Cryptocurrency ethics
Hinshaw partner Noah Fiedler was recently quoted in Bloomberg Law about potential downstream consequences of lawyers and law firms accepting payment in cryptocurrency. The District of Columbia Bar recently joined bars in New York City and North Carolina in approving bitcoin and other cryptocurrency as payment for legal services. Fiedler noted that lawyers are permitted to take all kinds of things for payments, even if the value of those things changes over time. Advance payments in cryptocurrency are another potential issue of concern from an ethics perspective. Those situations, according to Fiedler, are generally treated as business transactions between the lawyer and the client, instead of the usual payment of fees. They are subject to several additional safeguards to prevent conflicts of interest.
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- Information Technology and Ethics/Cryptocurrency Legal & Ethical Perspectives
- BazEkon - The Main Library of the Cracow University of Economics
- Publications
- Social and Psychological Predictors of Youths’ Attitudes to Cryptocurrency
- Blockchain and cryptocurrency
- 2nd January 2018- Editorial: ethics of excellence & cryptocurrency
- Cryptocurrencies
- Blockchain, Cryptocurrency, and the Law
- Tougher Rules Are Coming For Bitcoin And Other Cryptocurrencies. Here's What To Know
Information Technology and Ethics/Cryptocurrency Legal & Ethical Perspectives
Make Your Own List. Proselytes for cryptocurrencies such as Bitcoin extol them as a liberation technology to free us from big government.
Sceptics insist that while they have been the source of useful technologies, as units of value, account and exchange, they will remain marginal. Here, digital currency expert David Birch chooses five books to help you understand the utopian roots of cryptocurrencies, the technology behind how they work, their functions and uses, and their broader place in the long history of money.
Interview by Benedict King. All currencies are digital now, more or less. What distinguishes a cryptocurrency? There are lots of different ways that you could create digital currencies.
Cryptocurrencies are only one of them. The point about a cryptocurrency is that the value of the currency is determined only by cryptography. It would be a digital version of gold, because its value is not maintained by cryptography.
Its value is maintained by the peg to the gold. A cryptocurrency like Bitcoin or Ethereum is not pegged to anything. Its value is only determined by—as its adherents would say—the power of mathematics. The government prints pound notes and they circulate. You could certainly make an electronic version of a pound note, if you wanted to. We should be having the discussion about what kind of money society wants and then getting the technologists to implement that, rather than the technologists giving us a menu of options, which we may or may not have to take.
I can see many good reasons why it should be private. And one of the bogus arguments that you see from time to time is that it should be anonymous for small amounts. I can see some of the thinking beginning to coalesce actually. Gmail has two billion users or something. You want to leave credit creation in the hands of commercial banks and then have the commercial banks distribute digital money on behalf of the central bank.
The cheapest and simplest way to implement a digital currency would just be to get everybody to log into the Bank of England and get a digital currency account. Then everybody would be able to send everybody else digital money at zero cost.
That would easily be the most efficient way. In those circumstances, what would the banks do? That might just be a little bit too disruptive. And, by the way, a system of that sort was launched 25 years ago in the UK in Swindon. People have completely forgotten about it now, but NatWest launched a system called Mondex, which has just had its Silver Jubilee.
I recorded a little video with some of the key players. Your book is called The Currency Cold War. What is the currency cold war and what arguments are you building in this book about the future of money? The book is in three parts.
The first part talks about what digital money is. It explains what a digital currency is and what a cryptocurrency is. The second part of the book addresses why we are talking about this now, which I think is quite interesting because the technology has been around for a while. And the third part talks about what the implications of it might be. So going over to digital currency is a good thing. But it has international implications. The demand for US dollars would fall, as would the demand for US dollar-denominated securities.
When I was writing the book I had two different kinds of metaphors in mind. The Chinese decision to go with a digital currency is like a Sputnik moment to which the US will have to respond, because I just thought it was ironic that the US Treasury was printing and posting stimulus checks in the same week that the Chinese were piloting digital currency in four cities.
There are a couple of people I quote in the book who do say it is a kind of space race. I decided that would be a better central narrative for the rest of the book. Given that, the story felt more similar to a cold war for control over the financial system. The point you made about the Belt and Road and the possibility of imposing sanctions feels more like the sort of interaction between the Soviet Union and the US during the Cold War , when both sides were running around the developing world trying to hold out carrots and sticks to try and get people on their side.
Going back to the middle section, you mentioned that the technology had been there for a while, but there were specific reasons that it has kicked off now. On the one hand, we have had the technology for a while.
There have been some business ideas around this. You have several of these things all happening at the same time. And then you have the stimulus of China doing it. But China is not reacting to Libra. The Chinese digital currency has been planned for a long time. Maybe the timing has changed a bit, but it goes back years. Is it that the cost of technology has fallen considerably? Is it because of Chinese long-term planning?
This book is excited about the new technology. This is a genuinely new way of doing things. It was a genuinely new thing. It touches on the relationship between the global financial crisis and cryptocurrency, which I think is interesting. I suppose I would see Bitcoin as much more of a protest movement now than I did when I was reading this book originally in What do they say in the book about the role of cryptocurrency specifically, relative to digital currency in general?
They talk quite a bit about the mistrust of the financial systems. I think some of that idealism is gone now. They say that financial markets are especially ripe for Blockchain innovation, the idea that, in the long run, the most innovative part of it might be the smart contract stuff that you run on top of it, rather than the underlying currency.
