All (Crypto) Roads Lead to Bitcoin | Michel Rauchs
Channel: Value of Bitcoin
Date: 09/08/2019

Michel Rauchs is the Cryptocurrency and Blockchain Lead at the Cambridge Centre for Alternative Finance at Judge Business School, University of Cambridge and co-author of several empirical benchmarking studies on the emerging cryptoasset ecosystem and expert in debunking common blockchain myths and misconceptions.

This session will explore the initial design considerations behind Bitcoin, the first private money existing exclusively in the digital realm. Key properties such as artificial scarcity, unseizability, and censorship-resistant value transfer will be discussed, with a focus on how these characteristics are achieved. An argument will be brought forward that Bitcoin (and similar cryptocurrency systems) need to be inefficient by design in order to prevent a single actor from unilaterally taking control. Next, Bitcoin will be compared to other cryptocurrencies in terms of liquidity, network effects, security, and usage; making the point that no cryptocurrency properties are real unless it is nearly impossible to change them. Finally, the session will conclude with cautionary remarks highlighting that all cryptocurrencies, including Bitcoin, are ongoing socio-economic experiments that could still fail at any point in time, while also highlighting Bitcoin‘s 10+ year track record.

This presentation was performed during the Value of Bitcoin conference on June 3rd 2019 in Munich - https://vob-conference.com/
Follow the Value of Bitcoin Conference on Twitter - http://www.twitter.com/ValueOfBitcoin

This Video is brought to you by Vaultoro, Crypto Commodity Exchange - https://www.vaultoro.com/

Thank you to our conference sponsors!
BayernLB - https://www.bayernlb.com
Fidelity Digital Assets - https://fidelitydigitalassets.com
MaibornWolff - https://Maibornwolff.de