Crypto's Wild Ride

Crypto's Wild Ride

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We're. Here with Professor, David, Yermak who runs the FinTech specialization. At the NYU Stern School of Business where he also chairs, the finance. Department, and chairs, the effort around law, and. What. Is this business law, and business, thanks. A lot of credentials in there anyways all, things crypto, one of our most popular segments. Was talking to Professor uremic about. Trends, in cryptocurrencies, it's been about five months and we wanted to check in please respond. In our comments, if you would like to see something like this every, week we. Get a ton of interest in crypto so with that since, we last sat down professor uremic give us some of the updates, or what's happened, in the world of crypto well, there was a spectacular run-up, in the fall that culminated, in Bitcoin, briefly, trading, for about twenty thousand dollars shortly before Christmas then. It dropped, 70%. Now. It's doubled, it's in other words this has been a very wild ride but Bitcoin as we, do this is trading above 11,000. Which, is a very high value compared. To it was you. Know a year ago so the rates of return for investors have been very high, probably. The biggest news event, was the listing, of futures, on the commodities, exchanges, in Chicago, there are now Bitcoin. Derivatives, that are very much part of the financial mainstream now, that they're on places, like the Chicago Mercantile Exchange. And. This. Was I think, an act of regulatory forbearance. By the commodities. Future Trading Commission the US regulator, had, umpteen, ways they could have prevented this from happening but, ultimately let. The product take hold and even. Though there were some people predicting. Catastrophes. And glitches in the markets, none, of that has come to pass its legitimacy. A huge an EpiPen of legitimacy, to crypto it has, you, know really traded, in a very ordinary way, and provided. For the first time really, a product, that allows you to bet against, these, things that up until now you, could own them and expect. Them to go up but there was really no way to predict, and bet against them dropping.

In Value once. Those futures were listed I think it's no accident that Bitcoin, dropped 70%, in the next month or so but. The market has on now seeing some stability I would expect, you're going to see many, many more of these derivative, products not, just around Bitcoin but on many of the kryptos coming, in the months and years ahead, does, being. Traded on a futures exchange decrease, volatile, years I've known it's, meant to it's, the, the, ideal futures. Contract. Is first something that has a lot, of volatility that people are looking to manage so in that sense the crypto currencies, are absolutely, ideal and it's. Too soon to know but if you look at the last month or two a trading it does seem that there's been less volatility, than, there was in the fall when it was spiking up really to crazy levels, and as Rubin or institutional. Investment, is there more is there greater, clinical. Credibility. I thought Jamie Dimon, went from saying it was a fraud or it was illegitimate to all of a sudden softening. His stance on it any additional, signs of legitimacy, or entering the mainstream, there. Are not any, investment. Companies, that are putting, products out in the market for, regular consumers, this. Really, hasn't been permitted, yet by the SEC. And other regulators. There's. A lot of interest in this and I, think you're. Going to eventually see this happen in another country, if it doesn't happen in the US but the big asset management firms still. Don't, have products, on the market that are directly. Based on crypto, I think, the best you can do is indirectly. Invest by looking at the companies in the mainstream that, are vendors, who are making the, mining, equipment the special chips or who, are introducing, blockchain. Enterprise, Solutions to people in the logistics, business you can earn their stocks, and that. Probably makes a lot of sense if you're a believer in the underlying technology. So. Let's, talk about the ratio of legitimacy. And value, of bitcoins. Sort of the Big Kahuna versus, the altcoins, what are the trends, so. For example I saw Bitcoin was up 6% today but aetherium was down 1%, and, I think a light coin was down so it seems like there's a bit of a diversion well, they are not particularly, correlated. With each other this. Is surprising. Because you, would think that these would more or less move as a group but each has its own business case and. Even. Last year when Bitcoin was way up there were others that rose considerably. More, Ripple, for instance was one of the big success stories and also I think, a theorem rose by a factor of 30 last year some ungodly, return, but. At. Any given time there, are issues, of Technology and regulation, that may apply more, to one coin or token than, to others and so you're not going to see the move in lockstep and they, don't necessarily serve, as hedges against each other either, so, if bitcoin is meant to be a store, of value and, a means, an. Alternative, currency, aren't. Some of the alt coins for example if theorem, aren't they in addition to being a store, value and a new-age currency, don't they also have some underlying intrinsic. Technology. Valued I've heard, a theorem is for contracts, so. Give, us a rundown on the biggest altcoins, and what the underlying. Technology. Or intrinsic value, is and any, viewpoint you have on those you, know how much of it is where.

