The Crypto Economy

Scott and NYU finance professor David Yermack discuss tethered coins and the cryptocurrency landscape.
(0:29) Source: Coindesk.com.
(2:57) Source: “Explaining Stable Coins, The Holy Grail of Cryptocurrency,” Forbes, March 2018.
(3:07) Source: “Explaining Stable Coins, The Holy Grail of Cryptocurrency,” Forbes, March 2018.
(3:17) Source: Investopedia.com
(4:00) Source: “The Argentine Currency Board,” Miguel A. Kiguel.
(9:20) Source: Investopedia.com
(9:26) Source: Investopedia.com
(15:34) Source: Investopedia.com
(16:50) Source: CoinSchedule, May 2018.
(17:22) Source: Coindesk.com.
(18:08) Source: PwC Survey conducted by Oxford Economics.
(18:37) Source: “Number of IPOs in the United States from 1999 to 2017,” Statista, 2018.
Episode 175

[@heekim3373]

Profs Galloway and Yermack have similar monotonic speech delivery and yet are captivating speakers. Don’t need stage performance when content is thoughtful and well articulated.

[@scottgalloway2421]

Bueller,,,Bueller?

[@travismichael3705]

i know im randomly asking but does someone know a method to log back into an instagram account..? I was dumb lost the login password. I love any tips you can give me

[@idrisdouglas8084]

@Travis Michael Instablaster :)

[@heekim3373]

@@travismichael3705 and @Idris Douglas wow what’s the chance u both joined YT 3 months ago and just commented randomly on YT about IG log in. 😝 Plus what’s with the dumb name of ur scam instablaster?! Lol gtfo here.

[@HowardFarranDDS]

Thank you Professor Scott Galloway and Professor David Yermack for always sharing your amazing, genius insights.

[@scottgalloway2421]

You are welcome Howard

[@7sevenpointed7]

A+. I thoroughly enjoyed this conversation.

[@Searix30]

the constantly evolving nature of social media and the modern world have all brought new and innovative ways for people to make money. It's fair to say that the Internet has opened up a whole host of possibilities that wouldn't have been available in decades gone by. For instance, cryptocurrency and blockchain have seen an upsurge in recent years and are thriving at present. i have come to understand after losing lot's of money investing the wrong way till i saw a comment talking about the good work of James Carlson strategies, he helped me with all the information to success trading Crypto currency Btc,, he is making an impact in the crypto space and can be reached via Whats App ( [phone] ) or Tele gram(@jamesC51) for inquiries into profitable trading systems

[@whycuds]

A pleasure to hear from Professor Yermack. Brilliant guy.

[@jimmyjimmy5574]

this should be a regular thing and made into a podcast

[@Katalina-f6w]

Great analysis, thank you! Could you help me with something unrelated: I have USDT in my SafePal wallet along with the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?

[@atomicsmith]

Fantastic content. Why does this not have more views...?

[@Vithushan19]

More videos with Professor Yermack please

[@Cavewars]

Another dope lesson

[@KGIV]

Very nice discussion. Thanks guys.

[@ramilhubilbagetov7391]

Good afternoon! Tell please in the following video more about cryptoeconomy in particular interests earnings on arbitration of cryptocurrency what you can tell about it? There are people who have really achieved success?

[@kolyaganbulov2978]

Hi, of course there are people who have earned from arbitration of cryptocurrency. It is necessary to use reliable Bibitbot services only

[@Heavy_Distortion]

professor David is friggin' awesome. bring it on.

[@scottgalloway2421]

he is awesome...

[@JayDoscher]

Excellent discussion - thanks for the video!

[@sw34rf]

Glad to see these guys taking crypto seriously. Spot on discussion... except for the part about mining. Miner-validated tokens are a waste of electricity and money, and will give way to coins like IOTA or Proof-of-Stake based protocols

[@twotwosteele]

Luv the show

[@dvd7826]

Are we going to get a sequel the 4?

[@PetersonChevy]

Great information Scott! Thanks!!!!

[@scottgalloway2421]

you are welcome PetersonChevy

[@MrJpurvis620]

could I use crypto to get the best exchange rate? ie buy it in CAD and sell in USD?

[@ghaffarellis]

I'm definitely not a stern graduate but these professors I will need to have a word or two with. Scott, I am calling on you. I am an entrepreneur with cryto-experience from Jamaica. I would appreciate 30-60 minute of time for a google hangout with members of my startup community on fathers day. Let me know ASAP should this peak your interest.

[@bbjnimens]

Mr. Galloway, can you please provide contact info on the fellow looking to invest in crypto mining infrastructure? Thank you.

[@maxdg6504]

Great video. Thank you

[@ItsMikeArre]

Time to buy and wait for the next wave of selling to profit

[@soulmate805]

Such a knowledgeable guest. Anyone interest in cryptocurrency investments should listen to this instead of those youtubers pumping coins.

