Cowen: What are some use cases for crypto? Micropayments? (Noah's note: Seems like fees are too high for that)
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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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"NOW realizing"..? This was pretty obvious from inception, for a lot of people.
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It uses massive amounts of energy, for one.
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