In the latest Stigler Center working paper, Chicago Booth’s Eric Budish argues that game-theoretic constraints imply there are “intrinsic economic limits to how economically important [Bitcoin] can become.” In this review essay, W. Scott Stornetta—a co-inventor of the early blockchain—highlights the paper’s contributions while raising some exceptions with its broader generalizations.
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The results of the latest Financial Trust Index (FTI) survey, released last week by Chicago Booth and the Northwestern’s Kellogg School of Management, offer some provocative, even if only preliminary, insights into the motivations of Bitcoin holders.
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Can individual cryptocurrencies be programmed with stability in mind and if so, could a plethora of cryptocurrencies exhibit, in the aggregate, stable behaviors?
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Will governments start using central banks to issue sovereign currency on blockchains? And if so, will that be the end of the fractional reserve banking system? Watch David Yermack’s third and final Stigler Center lecture on the potential implications of blockchain technology.
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Will blockchain technology lead to less shareholder activism and higher executive compensation? Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain technology for the future of corporate governance. Second part of a three-part series.
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Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain technology for the future of finance. First part of a three-part series.
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“Blockchain technology is threatening to remake the financial system from the top down in a way that threatens the existence of all the banks, stock changes, and all of the legacy financial institutions. I expect that within the next 10 years, probably half of the banks will be gone.”
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Yermack, the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business, will teach a mini-course of three stand-alone lunch seminars on the potential implications of blockchain technologies at the Stigler Center next week.
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