Is There they're there around some of these underlying technologies. You, have at, this point more than 1,500. Tokens, and there are more almost, every week coming to the market the. Clear number two is a theorem. And, aetherium. Like bitcoin, is a blockchain, based, token. But, it's meant to execute, smart contracts, that you can essentially, give contingent. Instructions. For insurance. Products, and for. The execution of, promises. That depend on each other so if you. Don't make your car payment, your, car will automatically, be shut off and then you, use the ether tokens, to provide, what's called the gas to make that contract, execute. In the background, or you can use the ether tokens, as payment. To fulfill a commercial, promise maybe as a bond or a collateral, payment. For people who stipulate. That they'll perform some act and then either do or don't do it so, a theorem, is a very ambitious language, that's meant to create this really, new framework, called the smart contract that. Would be, a self executing self, verifying, contract, in other, words a contract, that doesn't need lawyers to enforce it when things go wrong and, it. Raises, many, novel, legal problems, but at the same time will solve many others, and in particular, you don't have to go to court and get a lien when people don't keep their promises these, smart contracts, just automatically. Execute, with certainty and you have to live with the consequences, so cut out the sheriff cut out the repo man exact. Just something happens and maybe you figure out a signal, that turns off the Tesla whatever it is and you can no longer or. It cuts off your cave whatever no that's, the classic, example, as it shuts off the ignition of your car remotely, and these days the car could probably drive itself, back to the lot so no, more repo, man the, costs of dispute, resolution in, other words are driven down and the, cost of verification. If you can somehow, use sensors. Remotely, to the. Internet of things as it's sometimes called to police. People's behavior, in compliance, you, can really eliminate, an awful lot of costs related to verification, and, enforcement, and the. Real point of this is to solve, moral hazard problems a lot of people don't pay their car loans because, they know it's costly to foreclose, and so I can miss a couple payments. They. Won't think that way once they know with certainty some. Machine in the background is going to shut off their car then you'll get much not, only better compliance, by borrowers, but people may stay out of the credit. Pool entirely and so, you'll improve the quality of the people who do show up to borrow so. The in, theory that sounds outstanding. I've also read that the number of companies actually, using, underlying, aetherium technology, is not that great have has this been adopted, by a lot of firms there's a lot of beta testing going on and the, insurance industry looks, like really, the place where this would have the most long-term impact, a. Huge. Amount of interest but other. Than some niche products, like there's an aetherium flight, insurance contract, that you can buy so, if your flight is delayed two hours it pays over the ether to you into your digital wallet without. Anyone having to verify, this and so forth these are really, proof of concept, at this point and I think in, the. Long run they may play a really important, role but not until some legal issues are clarified, you know it's possible that you and I could have, a smart contract that actually violates, consumer, protection, law and, then how does this get sorted out in court when a lawyer goes for an injunction but it's impossible, to shut the contract, off and it's, not located, in anyone's jurisdiction. You can imagine, in the long run this would make more work for lawyers rather than less because so many novel, problems, might be created, so, so, aetherium smart, contracts, what's. The next one the, next one is probably ripple, and ripple. Is a little different than the others it's some not, a public, blockchain, so much as a conduit. For payments, and ripple. Has positioned, itself as an alternative, to the Swift Network for. International. Money transfers so. You know, if you're in London and want to send money to your bank account in New York it'll, take you three days and a 7%, fee and you, wonder like why so much why you know it seems, unnecessary. Ripple. Will do it in the blink of an eye for free, and the. Swift Network has been notoriously. Insecure. Because there are tens of thousands, of banks linked into it and the weakest link in the chain is where, the thieves enter. In and very. Famously, hack the system. Ripple, I think the security is the real point of differentiation, but also the speed and cost so the, Swift Network now, has been forced to reconsider its own technology I think competition, is very good and probably long overdue and, I.

