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Bitcoin, Blockchain and Banking

David Yermack is a Professor of Finance at NYU Stern. He teaches Bitcoin and Cryptocurrencies, including the concept of Blockchain Banking. When the opportunity arose to hear him speak at UWA recently, I leapt. Now, after years of saying ‘it’s just another currency’ and ignoring it,
 

I understand what all the fuss is about.

I learned a lot from this session, and below are my main takeaways. If I’ve gotten any of this wrong, it’s my fault, not the Professor’s. Apologies for Professor Yermack in advance if I’ve butchered his eloquent explanations.

  1. Cryptocurrency is coming, regardless of whether we want it or not. Possibly, sooner than you think. It seems unlikely there will be an ‘opt out’ available. You’ll have an online cryptocurrency account or you won’t have money.
  2. Employment prospects for future lawyers, accountants, and those considering banking look grim.

So, what did I hear that lead me to these conclusions?