It tells that story quite nicely. What bit of the story of cryptocurrency does this book tell? I think people who are crazy about Bitcoin have an almost religious attitude to it and see it as a kind of revelation. What Brunton does very well is to talk about this longer history and context—where did Bitcoin come from? It built on all of these previous developments and came out of a certain context. It talks about the cypherpunk groups and the libertarian ideologies that underpinned these earlier developments.
I find that fascinating and so will readers who are more interested in what it does than how it works. I really like his writing style. He talks about how different people were building and developing different parts of it. Somebody had a steam engine, then someone else invented a condenser and then somebody else invented a governor and, all of a sudden, you had steam engines that could do a hundred miles an hour.
How does utopian anarchism fit in? He talks about this idea of the Wild West. People in that community talk about this world of Bitcoin being the Wild West, but they have a very romanticized and essentially fictional image of what the Wild West was. After all, if the Wild West was all that they say it was, we would still be in it. Uncharitable people might see it as a sort of teenage, angry-white-male pseudo-libertarianism. Is the point that these currencies were initiated by people with radical utopian dreams, but actually they have been mainstreamed for other reasons now?
You might be able to persuade me that publicity about Bitcoin has been mainstreamed. But the number of people that hold Bitcoin is still small. And most holdings are utterly speculative. Nobody actually uses Bitcoin for anything. But do you see a way in which it could evolve from this current narrow base of people? Does it have any obvious use in mainstream finance?
It was a first, it was hopelessly inefficient, but it was the only way of doing some particular thing, so the inefficiency was tolerated. This is one of my absolutely favourite books. So, I wanted to understand a bit more about it and its history.
And I went out and bought this book and it is just wonderful. I love the whole thing. There are many others I could point to now.
But this one still holds its own. When I was younger, I organised a conference about digital money. He very kindly came along and delivered a fabulous talk about the history of money. I just love that book. He is sadly no longer with us. When did he write it?
BazEkon - The Main Library of the Cracow University of Economics
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Publications
Publications Publications. Filter Results : 12 Arrow Down. Page 1 of 12 Results. Are you looking for? Dave Balter and Jim Myers co-founded Mylestone, a death tech startup that applied technology to transform how grieving people memorialize the dead. The startup addressed a cultural problem and promised to solve a pressing need in the antiquated, multi-billion dollar View Details. Ghosh, Shikhar, and Marilyn Morgan Westner. Heese, Jonas, and Annelena Lobb. Revised June
Social and Psychological Predictors of Youths’ Attitudes to Cryptocurrency
Unlike fiat currencies such as US dollars, euros or yen , Bitcoin is not controlled by a government or central bank, nor does it require a middleman to verify transactions. It is, by design, decentralised. The winner is rewarded with new Bitcoins. Mining rigs are composed of very powerful computers, sometimes thousands of them, labouring in unison to solve complex math problems.
Blockchain and cryptocurrency
Steven A. Cryptocurrencies pose several risks that impact the inherent risk assessments of auditors. This study examines how accounting professionals perceive the inherent risks associated with cryptocurrency based on their likelihood of occurrence and expected impact on financial statements. We find the risk of determining cryptocurrency value is perceived as having the highest likelihood of occurrence, and unauthorized private key access has the highest impact. Combining the evaluations of likelihood and impact, we rank the risk of ineffective exchange-level controls as having the highest inherent risk.
2nd January 2018- Editorial: ethics of excellence & cryptocurrency
State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. This program is valid for 2 CPEs. A Topic in Finance. Estimated Time: 1. Add to Cart. Bitcoin and Ethereum represent only two of thousands of different emerging cryptocurrency options which are designed to facilitate seamless trading between different global entities. And as financial professionals, CPAs in particular stand to benefit from a knowledge of the trade.
Cryptocurrencies
Views are her own. Issues that are likely to come up include the volatility of some of the most widely adopted digital currencies; the environmental impact of crypto mining and proposed solutions ; decentralization and the opportunity to help the unbanked; questions about who might benefit v. Below are some mostly recent articles that provide some context for our conversation—with the caveat that new developments are shifting that context all the time.
Blockchain, Cryptocurrency, and the Law
RELATED VIDEO: Cryptocurrency: Hype vs. Fact - Anca Pop - TEDxNashvilleEditorial independence: CoinDesk is a wholly owned subsidiary of Digital Currency Group, one of the largest private investors in the industry and a provider of trading and other investment services for that industry. We operate independently of the parent company. DCG has no involvement in editorial or content decisions, and our journalists cover DCG and its portfolio companies and investments as they would any other subjects, without fear or favor. CoinDesk and DCG have agreed to abide by a strict independence policy that forbids DCG employees from pressuring CoinDesk journalists for coverage or favorable treatment, and encourages CoinDesk employees to come forward and report any such attempts.
Tougher Rules Are Coming For Bitcoin And Other Cryptocurrencies. Here's What To Know
In very simple terms, blockchain is a way of recording information that is nearly impossible to hack or change. Blocks of coded information are added to form a permanent, chronological record that different parties can use. Cryptocurrency is digital money that is tracked via a blockchain, which records transactions in a shared ledger. Bitcoin was the first and the biggest cryptocurrency, using blockchain that is created using difficult math puzzles that require a lot of computer power and electricity. The world is on a learning curve about the whole thing right now. Public perception of cryptocurrency is changing before our eyes. The jury of public opinion is making up its mind, and Dixon is making her case to Congress, the International Monetary Fund and on the blog of the World Economic Forum.
The DCI tea DCI has launched Cryptoeconomic Systems CES , a multidisciplinary, peer-reviewed journal and conference series focused on blockchain tech. Urban populations around the world are rapidly growing.
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