Bitcoin: store of Value, means of payment or a bubble? Scalability, sustainability, safety aspects and international financial policy – the topics of the conference “Value of Bitcoin” at the 3. June in Munich were wide-ranging. Bayerische Landesbank, had been able to gain proven Bitcoin connoisseurs, renowned writers and sizes from the financial world as a speaker and a varied program of lectures and panel discussions put together. The aim of the organisers to Daniel Wingen was to provide an event of the extra class to the most exciting questions about Bitcoin on the legs. The concept went on.
Brigitte Bernhardt
5. June 2019 BTC$7.697,00 -3.80% part Facebook Twitter LinkedIn xing mail
As a prelude Giacomo Zucco agreed with a lot of Esprit the audience on a thrilling day of the conference. “Everything they’ve told you about Bitcoin is a lie” was the title of his lecture. The Bitcoin Maximalist cleaned up with some myths to be the mother of all crypto-currencies, and announced confidently:
I know that Bitcoin could fail, but I also know that all other will fail.
With the technology behind Bitcoin, the quantum physicist, Dr. Stepan Snigirev in his lecture on the safety of Private Keys. He explained the various possible attacks, including quantum attacks.
In the first panel discussion of the day “safety and risk in Bitcoin from a technical point of view,” continued this theme. With Stepan Snigirev, Jörg Hermsdorf and Dan Hero, whose lectures were later to hear discussed. Moderator of the well-known Podcaster Peter McCormack was. A realization from this round: have Something that you alone control, is a freedom – even the freedom to lose his Coins forever. Also named McCormack, a further aspect of the freedom of thought: namely, the Bitcoin as a tool for people who live in countries with a totalitarian Regime.
“Good money, bad money”
About good money and bad money Prof. Dr. Thorsten Polleit said in his lecture. The chief economist of Degussa, Europe’s largest provider of precious metals, is a former investment banker and ardent supporter of a free money market. In addition to Gold and silver, Bitcoin is, in his opinion, a promising candidate in the competition for good money. A Highlight of the event could enjoy the audience already in the morning: the speech of Prof. Dr. Saifedean Ammous, the author of the book “the Bitcoin Standard.” He spoke about the negative impact of Central banks on the economy and society, and the Thesis that Bitcoin is the hardest currency ever invented.
on the question of whether Central banks threatened by Bitcoin under pressure, it went in the subsequent panel discussion, which was moderated by Valentin Schmid. In addition to the two speakers, Dr. Christopher Waller, and Jochen Metzger as a representative of the banks. Polleit threw in the round:
We are talking here about Bitcoin, the new money of the candidates as I would call him. The larger issue of the right to self-determination, to choose the money, you will want to use, however. This is prevented by the System of the Central banks in a systematic way.
Jochen Metzger, Director General at the German Bundesbank intervened with a refreshingly honest Statement:
Without the ECB and its (unfair) monetary policy it would give the Euro. Whether this is good or bad, is another question. (…) If he would be so designed as to such as Bitcoin, would not have survived the Euro, the Euro-crisis.
This is commented Saifdean Ammous with the interjection “no! It would not have caused the crisis.“ The audience enjoyed the respect of a full-run slugfest, obviously, and gave the Panel plenty of laughs and applause.
Central banks: ‘polluter pays’ or Savior in the crisis?
In the afternoon lectures, we went first to the topics of digital Central Bank money, and Digital Cash. Speakers Dr. Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank and a lecturer at the Frankfurt School of Finance and Management. and Prof., Dr. Gerald Mann, a Professor of Economics at the private University of applied Sciences FOM in Munich, and co-author of the book “prohibition of Cash”.
For de la Rubia should be considered crypto-currencies is not necessarily from the perspective of developing countries, where Bitcoin can offer a lot of value. Gerald Mann explained in his speech impressive, as the abolition of the cash plays the advocates of negative interest rates in the hands, which, in turn, should encourage consumption and investment. He referred to negative interest rates as a “consumer refusal to tax” and came to the conclusion that Bitcoin can be a way out of the negative interest rate policy.
