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Future of Bitcoin Project

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Future of Bitcoin Project

  1. 1. S Future of Money and Implications on Monetary Policy Presented By: William Bailie William Hamilton Shane Rea Kaitlin Schultz Paul Tolvo
  2. 2. Outline S Summary of article S Emergence of Bitcoin S What is Bitcoin? S Advantages and Disadvantages S Effect on Monetary Policy S Compare to Europe S Critique S Expectation
  3. 3. Summary of Article S Economic collapse of Cyprus showed huge jump in Bitcoin value S 13,438,550 Bitcoin in circulation S Decentralized general ledger S Will always be able to use if internet is on S Bitcoin thrives in a world without trust
  4. 4. Emergence of Bitcoin S August 2008 Bitcoin.org is registered S Double spending S January 2009 “Genesis Block” S October 2009 first exchange rate posted S First traded publicly in 2010 S 2011 Mt. Gox user table hacked S 2012 started major overhaul S October 2012 European Central Bank stated opinion S October 2013 First ATM opens up
  5. 5. What is Bitcoin? S Virtual Currency S “Wallets” S Transactions vs. Investments
  6. 6. Advantages S No Taxes S No Tracking of Transactions S No Transaction Costs S Cannot be Stolen S No Reversal of Transaction
  7. 7. Disadvantages S Not Widely Accepted S “Wallets” can be Lost S Fluctuating Value S No Buyer Protection S Risk of Technological Error
  8. 8. Models S IS/LM S AD/AS
  9. 9. IS/LM
  10. 10. AD/AS P AD1 AD2 LRAS C A B SRAS Output, income
  11. 11. Monetary policy in Europe S “The entire Eurozone is close to recession, again, and deflation, a general deflation, is a real possibility. Interest rates are near zero, we’re at that zero monetary bound. So we can’t slash interest rates to get the economy moving again. We can’t use fiscal policy either. Partly because everyone’s deficits are at or above what the euro system allows them to be, partly because those who most need to borrow to expand simply cannot borrow at present. Greece, even after the private sector creditors took a 70% haircut, still has debt well north of 100% of GDP and, as above, would pay near 9% to raise more.”
  12. 12. Critique S USD vs Bitcoin S Regulation/effects on currencies S Other cryptocurrencies S Consumption and use of bitcoin S General problems with use
  13. 13. Critique USD vs Bitcoin S 1 Bitcoin is equal to 347.96 dollars
  14. 14. Critique Regulations S Most countries have no regulation on Bitcoin S No legislation S Or even recognize it as a legal tender S Effects on currency
  15. 15. Critique
  16. 16. Critique
  17. 17. Critique
  18. 18. Critique S General Problems of bitcoin -Has the potential to be extremely volatile -Cyber crime -Public transactions -Establishments that accept it
  19. 19. Expectations S Do people accept it as a currency? S How has the market reacted to Bitcoin?
  20. 20. Works Cited S "Advantages." Bitcoin. Standford University, n.d. Web. 25 Oct. 2014. S "Bitcoin." Bitcoin. Standford University, n.d. Web. 25 Oct. 2014. S "Bitcoin Total Bitcoins in Circulation." Bitcoin Total Bitcoins in Circulation. Blockchain, n.d. Web. 26 Oct. 2014. S "The Greek Option: Monetary and Fiscal Policy." World Politics News Review. N.p., n.d. Web. 25 Oct. 2014. S Narvasa, Helen, and Heather Morton. "The Emergence of Bitcoin." The Emergence of Bitcoin. NCSL, n.d. Web. 26 Oct. 2014. S Rüdiger Koch, Rüdiger. "Bitcoin - a Means for Redistribution of Wealth." Bitcoin - a Means for Redistribution of Wealth. N.p., n.d. Web. 25 Oct. 2014. S Worstall, Tom. "Europe Doesn't Have A Debt Crisis, Europe Has A Monetary Crisis." Forbes. Forbes Magazine, n.d. Web. 25 Oct. 2014.