BadyWhat are some notable scams in history that went unnoticed for so long?
𝘋𝘪𝘳𝘬Compound interest
Rich AtenIn what way is compound interest a scam? Who has been “scammed” by compound interest and how?
RodeoFor most of history charging interest was considered very unethical. There’s even a derogatory term for it: usury.
It’s a rather recent phenomenon that usury has become acceptable.
Ok, but its archaic status as immoral does not make it a “scam” today.
It’s a scam because it’s literally free money for the lender. They do no work, they generate no value, but they still get paid.
Providing someone else money for a time to use for whatever purolpose they desire is of no value? I think that literally most every person on the planet would disagree with you.