[@noahatwoodvlogs1983]

If you’re listening to others in the first place you’re probably not too invested in investing. 😉

[@gwills9337]

@19:40 What Scott is missing is that cryptos have a measure of "intrinsic" value - they're a collectible with brand association. Amazon wouldn't even need to offer any tangible good or service for their coin to be valuable. The market is very speculative and people would purchase AMZ coins to just "own" part of the brand.

[@JOKBO1]

Great interview!

[@zane003]

I hope the camera-man put David on the wrong edge of the screen to convey a message.. Scott's team is usually good, so I don't think they unknowingly messed this up.

[@keller376]

I'm still hoping for a weekly show on the topic.

[@lefthandwave]

Power Edge is a good example. In the solar trading. Australian company.

[@Thebeatbreakerz1]

Great stuff love it

[@ZaDowlan]

I smashed the likes. I love the crypto videos

[@cryptoconversations388]

Awesome

[@KieranCondon]

One example given was the Tesla coin, for pre-selling Model 3s. What problem does this really solve? Tesla was able to do this without a blockchain. I saw no trust issues wrt. over selling cars.

[@lchpdmq]

Update please!

[@joysandy9659]

The great HITBTC exchange never ceases to descend from the first lines of all ratings of the Internet, only here there is an addition of all possible ICO projects that appear in the crypto community

[@ricardorodriguezheredia4079]

Not clear which are the drivers behind someone investing in cryptocurrencies instead of other alternatives...

[@alucard1116]

Most stocks on a stock exchange will not go to zero. This whole discussion was very troubling and I generally truly enjoy Prof. Galloway.

[@juanparadox]

Alright, Elon, you heard the man! Get to it.

[@ryanw7256]

Yes! Yes! Yes!

[@mohammedfaruku7848]

Cool video :)

[@baltazarsuarez5952]

Do one about the Tezos blockchain!!

[@BossChronicles]

Is it to late to invest in crypto?

[@ArielZab]

Did they just say that Buffett doesn’t understand Bitcoin? Lol

[@dhpdaedalusStudio]

That's a good Scott Galloway, be nice to the crypto. Good boy.

[@ozarad6263]

The best.

[@alucard1116]

I would like to see a contrary view in this discussion

[@tapiture3720]

Really interesting conversation, and that’s coming from an 18 year old. Wish I could afford NYU.

[@Guyflyer12]

Volatility has dropped off significantly since end of last year...

[@hassenfepher]

the people mining the gold dont get rich. the people selling pickaxes to the gold miners do. a friend of mine bought a little 'cold storage' device to store his bitcoin offline, it was $100 for a thumb drive with an lcd. he then paid another 20 bucks for the case to keep it in. not bad profit on maybe $10 of hardware.

[@richardroberts5668]

Can you give us this as a podcast? I don't need to watch you guys talk to each other to get value from this.

[@bujnnxblnk]

Richard Roberts KZbin red solves that issue

[@CostaMichailidis]

Richard Roberts even if they're in the Matrix loading program?

[@orijimi]

You can use a website like KeepVid to download just the audio.

[@we3k1ngs12]

Then simply listen 👂 it’s good practice!

[@TEAM6USA]

"Why Tesla don't have their own coin?" Perhaps because Tesla's CEO is secretly Satoshi Nakamoto, the inventor of Bitcoin? Why? Because a lot of coding used on Bitcoin is use daily on SpaceX and 2008 was a really bad year for Elon Musk. Elon Musk = Satoshis Nakamoto Texas Instrument is a big chip supplier to Bitmain, the largest ASIC machines manufacture in the planet. Thanks for another informative video professor Galloway!

[@SgtHodl]

yay more crypto stuff

[@IcyHaze02]

19:33 Primecoin is already a cryptocurrency.

[@BlockchainForWhatIsBest]

Congress writing laws to regulate more... HUCK U If this tool knew about Smart Contracts he would understand that with certainty in trustless contracts the uncertainty in those who we "trust" is about to be extinguished. Love watching the "smartest" among us look like morons.

[@jacoblester8477]

I really feel like crypto is democratization of the security market

[@CSalustro]

Enforcement is already a huge issue in the real world. I see it not working any better in the digital one. Lest incentives for moral good changed.

[@thinkpiece4334]

This is pretty incredible. Just 2 of these talks ago I think, you guys were chastising ICOs as very sketchy and basically scams. Pretty cool to see the turnaround as I think it's warranted. Crypto is an interesting space as always.

[@jjtimmins]

Valuation not seductive: Total of top 1600 cryptocurrencies = 380 billion. Global money supply = 90 trillion. Does cryptocurrency provide sufficient added value over traditional currencies to justify their capitalization? Positives: Decentralized. Anonymity for the dark side. Limited supply reduces dilution, though splits and new ICO's counteracts this faster than a dollar printing press. Negatives: volatile, barriers to buying and holding coins, limited merchant acceptance, increasingly costly mining infrastructure, unsustainable energy consumption at 24 TWh (0.1% of world consumption) doubling every 6 months, competition with proprietary bank e-transfer, Paypal, Samsung pay, Apple pay, Google pay. I'll watch this romance on the sidelines.