Think The ripple people were very shrewd, to identify, this one, use, case for their coin and to. Try to build up a critical mass of business, which they have. Litecoin. Litecoin. Is a, knockoff, of Bitcoin. It's. Still, unclear, to people what like coin is good for although you do see more and more people accepting, it as payment like. Coin is easier, to mine than Bitcoin and, it. Is, blocked. Four, times faster so in the case of Bitcoin, you have a new block roughly, every ten minutes in the case of light coin the cycle is set to two and a half minutes so you get quicker confirmation. Of transactions. Like, coin looks and in most, other ways a lot like Bitcoin, but it has its own, blockchain. Its own history, and. Ultimately. You would think that if Bitcoin is valuable light coins should be valuable for the same reasons, but you would also think that maybe like coin is unnecessary. That it you know it's just sort of looks like Bitcoin, divided by four. But it doesn't trade, for, 1/4, of Bitcoin it trades for a pretty significant, value but nowhere near a quarter of a Bitcoin litecoin is. More democratic in, the. Sense that the hardware, that works, on their blockchain, is not. The same hardware that works for Bitcoin and most of the other Kryptos in other words you can't just bring more, horsepower. Into the race and get an edge against other people they've preserved an element of randomness due. To the fact that they have this s crypt, mining, protocol, that relies on a different, part of your machine, instead. Of the Bitcoin. Technology. That just really relies on who has the fastest, processor, another. Big trend forking. Explain, what forking is and why there's so much of it right now a fork. Is where a blockchain is adding blocks every, 10 minutes say in Bitcoin and then. Basically. It diverges. And this can happen sometimes, spontaneously. Because two miners, win. At the same time and they both. Continue. To mine in their own direction, those are resolved, basically, by a process, of consensus, usually in a few minutes but some Forks are deliberate, where people will upload an alternative, version of the software and invite. People to opt out of the old code and to adopt theirs, so. This, is sort of like a group of the shareholders, of a company, saying, we don't agree with management, we have a different strategy and, as many people who want follow. Us in this direction and then they're able to maybe divide, the stock and take some of the assets with them so. This, has happened now once, with aetherium and twice with, Bitcoin, and what. It's led to is competing, versions where, they have a common, history up, to the point of the fork in the, case of aetherium you have still. Something called a theorem but the original one called a theorem, classic, it's like a schism, where they both claim to be the Pope and, you. Have in the case of Bitcoin, there was a fork called Bitcoin cash, that occurred last August, Bitcoin. Cash was meant to increase, the block size. Multiplied. It by a factor of eight so that Bitcoin, could accommodate, the, growing number of users who wanted to use it and. Not. Long afterwards, in October something called Bitcoin gold, was, a second, fork. That went, in the other direction it made it you know essentially reinforce, some of the orthodoxy. Of the original, Bitcoin and would these are all catering, to. User, communities, who fundamentally. Have different, visions of the future of the coin so. It's. Interesting because forks are about governance, and discipline, of the people in charge what is the governance who gets to make these decisions yeah there is nobody in charge which, is why it's interesting and. When. Bitcoin was launched, there was a folklore, that. When you had disagreements. Anyone could put out a new, version of the software and if they got, 51%. To run that software that. Would become the new code so. Could we start could, we do, Bitcoin, Stern and eventually, try and come up so we'd have to come up with some, sort of code that said this is an enhancement, and then we go out and lobby Bitcoin, owners, Diggs Ryan yeah, and it turns out you don't need 51%, you. Just need enough enough. To sustain a blockchain, you, know to mine it regularly, and so forth so, it looks like rather. Than two, versions, you might have many versions of Bitcoin if it keeps growing and whether, this is a good or a bad thing remains. To be seen it's certainly something very new and financed and it's, a very organic, bottom-up. Form of governance, where people who disagree, if you can get enough of them together they, go off on their own Fork with their own version of the software, ultimately. They have to convince other people that this is the best way you know to people who might accept, the.

