2019 SALT Conference: Lubin, Novogratz, Roubini Talk Crypto Winter

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Notes from Joseph Lubin, Michael Novogratz and Dr. Nouriel Roubini from their presentation at the 2019 SALT Conference called “Crypto Winter: Ice Age Or Great Thaw?”

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

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Q1 hedge fund letters, conference, scoops etc

  • 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.

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