[@stormistory9473]

Automate is truly the safest platform you can invest your funds.I must commend the platform, they are always consistent with withdrawals and their payments are automated always making me happy💯

[@TheDamianolo]

Bitcoin = freedom for argentina💪

[@noahatwoodvlogs1983]

You mean crypto currencies. IMO bitcoin isn’t the future. It’s losing market share and will continue. The technology isn’t advanced anymore. There are other coins/tech that is better and fee-less, and faster. Just a matter of time. This is my long term bias btw. Short term, sure bitcoin may go up. But in 10-20 years, other coins will take its place

[@TheDamianolo]

Noah Atwood vlogs say it to bitcoin developers

[@andybird3956]

What Ico mean

[@andybird3956]

thnask

[@bamboospout]

I can just put this on and sleep to this. I'm glad I'm not in his class, or I would just sleep through every class. These guys look like two buddhas.

[@scottgalloway2421]

our loss,,,as you seam really neat.

[@bagnvest]

$XRP to the moon!

[@DigitalMadrigal]

Ouija boards are fun.

[@Zachattaqr]

Except tether is a scam

[@FrostyFlameTV]

How? It's value has stayed consistent.

[@TheLoopy989]

Welp wish I would have bought when I saved this god damned video… only would have 9 times what I invested. F me

[@KungFuChess]

Prediction: Amazon will be replaced by an open source blockchain based smart contracts.

[@VT-ix5oh]

Scott, you stroke the professor so elegantly with your left hand as you answer the questions you throw at him, PLEASE ! Explain to hard working stiff such as myself, who invests in physical precious metals, CAN THE US GOV/CORPORATION BORROW INTO OBLIVION? BECAUSE LAST TIME I CHECKED, THE WORLD ECONOMY IS BASED ON THE GREEN BACK. What , if any guarantee does a crypto possess?, and why do you shill for big banks, big business, and crypto?

[@BigHenFor]

Vasilios Tselonis I dunno if he's shilling for anyone. He's a pragmatist who strives to find the best way forward in a system he doesn't control. So, he has to recognise that The System isn't going anywhere soon. So you have to make the best of it. I mean, look at his last video - The Algebra of Happiness. At no point does he suggest that you check out of The System. Rather, he argues that you learn how to use long cutlery when working with it to save your health and sanity. So until the masses stop believing in the fairy tales they are told, and stop buying into the fantasies, big business, big banks, and crypto will be influential because we don't really believe there are alternatives. That's our fear keeping us prisoners. Human beings don't like change, and for the powerful to relinquish their power means just that.

[@biscaynediver]

"I think that most of the coins you see in the market will go to zero, but that's also true of most of the stocks on the stock exchange." This is an objectively false statement. Given the demography of your audience (I suspect the majority of your audience is inexperienced in capital markets, much less currency or commodities or other asset trading), it's not unreasonable to expect that drawing this false equivalence, could lead to very real and tangible losses to those who look to you as an authority in the field. I hope you'll consider providing an addendum to clarify and correct.

[@marcreagan940]

average life on an s&p 500 company is half of what is was 50 years ago. most companies do go to zero. This is why you index my man.

[@k0zzu21]

That is an objectively correct statement. Go re-read your history books.

[@biscaynediver]

Feel free to provide a source or reference.

[@k0zzu21]

publications.credit-suisse.com/tasks/render/file/?fileID=B8FDD84D-A4CD-D983-12840F52F61BA0B4

[@biscaynediver]

And the page on which the proposition you claim is contained?

[@intellivision-amico]

Bitscam

[@mrthatguyam]

Mike MGarcia That's like saying all none productive assests are a scam.

[@intellivision-amico]

Derivatives caused the GFC, I would say it's also a scam

[@myfrogger]

Why would you interview someone that doesn't even own a Bitcoin?!

[@wildreams]

myfrogger Because it's even better if you don't own it. You don't have a vested interest.

[@scottgalloway2421]

uhhh, because he understands it?

[@jonny5isalive3]

I class my self as a liberal but this channel is no longer making sense.

[@dylongarrett4779]

I won’t buy bitcoin, but I will buy ripple, litecoin, and ethereum. More affordable alt coins that are likely to rise when bitcoin resumes and uptrend

[@jesseissorude]

"more affordable" ? You know you don't have to buy a whole bitcoin

[@TheShortBear803]

Sure, it's a great idea if Bitcoin runs up, but you'll lose more money if Bitcoin goes down.

[@dylongarrett4779]

I actually didn't know that. Back in November and September I was only trading Litecoin and Ethereum. I made the assumption that I couldn't afford it.

[@ZaDowlan]

Dylon Garrett Finance just a word of advice. It's not about nominal value it's about percentage gains

[@rajeshgupta1055]

Are you a serious fucker?