Token And so forth the the. Bitcoin, cash was, thought to be almost a joke that wouldn't have any value, but it's trading right now for about fifteen, hundred dollars, and the. People who got it if you, own Bitcoin before August first which was the date of the fork you now own both you, still have your original Bitcoin, but you have the fork and today. You have a choice if you want to buy into it you could buy either good, buy both but if you, happen to have owned it before the fork occurred you get both versions. So. Seven. Hundred billion dollars, total market cap for all coins and I know you don't like to get into business of coin picking but. If you were to guess in five or ten years are we more likely to see the total market cap of kryptos at a hundred billion or. Do trillion. What. Do you are you because it sounds like you're definitely bullish on the blockchain but. Your measured and your thoughtful around. The. Value, of the specific coins, but taken is the market cap of the whole sector. Trying. To time. Is a fantastic. Smoother. Of. Modulation. Or way our great modulator, of waves but, as the regression line upward, here for crypto over the next few decades I think it is but I say this partly because I think a lot of the mainstream financial. Technology. Will cross over that in ten years I think all the stock markets, will be using these digital assets, with blockchains, to clear transactions. I think, the sovereign, currencies, will, be moved on to block chains controlled, by central, banks this. Will get to the point where this. Actually becomes, the mainstream, financial system where you, recognize that this technology, is so valuable that it shouldn't just be for these private coins and tokens but. The real. Institutions. They're the foundations, of the economy the central banks, and stock markets, and so forth will, find ways of co-opting, the technology, and integrating, it into people's routine. Daily business, I. Fully. Expect, that cash physical, cash will be gone probably, within ten years and in most parts of the world and I, think all of the financial, records on stock, markets bond markets, derivative, markets will all be kept on blog chains but. Whether these will be private, blockchains where, people compete on a decentralized. Basis, and there's no central. Authority i'm skeptical. About that because i think for, a lot of people the, comfort. Of a central authority of, political, oversight, is still, going to be very important, doesn't. This and maybe this is a utopian. Or a glass-half-full viewpoint. But doesn't this hopefully, bring down taxes, while increasing, tax revenue because the government should have an easier time taking. All revenues from the shadow economy into the legitimate, taxable economy that's completely, correct the, attraction. Of this technology essential, banks is that you can completely defeat, money, laundering and tax evasion and, it's. Actually a lot of money at stake just in those two things even in the United States and much more in other shadow economies, so. Go back to the. Notion of mining. And environmental. Concerns around, the notion that I think I read somewhere that the carbon gas carbon. Emissions from Bitcoin might, might. Be equivalent, or rival, a medium-sized. Country in Europe at some point there, are estimates, of how many computers, are hooked up to the Bitcoin network in doing the work of mining, and as. The value of Bitcoin, increases. More computers, come on line, because a reward. Is given every ten minutes to whomever solves, the block and the reward is, twelve and a half bitcoins, which amounts, to one hundred thirty hundred forty thousand dollars so. People. Do the math and they say if. There's, a hundred forty thousand, dollars reward that's. Equivalent to, five, thousand, gallons of gasoline that, are, used to mine every Bitcoin they just do the math of a price of a gallon of gas and they think that there must be a first-order, condition. Where, people will enter into the mining business up to the point where the cost of the energy equals. The value, of the reward that they hope to get now. It's hard to verify this exactly. There's, no question bitcoin burns a lot of energy and you, can do the math and say it's more than Ireland, it's more than Denmark, but. We don't really know that and the, one thing that's obvious is that Bitcoin miners tend, to locate, where energy is cheap and abundant so. Many, of them have been in Iceland. In Inner Mongolia lately. Quebec has become so there are no carbon emissions from hydropower so if you're mining, Bitcoin based on hydropower, you're not adding any carbon exactly. And you're, cooling your stuff for free can just open the window in Quebec or Iceland, and it keeps the computers, nice and cool so I think a lot of the people who make these back-of-the-envelope estimates.

