Kaissar: Investors are more careful now because we learned our lesson from the tech and housing bubbles. The Bitcoin bubble was pretty small.
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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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@tylercowen What about the peg between currency and bank deposits? -
Failed in Greece as recently as just a few years ago.
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Yes, I agree. Some pegs do fail. Tyler said all pegs fail.
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OK. But I've got a better example. How about the peg between Lincolns and Hamiltons?

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Indeed, but I actually think that mine is better.
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We could have a poll. Q would be: which peg do you think is likely to fail first. (1) 2:1 peg b/w Hamiltion and Lincoln or (2) par peg of Bank of America deposits with cash. Yes?
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Not what I meant. I agree that the Hamilton/Lincoln peg will never fail. But that one's too easy, it literally can't fail. The deposit/currency peg can and sometimes does fail, but the failure is an anomaly.
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It's currently happening in Zimbabwe. Zimbabwe's deposit/currency peg is known as RTGS/bond. But as you say, an anomaly. Not an inevitability.https://twitter.com/ZimBollar/status/1055763982785658882 …
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How well-capitalized is Fort Nox? ...who will fail? http://www.usdebtclock.org pic.twitter.com/bbDc97BqEk
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To the extent the stablecoin is a token represents dollars in a safe bank account, that's not a peg being held in place by an institution. It only requires trust the underlying cash exists; not trust an institution can maintain the peg
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trend witnessed earlier in the week as consumers acquire forex to import basic commodities after SI 64 ws repealed
RTGS/USD 205% ($3.05)
Bond/USD 200% ($3)
RTGS/Bond 11% ($1.11)
OMIR 321%