In the subsequent discussion with the Moderator Jürgen Seitz have gone to the Central Bank representative, Christopher Waller, and Jochen Metzger again in the cave of the lion. New Prof. Dr. Aleksander Berentsen, Economics theorist at the University of Basel and co-author of the book “Bitcoin, Blockchain and crypto assets added”. He sees in Bitcoin the most important contribution to the economy in the 21st century. Century, to change the potential of the financial system, and many areas in business and administration.
Bitcoin is a misunderstood technology
His profound knowledge, Michel Rauch, Director of research at the Cambridge Centre for Alternative Finance in his contribution, informed “All the (crypto-)roads lead to Bitcoin”. He argued that Bitcoin and other crypto-currencies to be inefficient, to prevent that a single player takes control.
An exciting excursion in the history of technology as well as in the high-current topics Lightning Network and Streaming Money took Jörg Hermsdorf in his presentation “Bitcoin Beyond money as we know it today”. The co-founder of Conserve Blockchain Service showed that it is in Bitcoin a mostly misunderstood technology. Only a few would the monetary and non-monetary Use Cases for the 21st century. Century realize that Bitcoin allows. “Bitcoin could our species from the 21. to the 22. Century lead“, so his conclusion.
In the subsequent panel discussion with Dr. Alexis Eisenhofer, Hans-Jörg Naumer, Max Keidun and Giacomo Zucco supporters and rigorous skeptics were, however, declared the use of Bitcoin. For Hans-Jörg Naumer, head of Global Capital Markets & Thematic Research at Allianz, fulfillingt Bitcoin is not the criteria for an asset class. We are also in the midst of a Bitcoin bubble, so his Statement. Alexis Eisenhofer, managing Director of financial.com agreed with the comments made by Naumer and had been with his additions to the regulatory and financial policy is not as easy when you mostly Bitcoin-savvy audience. Max Keidun, CEO of the Bitcoin P2P exchange Hodl Hodl and organizer of the Baltic honey badger conference, as Giacomo Zucco, of course, numerous arguments for the side of the Bitcoin-Fans.
This controversial debate, with the participation of the party now in the audience seat at the end of Saifedean Ammous, was moderated scores from may Santamaria. She is head of the Department for financial advice of the Irish Ministry of Finance, is the co-author of the 2018 published report, “Virtual Currencies and Blockchain Technology” and represented Ireland at a round table to Blockchain talks and forums-topics in the EU, the OECD and the G20.
Bitcoin Mining consumes electricity and that’s okay!
A differentiated approach to the question of the energy consumption of the lecture of Dan held, Director of Business Development at Interchange, a crypto portfolio of bot-voting Tool and the author read a very good article on Medium. He explained, among other things, that the Miner look-out for the cheapest electricity – for electricity, for which no one else is interested. In addition, 78 percent of Bitcoin Mining electricity would come from renewable energy sources.
a Little more critical of Alex de Vries, the founder of digiconomist.net see, however, the problem.
“The (Un)sustainability of Bitcoin”, he called his presentation. In addition to the energy theme, we also have a garbage problem, he said, in terms of the electronic waste caused by the booming mining business of recent years. The theme was smoke deepened in the last discussion round of the day with Alex de Vries, Dan of Hero and Michel, moderated by Peter McCormack.
a Little off-topic, but quite interesting is the report by Holger Wolff, Managing Director at MaibornWolff was. He described a model for paying employees using Bitcoin, and the findings in their own company.
was allowed to form The only female expert of the conference, may Santamaria, the final point and had asked a guest from the far East to the fireside chat. Shunichi Kimuro from Japan, among other things, senior Manager at DG Lab, talked with her about the Bitcoin market in Japan, the global adaptation and the current state of regulation.
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