Are Greatly exaggerating. The end of the power consumption, but. I think the bigger point they're making is a lot of computer, resources that, could otherwise be doing good work somewhere in the world are being, diverted. To the guessing, of random numbers and, wouldn't. It be better if the work and the proof of work system and, mining wouldn't it be better if that work could be useful, to society like doing weather, forecasting, or cancer, research or something like that anything, that requires. A lot of parallel processing, or is. There may be a better way besides proof, of and there's other systems, being proposed such as proof of stake, proof, of space proof of importance, which, are interesting, and it, looks like even a theorem maybe transitioning. To proof of stake and many of the other coins being designed, or tweaking. Or even junking, all together the proof of work for some alternative I think, this is why the main design, issues facing the whole area. Is is proof, of work really the, best and only way to go about it I. Don't, think you'll ever have the problem though bitcoins, soaking up all the energy in the world if this. Ever became a real issue that there was so much demand for electricity, the price of energy would go up and the market would clear where a supply would equal demand and. For. People to say it's not socially, useful I think we could make this criticism, of teenagers, playing video, games of maybe best and brightest or at Facebook and not an asana I mean we could be a same argument but, isn't what you're saying somewhat of an endorsement of altcoins, versus Bitcoin because. All coins the human capital going, in or the IQ, energy going into that have some underlying intrinsic. Value versus mining, Bitcoin is just chasing, chasing. The reward, I think, Bitcoin was an extremely, clever combination. Of a verification protocol. The proof of work with, a database technology. Which is the blockchain and the use of financial, incentives, to draw people, onto the onto, the net worker caused. Them to leave at the right time so it's, a really clever combination. Of technology, and incentives, but it was a first cut, at an extremely, ambitious problem.

And You've, seen in the nine years since Bitcoin, went live a ton of innovation I think. This will continue for the foreseeable future so the fact that bright. Young people are working for some of these other startups, looking to improve on this this is what makes, ultimately. Innovation, and economic growth occurs when smart people invest. Their human capital and solutions, to important, problems, and I think it's exactly what you're seeing here it's a great example of, people responding. To signals from the marketplace and markets, allocating. Resources both. Physical, and human in ways. That you really couldn't do nearly, as well through any kind of central planning or rules-based system and. As. Someone who studies this which. Of the coins. Have an underlying, technology. That. You are most bullish on what, I can tell you from the history, of tech, innovation, is that these things tend. To get overtaken, pretty, quickly that even, if you and I could identify the best, token, today you know somebody, could come up with something better six months from now there are no barriers, to entry we. Saw this with the internet with things like the browser wars where people, would get a hold, on the market briefly, but. In the end innovation. By outsiders, will, make their products, shrink away look at how Yahoo, was overtaken, and searched by Google. You, look at the music business with iTunes, and then Spotify. That young more clever. Platforms. Come into use almost, without warning, and they, don't really require a lot of capital, to get going they just require excellent. Design so. Given, the number of people who are active, in this space I think the best coins have not yet been invented they're, not you're, gonna see a lot of enhancement. In product, improvements. You know probably for the foreseeable, future an Amazon, Apple Facebook Google, or Netflix, who would, who foots best in terms of their business to issuing.

A Coin if, you'd heard one of these companies but you didn't know which one had issued a coin which one would you guess it would be I would guess it would be Amazon, because they're moving into retail so, aggressively, that you know it just seems like a natural platform. To have Amazon, coin that, could be used to shop at Whole Foods or, at the online bookstore, at, the same time giving the customers, a stake, in the business that if Amazon ends. Up ruling the world their Amazon tokens, will be more and more valuable so, private. Currencies, you know dedicated to companies is started with video gaming and, there. Are all these world of warcraft, games that have internal economies, where the tokens, actually, trade outside the game you. Could replicate this, easily, with Amazon, and Facebook and it's a little bit of a puzzle that they haven't so, you know large numbers of users in a variety of retail, platforms, seem to be the. Optimal, conditions for this to become valuable, so, finally, tell us about the t-shirt this. Is hold on for, dear life this. Is the investment, mantra, that it's a wild ride to own these assets, so you really have to feel, like you're riding roller coaster and this. Is the etherium. Token, symbol here so that was introduced, by a theorem that's just uh that's just a funny. T this is for the crypto, community, and I wore this through the San Francisco, Airport where all the Silicon, Valley people were changing planes to get the big thumbs up, people. Know what this means if they're connected to the crypto space my, wife found this from me online it's a good t-shirt good stuff, professor, David uremic head of the finance department at NYU and also oversees the FinTech specialization. At NYU Stern School of Business please. Let us know if you'd like to see this weekly or, bi-weekly professor. Thanks for your time thank you Scott. Like. Bubble gum just, made a mill woman pocket Shamu wreck, about to go into our, game.

