Crypto Winter: Ice Age Or Great Thaw?
Joseph Lubin – Co-Founder, Ethereum
Michael Novogratz – Founder & Chief Executive Officer, Galaxy Digital
Dr. Nouriel Roubini – Professor of Economics, Stern School of Business, New York University
Rana Yared – Managing Director, Goldman Sachs
- Crypto as a store of value and method of payment- work well in places like Syria, where a fiat currency doesn’t exist or hyperinflation, Venezuela
- Bitcoin is worth over $120bb, bitcoin has won as a store of value
- It is necessarily the technology, there is some magic there
- Such as Egyptians thinking gold came from God
- We need to find a more fungible currency that gets the same physiological
- Nouriel- Crypto, the mother of all scams and bubbles
- 81% of all coins created were a scam: “shitcoins”
- They are not currencies, they do not store value or able to use it to make purchase at most 7% of transactions with crypto
- Joseph- Cryptocurrency is not the brake through, it is the trust foundations
- We have built systems on centralized trust systems
- Crypto was one of the first proofs of concept
- The breakers of the technology and the asymmetry of information allowed for hackers to get in there
- The SEC and other regulators are not regulating this much closer
- A build out of the infrastructure is necessary
- Ether can handle 50-75 transactions per second; Ether is a crypto fuel not currency; It is powering an industrial use case underneath it.
- Distributed ledgers:
- Can share and trust information, particularly in medical and securities trading
- Most is based on public key technology, but private key technology can help with that.
- Very heated debate overall.
This article first appeared on ValueWalk Premium