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\begin_body

\begin_layout Title
Economics of Bitcoin and Cryptocurrenies
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\begin_layout Author
Bastiaan Quast
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\begin_layout Institute
The Graduate Institute, Geneva
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\begin_layout BeginFrame
Overview
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\begin_layout Section
The Basics
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\begin_layout BeginFrame
The Basics
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\begin_layout Standard
What is Bitcoin?
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\begin_layout Itemize
peer-to-peer online payment system
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\begin_layout Itemize
decentralised open system
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\begin_layout Itemize
open-source
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\begin_layout Standard
How does Bitcoin Work?
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\begin_layout Itemize
wallet
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\begin_layout Itemize
private key
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\begin_layout Itemize
public address
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\begin_layout Itemize
signature
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\begin_layout Itemize
mining
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\begin_layout Itemize
blockchain
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\begin_layout Standard
What are the Drawbacks?
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\begin_layout Itemize
full relience on the protocol
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\begin_layout Itemize
relience on the internet
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\begin_layout Itemize
hacking: more frequent and more severe
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\begin_layout EndFrame

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\begin_layout BeginFrame
The Basics II
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What are the Benefits?
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virtually instant transactions
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no middle men
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\begin_layout Itemize
highly predictable system (no boom-bust cycles?)
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\begin_layout Standard
When is Bitcoin useful?
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financial inclusion / empowerment
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\begin_layout Itemize
remittances
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\begin_layout Itemize
capital controls
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\begin_layout Standard
Is Bitcoin Money?
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\begin_layout Enumerate
medium of exchange
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\begin_layout Enumerate
unit of account
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\begin_layout Enumerate
store of value
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\begin_layout Enumerate
standard of deferred payment
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legal tender?!
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Is Bitcoin Legal?
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currency vs.
 financial asset
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\begin_layout Section
The Economics
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The Economics
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Denationalized Money: Hayek's Paradise
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\begin_layout Itemize
no government control
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no inflation
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\begin_layout Itemize
limited number -> information asymentry -> market failure
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\begin_layout Itemize
situation on international currency competition (David D.
 Howard)
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\begin_layout Itemize
Has the Govermment a Role in Money? (list of good reasons, Friedman & Schwartz,
 1985)
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\begin_layout Standard
Cryptocurrencies and Inflation
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\begin_layout Itemize
not within a cryptocoin, but through plurality
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Free banking
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similar?
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\begin_layout Section
The Social Value
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The Social Value
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Is Mining Socially Wasteful?
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\begin_layout Itemize
compared to what? paper money? coins? gold?
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\begin_layout Itemize
what happens to the costs?
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Proof of Stake
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inflation or not
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