2018-04-02 23:17

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Bi-weekly please

More from yermack please. Great discussion guys.

Blockchain was created to get rid of the corrupt financial system

Yes more crypto! Lets get an interview with the robinhood team too!

Would like to see more like this.

great video, please continue making this kind of interviews!

Please watch and share my song about HODLing bitcoin.

I set my children down to watch cartoons. I come back to them crying and watching this 25 minute piece of garbage. Disgusting waste of people's time.

Weekly please!

weekly/bi weekly episodes are a must - maybe most disruptive alts to watch for i.e. create the L2inc PUMP

Really great video thanks for the best content. bi weekly would be best

Yes to more crypto talk!

The song at the end

Here, David, put this t shirt on.


Please continue crypto topic. Prof. Yermak speaks with amazing clarity with no jargon on the topic.

I'd like to see this WEEKLY

I would enjoy seeing this weekly. Very informative.

No more physical cash in 10 years?! What? Bull. Shit. Dude. I mean, 20 or 30 years? Maaaybe. But 10?! Talk about an NYC bubble

Very interesting ! Please maintain this 'weekly-crypto-talk'.

more crypto!!

Weekly since for now it changes and evolves so quickly, I feel like there's gonna be news enough to make an episode per week.

I would like to see bi-weekly updates on developments of Cryptocurrencies. I'm located in Switzerland, and would also be willing and able to help connect you with people in Crypto-Valley (Zug).

great in-depth talk. More of this please

weekly please!

Yes please weekly crypto chat! Going mainstream one month at a time. Lets all keep our online data and cut out the middleman w IOTA

Yes. Crypto every week.

Will XRP eventually go away along with the banks, once decentralized cryptocurrencies are mass adopted? Because XRP works with bank to bank transactions. The whole premise is to do away with banks and fiat currency. Just my two Satoshis.

More crypto

How you guys not gonna mention MONERO

do more crypto interviews

Prof please add weekly. Break downs of token based startups like Filecoin or Telegram Open Network would be great.

A weekly crypto would be


Great stuff, more please

Weekly, yes please!

More educational stuff with this guy. Thx byeee

Bcash is a joke. Bcash is trying to accomplish what Litecoin already addresses.

How could he advocate the HODL t-shirt.. and get the origin of it's name wrong? (hint, it is not hold on for dear life)

more blockchain

WEEKLY! awesome video, hard to find down to earth analysis thees days

Every week. Every day, if you can.

Yeah. I’m down for more from this guy or this topic.

Long time follower, first time poster.... I would LOVE to see more of these videos. Weekly ones like the winners and losers segment would be sweet, or longer bi-weekly/monthly segments. Either way I'm 100% on board!

Great discussion on crypto currencies. I would love to see regular updates on this topic. Thanks!

This should be a weekly podcast

The interviews are cool but I have zero real interest in crypto

You want to know how ridiculous this all is? Replace the word "Blockchain" with "Database" because that's essentially what it is - a distributed database with consensus mechanism. And as you can see with the forks - the consensus mechanism doesn't even work 100% of the time, so you can't consider it a solved problem.

Great content Scotty , keep it going

Please have more interviews in general, not only blockchain related but also interviews like the previous ones on China and the market with Aswath Damodaran

This is so much more informative than the YouTubers who base their channels exclusively on crypto currencies and come across as cheerleaders.

Please keep making these videos on blockchain technologies.

Awesome. Keep the crypto videos coming!

that song was fire at the end hahaha

Love to see more of this


We want more! We want more!

HEADS UP: A new mining currency is called BURST COIN, and is not created by GPU/CPU farms, but rather from farming out open storage space with bunches of Hard Drives stacked together. Look into it, may become a thing, as GPU's become scarce and more expansive to set up. For now, it's relatively new and not very efficient re ROI, but here's a vid detailing it: If you wanna get in on the ground floor of a possible new crypto while it's still developing, this could be it.

