The wild west of crypto': Where's my money now?

Transcript

1. THE WILD WEST OF CRYPTO’ Where is my money now?
2. OHAI Who are you anyway?
3. OHAI WTF do you know about?
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8. CRYPTO != CRYPTO Cryptography: the use of mathematics to obfuscate data Cryptocurrency: the use of mathematics to make it difficult to fake stuff
9. BLOCKCHAIN vs. B(OL)LOCKCHAIN Blockchain: a reasonable technology for distributed, varifiable, append only data types Bollockchain: a blatant attempt to misappropriate blockchain technology as a brand
10. ECONOMICS What the f*ck is that all about?
11. MONEY Store of value Medium of exchange Unit of account
12. MONEY vs. ECONOMICS Monterist Keynesian Montary realism
13. MACROECONOMICS Two actors, both with the ability to create goods worth 1c A buys 5 things from B, who buys five things from A. GDP is 10c A decides to save 1c, B cannot sell 1c worth of goods or spend 1c. GDP is 8c (20% lower!)
14. MONEY IS A LIE 90% of money is created by banks Notes you use and bank reserves account for other 10%
15. GOVERNMENT Require debt to exist Constrained not by solvency but inflation and forex Use monetary and fiscal policy to alter speed of economy
16. MONETARY POLICY Manipulation of bank reserves and interest rates to: Maintain a healthy payments system Encourage or discourage lending (creation of credit and management of inflation)
17. FISCAL POLICY Government redistribution of private money: Taxation (pure redistribution of bank credits) Bond issuance (net creation of new asset with no corresponding private liability)
18. GDP IN MR Two actors, both with 5c loans made by their banks The government target inflation of 2%, your money is worth less tomorrow The bank sets interest of 2% because the government influenced them, your debt is accumulating You turn your 5c loan into products worth 10c and sell them, as does your friend. What's GDP?
19. KNAWLEDGE Don’t confuse the ticket with the performance
20. TOKENS Store of value (lol!) Stablecoins (pegged currencies) Payment (you pay for X in this) Security (used to represent a real world asset) Governance (used for decision making) Discount (get discounted services) Work (staked) tokens (stake your work, get rewarded if good) Burn and mint (spendy inflation control)
21. TOKENS Waste of time Waste of REAL money
22. PROOF OF X Proof of work (aka numberwang) Proof of consensus (impossible with unknown participants) Proof of stake (what's your measure of success? how long term?) Proof of brain (wtf?)
23. PAYMENT TOKENS SoV: BitCoin, Ethereum, ZCash Ripple: PGP for deposits Tether: a pegged 1:1 USD
24. ERC20 (WTF COINS) Brave: Basic Attention Token. Publishers are paid by advertisers, users paid by advertisers, users pay publishers they like. Numerai: Stake numerare with your market predictions, earn numerare if successful. Steem: publishers paying content providers who are paying in... memes?
25. Can you do it with money? Do you need privacy? Show me your GDP TAKEAWAYS
26. SO WHERE IS MY MONEY NOW? This isn’t going to be pretty…
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29. 16.74m BTC minted on 18th Dec 44,352 coins minted in the 308 days between 18th Dec and y'day 0.2% inflation in that time remove 2% inflation of USD 196B transferred in BTC alone 111B in ETH HOW MUCH?
30. WHERE IS IT? Where was the productivity in BTC? Extraction by founders, traders, capitalists The biggest transfer of wealth from the many to the few?
31. NOPE
32. THE VENTURE MODEL Burn $ for users Gain users until next X no matter the cost IPO while hiding details Sell stock Repeat
33. CAPITALISTS BE CAPITALISING We’ve all been rinsed again…
34. Tokens can be used for good Inflationary spending can be used as a force for good All the power of a sovereign monetary system, with all the responsibility too. BUT
35. SOURCES Cullen O'Roche's 'Understanding the Monetary System' Fabric.vc's 'State of the Token Market' Ben Laurie's: 'Decentralised Currencies Are Probably Impossible' A lot of other sh*t on the internet...