Russo: Black market transactions are now only about 10% of transactions. But most is now speculation. Still almost zero use as actual money.
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Cowen:
@VitalikButerin is one of the very smartest people I've ever met, and with no formal training has replicated results by Nobel-winning economists.Show this thread -
Cowen: Vitalik is worried that too much of people's trust in Ethereum is just personal trust in him. So the mechanisms [of the Ethereum ecosystem] need to work in a more formal, effective way.
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Kaissar: We're now realizing the negative impacts of social media. What negative effects might blockchain have on the world?
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Russo: Bad guys are already using blockchain for their own benefit. And there's lots of market manipulation and other bad behavior in the crypto space. It's a fertile ground for bad actors.
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Ou: Blockchain could topple the nation-state and lead to ultimate peace and prosperity. Feldman: Having been to Iraq, toppling the nation-state sounds bad.
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Cowen: Bitcoin's flaws actually allow you to hedge against weird things (like the state of hacking technology).
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Cowen: Skeptical of stablecoins. All pegs fail. Bretton Woods failed. The Chinese currency peg failed. How well-capitalized are stablecoins? They will fail.
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Cowen: As crypto matures it will become bureaucratized and institutionalized. Levine: A lot of crypto is rediscovering the (institutional) history of finance.
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Me: Crypto is using enormous and increasing amounts of energy. Currently for Bitcoin it's all being used for either speculation or crime. It threatens to.undo the decoupling of growth from energy use. What will save us from the Bitcoin energy apocalypse?
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Russo: Bitcoin might be worth it. It still uses less energy than gold mining. And it uses electricity in places where electricity is cheap. Cowen: Bitcoin is relatively minor as far as energy usage goes, but it's a real problem. Levine: Lighting network and proof-of-stake.
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Ou: Bitcoin energy usage is like war - a necessary use of energy to maintain competitive position. Feldman: But war is bad.
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And that's a wrap! Tomorrow we'll have two more panels: One on the economics of A.I., which I will be on, and one on regulation of big tech, which I will live-tweet! See you tomorrow!
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End of conversation
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If you are selling Turkeys know you are selling Turkeys and know about Turkeys. These ICOs have good Blockchain Miners?
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That's the dumbest thing I think I've ever heard.
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You don't wait decades before regulating fraud (unless you're Alan Greenspan)
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The problem is that it might take decades for scammy blockchain markets to be cleaned up by regulators (didn't existing financial markets take generations?). Once this has been achieved what will result, assuming performance/security issue's can be solved?
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The problem with that is scammy markets by nature will have secured their own governance, bought regulators, and fixed the legal system in favor of themselves, so the possibility of ever imposing a functioning market or real regulation is practically nil w/o a collapse.
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