Tulip mania ; )

please less crypto shit!!

This crypto content every day

we would definitely like to see more crypto content

Great content guys both guys easy to watch and understand

If he coud comment hourly would be great, brings so much clarity to the cryptoworld

Pls pls pls every week

crypto - every day

More Crypto please.

t shirt tucked - thumbs down

Please make a seperate channel for crypto stuff! Your usual loyal audience not so interested. Please, please don't make me unsubscribe Xxoo

Good video but terrible timing. Down another 10%.

David Yermack needs a weekly segment 100%

I know crytos compete with innovation constantly, but I wish he could have shed more light to which crypto to invest in right now among the others.....still a great interview.

Now professors are joining the hodlgang and recommending a pyramid scheme that has run for 8 years (mtgox startet trading bitcoins). Can`believe it. If anyone told me this 6 years ago i would have said you`re nuts. Tulips, and south sea corp all over again. And for all the people talking about the usefulness: Have you ever sent an encrypted (or signed) email? Have you ever used a keyserver? Have you ever "multisigned" a document with your clients? You can do all those things for many years. But hey, let`s call it "blockchain technology" and speculate on it. People will buy it! (Diffie/Hellman key exchange 1976, shamirs secret sharing 1979)

Monthly or quarterly.

You'll never get rid of cash. People can moan about Bitcoin and Monero but cash is the real anonymous exchange medium.

Thank you for the Insight!

No mention of Gridcoin?

Great interview. Credible and incredible crypto discourse. Yes. Great minds engaging on a weekly/bi-weekly basis has my vote. Thank you and Prof. Yermack.

I'd fork Scott, if you know what I mean.

He kinda loses all credibility with that t-shirt on

I would like to see more of this daily.

Scott, please invite Andreas Antonopoulos or some good advisors. You and your guy here are years behind this stuff. For instance, what's his pretty "HODL"-Ethereum t-shirt answer for what is known as the oracle problem, the major hindrance for ETH? Another thing: if this idiot doesn't know that XRP is a plain scam, he shouldn't be presented to your audience.

down for more yo

LOVE YOUR channel, please more crypto talk!!!!

With the volatility of the crypto space, I think weekly videos would work best.

More talks like this!

I so commented


I enjoy watching this channel and look forward to every Thursday. Wondering if anyone else has any other person they watch that would come even remotely close to the information given here? Any suggestions I’m on the hunt!!

Great but over a month old

Weekly! Great info but more in-depth talk around applications and businesses being built on Blockchain.

Yes keep em coming.


Yes please! EVERY WEEK

Moar plz.

Yes weekly!

Hilarious that between filming and publishing this, Bitcoin has dropped another $4000+

Please keep addressing crypto currency... Many of us would like to know how this financial tech affects the mainstream assets.


I don't think two university professors promoting unregulated investment is a good idea

Wow, he is a CLEAR speaker!

extremely interesting!

Would love to see more diverse opinions more often. Incredible space that has the potential to replace Amazon, Facebook, Google, Apple data grab and turbo-charge economies. -------------------- For Example: Anarchy, Blockchain and Utopia: A theory of politicalsocioeconomic systems organised using Blockchain Dr. Brendan Markey-Towler1 PhD School of Economics, University of Queensland, Australia Correspondence: Received: 19 February 2018 Accepted: 17 March 2018 Published: 19 March 2018 Abstract Blockchain technology makes it more feasible for individuals to exit politicalsocioeconomic systems at the level of the system itself and elect to accede freely to institutional systems which formulate, promulgate, keep and verify institutions and public records without a centralised authority. This essay investigates the dynamic of such a society in which political-socioeconomic systems may be organised using blockchain technology. -------------------------- Or ------------------------ A Bitcoin Standard: Lessons from the Gold Standard by Warren E. Weber Research Consultant, Bank of Canada Visiting Scholar, Federal Reserve Bank of Atlanta Adjunct Professor, University of South Carolin This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard. Because the Bitcoin standard would closely resemble the gold standard, the paper explores the lessons about how it would perform by examining the classical gold standard period, specifically 1880–1913. The paper argues that because there would be virtually no arbitrage costs for international transactions, countries could not follow independent interest rate policies under the Bitcoin standard. However, central banks would still have some limited ability to act as lenders of last resort. Based on the experience during the classical gold standard period, the paper conjectures that there would be mild deflation and constant exchange rates under the Bitcoin standard. The paper also conjectures how long the Bitcoin standard might last if it were to come into existence. I love L2inc no BS take on business.

