Keynotes and talks

Blockchain, The Austrian School and Monetary Reform

Abstract: Many countries have experimented with price fixing and central planning over the last century. Right now, Venezuela’s government is fixing the prices of many products. This has resulted in widespread shortages of goods which we, as the lucky inhabitants of semi-free economies, take for granted. Read more Link for the Download of the presentation

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Evolution of Money in the Digital Age

Abstract: This paper builds on the proposal of the Dutch citizens’ initiativefor monetary reform “Ons Geld”.“Ons Geld” advocates the disentanglement of public and private matters in money and banking by separating money and credit. Taking carefor the money supply is considered a public matter. Credit is considered a private affair, as it stems from agreement between contracting parties. The separation of money and credit is achieved by replacing bank deposits as the prevalent means of payment with state issued Digital Cash, combined with the dismantling of all government support for means of payment that are not issued by the state

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The Big Con – Reassessing the “Great” Recession and its “Fix”

Abstract: Most economists differ, not on the causes of the Great Recession, but on their relative importance.They concur, though, on the basic problem, namely human, not market failure. This study appliesthe evidence, some new, some old, to re-try the usual suspects. It finds none guilty. Instead, it identifiesbroadly defined multiple equilibrium, mediated by opacity, false rumors, and panic, as the real culprit.There are many models of bank runs. But each can trigger firing runs – firing someone else’s customersfor fear that others are firing your customers. Firing runs, in turn, exacerbate bank runs, producinga vicious cycle. This cycle can be

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A bit(coin) out of control – The legal nature of cash, deposit money and cryptocurrencies

„Your legal concepts of property, expression, identity, movement, and context do not apply to us. They are all based on matter, and there is no matter here.“ Dies proklamierte einst der amerikanische Poet und Freigeist John Perry Barlow, der als Mitbegründer der NGO Electronic Frontier Foundation für Rechte im digitalen Zeitalter und eine möglichst weitgehende Deregulierung des Internets eintrat. Digitale Phänomene wie Kryptowährungen sind nur schwer den bestehenden Konzepten einer ursprünglich durch körperliche Gegenstände geprägten Rechtsordnung zu unterwerfen. Dieser Aufsatz versucht am Beispiel von Bitcoins diese Erscheinungen in bestehende zivilrechtliche Strukturen einzuordnen und zu klären, ob der Gesetzgeber regulierend einschreiten

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The Dai Credit System, A new infrastructure for financial applications on the Blockchain

Summary: 1 Dai = $1 Maker keeps Dai at $1 using a system of collateral and price feeds. This collateral is carefully managed by the MKR token holders. MKR holders act as a buyer of last resort. Smart Contracts are blockchain magic. Global settlement provides a final layer of safety. You need stablecoins to realize the full potential of blockchain technology. Maker also provides decentralized leverage, which is awesome. Read more Link for the Download of the presentation

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Digitalization of Money and currency competition

Abstract: Most economists will agree that the future of money will be more digital than today. But while everybody speaks of ‘digitalisation’, the concrete meaning of this term remains very often unclear. There are four major areas where digitalisation could modify the traditional forms of money and credit and as consequence modify the theory and practice of monetary policy: the substitution of cash with electronic money; the substitution of traditional bank deposits and bank notes with cryptocurrencies; the substitution of bank deposits with central bank deposits for everyone (‘universal reserves’); the substitution of bank lending with peer-to-peer lending on the

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