#149 - Is Bitcoin More Than A Bubble?

Open to Debate

Education, Society & Culture, News, Government, Politics

4.5 • 2.1K Ratings

🗓️ 4 May 2018

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Motion: Bitcoin is More Than a Bubble and Here to Stay. Is Bitcoin here to stay, or is it a bubble waiting to pop? Less than a decade old, Bitcoin is worth billions. The cryptocurrency promises to revolutionize global finance by placing control of currency in the hands of users, not nations, and make financial exchanges more transparent, efficient, and democratic. And it seems to be taking hold: Earlier this year both the Cboe and CME debuted Bitcoin futures. But is Bitcoin really a safe bet? Proponents say the hype around the cryptocurrency is warranted, and previous critics – including executives at JPMorgan and Goldman Sachs – are increasingly jumping on the Bitcoin (block)train. On the other hand, skeptics suggest this highly volatile digital currency offers a platform for illicit activity, including money laundering and trafficking of humans and drugs, free from government oversight and regulation. And, they argue, Bitcoin has no intrinsic value – the price is based on market enthusiasm rather than actual utility. This debate is presented in partnership with the Adam Smith Society. The Adam Smith Society — a project of the Manhattan Institute — is an expansive, chapter-based network of MBA students, professionals, and business leaders who work to foster debate about the moral, social, and economic benefits of capitalism. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode of Intelligent Squared U.S. is presented in partnership with the Adam Smith Society.
0:05.2	The Adam Smith Society is an expansive chapter-based network of MBA students,
0:09.6	professionals and business leaders working to foster debate around the moral, social,
0:14.1	and economic benefits of capitalism. Visit their website, adamsmithsociety.com to learn more
0:20.3	or to join the Adam Smith Society.
0:22.4	Up and down Bitcoin goes and where it ends up, well if you do know that, would you mind sharing
0:33.2	with the rest of the class? Bitcoin, the first cryptocurrency, has been called a bubble, a fad,
0:39.8	a scam, a tool for terrorists and crooks that is doomed to disappear, and yet some fiercely
0:45.1	smart people believe in Bitcoin. Believe in it because they say it takes vision to see how this
0:50.2	first-of-a-kind digital currency will thrive and soar once everybody else recognizes its utility.
0:56.2	That it will liberate us from the corrupting influence of central bank meddling in currencies,
1:00.6	like the U.S. dollar itself, and from a system where the middleman is always taking his cut. Bitcoin,
1:05.2	they say, is the solution and just getting started. Wild price swings notwithstanding. So which is it?
1:11.5	Well, to us this sounds like the making of a debate. So let's have it. Yes or no to this statement.
1:16.5	Bitcoin is more than a bubble and is here to stay. I'm John Donovan. I stand between two teams of
1:22.8	two experts in this topic who will argue for and against that motion. As always, our debate will go
1:28.1	in three rounds and then our audience here at the Adam Smith Society's 2018 national meeting in
1:33.4	New York will choose the winner. And if all goes well, civil discourse will also win. Our motion is
1:40.2	Bitcoin is more than a bubble and is here to stay. Let's meet our debaters first on the team arguing
1:45.9	for the motion. Please welcome Patrick Bern. Patrick you are CEO and co-founder of Overstock.com
1:58.3	which was the first major retailer to accept Bitcoin as a payment method. You're also CEO of T0.
2:04.2	That's an ICO trading platform that you founded. Wired magazine has called you. The Messiah of Bitcoin.
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