#5 Monday Night Konsensus: What will cryptocurrencies do to banks?

Timestamps in the description. Today in Monday Night Konsensus: Max Hillebrand from Deutsche Bank and Sami Miettinen from Sisu Partners. Hosted by Niko Laamanen. Topic: What will cryptocurrencies do to banks? Podcast: https://goo.gl/a7T8zQ Timestamps: 0:00 Intro of Sami 2:01 Intro of Max 4:55 IMPORTANT DISCLAIMER 5:20 Overview of the panel 6:27 Sami briefly describes his presentation about digital Euro 10:32 Can Fiat money be saved by decentralization? 19:26 What problem are cryptocurrencies solving? 23:10 is there a need for a physical form of money? 29:22 What makes a good money? 35:24 Are cryptocurrencies putting banks out of business? 40:03 How does a future bank do business? 43:16 Should we roll back "bad" transactions? 45:28 Post-Fiat society / zombie apocalypse taxation meme 47:03 Will central banks want to use blockchain technology? 47:58 FedCoin 49:49 Voluntariasim and Taxes 54:34 Is Proof of Work wasteful in terms of energy consumption? 58:42 Is a 51% attack a real threat? 1:03:31 Can other consensus algorithms replace POW? 1:05:26 What consensus algorithm would go with crypto Euro? 1:06:08 The Byzantine General's Problem 1:07:46 What needs to happen before mainstream adaptation? 1:10:25 Self-regulation in cryptocurrencies 1:13:30 Will Bitcoin volatility decrease as the userbase grows? 1:19:33 Anecdote: Which will be more valuable in 10 years? 1$ or a square of toilet paper? 1:20:13 Why is Austrian economic theory so widely supported and Keynesian almost shunned in the Bitcoin community? 1:27:13 Bitcoin brought scarcity to non-scarce world 1:28:10 Voluntary money protocols and the age of digital scarcity 1:29:58 Can microeconomics and macroeconomics be combined using cryptocurrencies? 1:36:55 Which incentivizes people better, inflation or deflation? 1:45:15 People won't stop existing if the money is deflationary 1:45:42 How Bitcoin changed Niko's life? 1:48:20 Hyperinflation 1:50:03 Lending with inflationary and deflationary money 1:54:20 Can taxation and redistribution survive the cryptocurrency revolution? 1:59:22 Will opt-in taxes make nation states fail? 2:01:09 Blockchain could provide transparency for government funding and voting in elections but is it wanted? 2:02:46 Anecdote: Future unit of account could be lambos 2:03:35 Questions from the audience More about our guests on this show: Sami: https://www.linkedin.com/in/miettinen/ https://twitter.com/samimiettinen http://sisupartners.com/ Mervyn King, BoE, The End of Alchemy https://amzn.to/2KFGQQf FedCoin https://tinyurl.com/yd2sb3gq Nicholas Taleb, Antifragile https://amzn.to/2udqJ19 Tekijäfoorumi - Rohkeus neuvotella - Sami Miettinen https://tinyurl.com/y78ge2xk Max: https://www.linkedin.com/in/max-hille... https://twitter.com/hillebrandmax https://www.aparecium.de/ http://towardsliberty.com/ Rothbard & Mises on the Theory of the Trade Cycle and Money: https://mises.org/library/what-has-go... https://mises.org/library/theory-mone... Mises on Socialism: https://mises.org/library/socialism-e... https://mises.org/ Konsensus: Web: http://konsensusry.fi Shop: https://www.konsensusry.fi/kauppa Twitter: https://twitter.com/konsensusry Telegram (Finnish): Talk: https://t.me/KonsensusRy Only notifications: https://t.me/konsensustiedottaa Facebook: https://facebook.com/KonsensusRy/ Konsensus Bitcoin-address: 3ELnGXAdgGtA8w4acWi1BV3KncNM8V7Ffz Hosted by Niko Laamanen: Web: https://omnifinn.com LinkedIn: https://www.linkedin.com/in/n1kofi/ Telegram: https://t.me/n1kofi Twitter: https://twitter.com/OmniFinn Youtube: https://goo.gl/GS9AVP Bitcoin: 163EzFU4yFgcD5RvVwum9nDNYKzm3aSwyE Niko's book recommendations: The Bitcoin Standard: https://amzn.to/2ud7Dsd Man, Economy, and State: https://amzn.to/2mDnqNz Mastering Bitcoin: https://amzn.to/2udJ7H5 The Internet of Money: https://amzn.to/2KY1Iyb The Starfish and the Spider: https://amzn.to/2MU7Ms2 Biocentrism: https://amzn.to/2J2Ynwa Reality Transurfing: https://amzn.to/2u90Dw8 Steve Jobs: https://amzn.to/2MXLGoC Niko’s recommended services: Whale lend (high yield savings account for cryptocurrencies): https://goo.gl/qDsrMk Bitmex (shorting, longing, margin trading): https://www.bitmex.com/register/K3geCG Binance (Alt coins): https://www.binance.com/?ref=35038995 Niko’s recommended products: Trezor Hardware wallet: https://shop.trezor.io?a=6M1ZGSZL Crypto T-shirts: http://moneybadger.shop/