As part of the Decentralize 2020 conference cycle, A panel entitled “Bitcoin versus traditional economic models” was held. There, the panelists discussed, among other things, the scarcity model and the standard version of Bitcoin. The participating panelists were: Diana Mondino (UCEMA), Agustin Etchebarne (Director General for Freedom and Progress), Iván Carrino (Deputy Director of the ESEADE Master of Economics and Politics) and Fausto Spotorno (Director of the Center for Economic Studies at OJF Asociados). The moderator was Gonzalo Blousson (from Signatura).
The conversation resulted in a question from Blousson that was central to the debate: “Is Bitcoin a currency?
Diana Mondino He replied: “It is not a currency. There is a difference between bills, coins and money. It can be equated with money because it has some of the properties. “But then he said,” It’s a financial instrument, an investment. I don’t think it will be a currency. “
On the other hand, Carrino said: “One of the big risks that the entire Bitcoin community was dealing with was regulation. The problem noted is that the regulator is like a Bitcoin competitor. ”
Carrino explained: “In the background, it’s Bitcoin’s spirit to assert itself. Bitcoin is a revolution against central banks. For a traditional economist educated in a Keynesian / monetarist current, Bitcoin is a challenge. Instead, Bitcoin is considered reasonable for those of us who come from the Austrian School of Economics. “In this context, for Carrino, those who will regulate this are those who compete with Bitcoin or who are in any way interested so Bitcoin is not doing well.
Mondino recalled that all cryptocurrencies compete with each other: “If one of these assets increases, the purpose of Bitcoin ceases to exist.
The only way Bitcoin currency can be is not only stability, but also that there is a single pattern. One unit is required. Until we focus on just one, I don’t see it as a currency. “
Fausto Spotorno believed that Bitcoin’s ability to be currency is still a long way off. “Today, Bitcoin is not a transaction tool,” he said. Then he made a comparison between what is called “bad money” and “good money”. He added, “If there are bad and good coins, use the worst to spend first, and use the best currency to save.”
He added: “If Bitcoin gains value, if it stabilizes at some point, if we consider it a financial asset, it will be a better currency than the others.” But I don’t see it as a currency. “
“As a store of value and as a financial asset, I believe that it works as a commodity today.”he emphasized.
Mondino intervened and found that the first obstacle was Bitcoin’s volatility
Etchebarne also said that Bitcoin is not a currency: “I find it very difficult to become a currency. It does not correspond to the properties of a coin. It is a speculative asset. It does not serve as a unit of account. ”
However, Etchebarne highlighted the technological value and data protection as very important.
“Blockchain and cryptocurrencies or crypto assets are used for certain types of transactions and in over-regulated countries. But bitcoin has problems as a currency, ”he said.
Then he asked himself: “The question that always remains for me is quantum computing. If this serves to crack the system at some point “.
Following this question, Blousson made it clear that Bitcoin and the technological developments behind it are “alive”. And he emphasized: “I think Bitcoin is always one step ahead.”
Fausto Spotorno did not rule out that there could be a development that could eventually become a currency.
On the other hand, Etchebarne also pointed to stablecoins: “I think they can have a tremendous development and the regulators will get involved, and that will be the greatest risk.”
Agenda for July 31
The talks that will take place tomorrow (with Argentine time) are listed below.
15:00 – Decentralization from the NGO Bitcoin Argentina
15:10 – How to train in the crypto world
15:30 – workshop on wallet types
15:50 – How to avoid falling for cryptocurrency fraud
16:10 – PANEL – How to buy cryptocurrencies in Argentina
16:50 – PANEL – Legal and accounting aspects in Argentina
17:20 – PANEL – Cryptocurrencies without volatility “stablecoins”
17:50 – PANEL – DEFI: Decentralized financing as an alternative
18:20 – Immediate and commission-free payments with crypto on your mobile phone
18:35 – PANEL – cryptocurrencies in your investment portfolios
18:30 – projection of the future value of Bitcoin
19:25 – Binance in LATAM: opportunities for the region
19:40 – PANEL – Main activity – The future of money Post-COVID19
As stated by the organization, COVID has urged everyone to digitize their practices. Nations cannot escape this reality, nor can their currencies. China, USA, Facebook, Fintech, corporations and countries launch their own cryptocurrencies to wage an unprecedented struggle. Dangers and threats are discussed.
Participants: Lucas Llach (economist and professor at Torcuato Di Tella University, ex-vice president of the Central Bank and Banco Nación), Gabriel Basaluzzo (director of finance at the University of San Andrés – PhD. Pennsylvania University of Economics), Victoria Giarrizzo (economist, teacher and Researcher at UBA.Director of Movida Argentina ONG, CERX), William K. Santiago (founder and CEO, C4 CBP at PrivKey LLC, blockchain strategist, cybersecurity), Alberto García-Lluis Valencia (strategic consultant) in the process of digital transformation of the Financial sector, economic hackers)
About decentralization in 2020
DescentralizAR 2020 is a series of conferences organized by the Civil Association for the Development of Decentralized Ecosystems (NGO Bitcoin Argentina). It is an initiative aimed at entrepreneurs, private and institutional investors as well as entrepreneurs, professionals and the general public interested in business and technology.
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