the start.

#2 I have been collecting fraud stories for years, because they are a sort of counter-template to the things that you miss out on by studying normal economics. The reasons why everything went wrong in the banking and stock market industries usually have little to do with the numbers in bank regulation.

#3 I spent the next decade gathering details and stories, and trying to build a mental toolkit for dealing with historical episodes when everything you thought you knew turns out to be untrue.

#4 The dark market scam is a perfect example of how not to protect yourself from fraud. The Silk Road escrow system was highly inconvenient for vendors, who had to finance their inventories before they were paid. Against this, they had some protection through the escrow system.

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Rafbók: 13 april 2022