You guys should talk about DASH, digital cash... it has a GREAT governance system... take a look

yup more crypto :)

GPUs are in scarce supply. NVIDIA has limited the amounts to order and taking forever to fulfill from what I hear from a close friend at a server company. Increased building of mining rigs are allegedly the reason why.

Dash has real proper Governance The Sign   March 29, 2018

4th Dimension: Bitcoin-Manipulation-Cartel — Price-Suppression is their Goal

More crypto stuff please. Been trying to find a good explanation as to why I lost all my money. Wen homeless?


If you don't pay your "leased" item (pacemaker anyone) will be shut off. Bad enough private ownership is being eliminated.

I love learning about the innovation & technology, and enjoy most of your videos. “Crypto Currency” has as much to do with currency, technology and innovation as Scientology has to do with Science. Ironically, "Crypto" seems more of a cult than a currency.. I get it, If you want to appeal to Millennials you need to talk crypto or Adderall. The crypto scene is like a fraternity for unemployed Millennials who live in the world of social media. In the digital age there is no difference now between Peer to Peer Marketing and “word of mouth”. Now most word of mouth starts with something someone reads on the internet. Now it is being taught at NYU, because there is a demand for it, because it is popular. Why pay for the tuition if you can read the same fake news about crypto online. David Yermack studied at Harvard and teaches at NYU, he can come across as credible. But he kind of reminds me of Jon Luvitz's Character Tommy Flanagan.


Yes, more like this please

Yes for more plz

Can you ask about blockchain. Would like a little more info on this and your insight thank you.

Like this guy :)

I would like to see something like this every week.


I'd like to see a crypto video every week/every other week . thanks


weekly plz

That was actually one of the better explanations of crypto that I've come across. It's hard to get straight answers regarding intrinsic value.

Yes get this Professor David Yermack on more often!!!!!

Please do a segment like this weekly or bi-weekly!

Great interview and discussion, thank you.

Great information! We want crypto talk weekly PLEASE!!! I learn so much from both of you!!!! THANKS!!! #hodl

Sucks to have graduated in 2012. Or NYU professors are cool af.

Weekly it will be awesome! Bring someone who’s going to tell us who create bitcoin? And how in earth 1 Satochi could predict such a technology without going through a tones of pivot? Isn’t weird that the Bitcoin come out in the same time of meltdown economy? What if this technology been created by the security agencies in the states and China to cover the print of trillions US dollars and owned by Chinese gov!

Excellent video.

Bullish on Amazon and bitcoin

Would love to see this biweekly

Lets see some homework done on additional altcoins and some of the amazing tech behind some of them that looks promising or may be a sham, too much talk on Bitcoin, Ether, Litecoin and ripple... mainstream media does plenty of that.

YES! Please make a weekly video series on crypto.

Last time this guest was on he said he was not personally invested in crypto at all as it was too risky. This time he’s rocking a HODL tee lol

I want it daily

Amazing content. Amazing work.

Yes!  I think biweekly is probably a little more sensible than weekly, or even monthly, but yes, definitely yes.  A regular check-in with this chap sounds awesome.  Ciao.


Next top 3 crypto coins talk please

More crypto content please!

Also you Ctypto geeks must realize....once an asset class is placed on the futures market the HUGE BANKING CONGLOMERATES WILL DECIMATE IT THROUGH PAPER CONTRACT MANIPULATION ...GOLD, SILVER, BITCOIN ARE ALL ENEMIES OF THE LARGE BANKS ...and they will never let them move freely in the market place !

I travel extensively, and have seen a grant total of ZERO places that accept crypto currency for payment...CRYPTO IS FAKE NEWS at the date of this reply, Bitcoin is 6K In another three months it will be $4,500 by this time next year under 2,500....period

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