The One History Lesson Every Bitcoin Fanatic Should Know | Exploring Markets

The One History Lesson Every Bitcoin Fanatic Should Know

Take a look at this quote we pulled. It might be the most important thing we have ever read about Bitcoin and other cryptocurrencies. The point of this blurb is to demonstrate that Bitcoin been done before, or at least ideas similar to Bitcoin. Take a look. What do you think?:
"For all the promise of new currencies and transaction systems, there is a long trail of failed efforts. In 1998, a virtual currency called Beenz was introduced. Customers earned Beenz when they visited certain websites and shopped at certain online stores. It had the backing of investors like Lawrence Ellison, the chief executive of Oracle. But for all its promise, it went bust by 2001. 
Flooz was another currency born during the dot-com era that ended as quickly as it arrived, as did E-gold, a virtual currency backed by gold, also failed. All of them were plagued by some customers trying to use them for illicit purposes." - Andrew Ross Sorkin on Bitcoin in the NYT