Motion: Bitcoin is a scam (Jorge Stolfi vs. Lyn Alden)
Guests:Jorge Stolfi (@jorgestolfi)Lyn Alden (@LynAldenContact)Host:Richard Yan (@gentso09)Today’s motion is “Bitcoin is a scam.”At the time of recording and release, Bitcoin reached its all time highs. And it just seems that every few weeks, a traditional financial institution or a well-known investor is announcing their interest in the orange coin.Simultaneously, some skeptics continue to insist that this is all a mirage.There seems no better time to visit this fundamental topic on the boundary of our entire industry.Today’s debaters include a computer science academic and a macro investor. I am especially appreciative for the former to appear on this show and be willing to engage. Outside perspectives can be very sobering at times.If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space.If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate (and supplemental material):Paper claiming unbacked Tether drove BTC price:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066Papers dispelling the above notion:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3175876https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3508006Tracker of institutional interest in Bitcoin: https://bitcointreasuries.org/Preston Byrne on why BTC is not a literal ponzi but is its own category of scam: https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/Lifting BTC 21m cap via soft fork: "extension record" trick ala SegWit: https://np.reddit.com/r/bitcoin_uncensored/comments/43w24e/raising_the_21_million_btc_limit_with_a_soft_fork/Debater bios:Jorge Stolfi is a computer science professor at the State University of Campinas in Brazil. His specialty includes computer vision, image processing, function approximation methods, graph theory, computational geometry and other fields. He is a vocal opponent of Bitcoin. In 2016, he submitted a letter to the SEC outlining what he perceives as similarities between Bitcoin and fraudulent penny stocks or ponzi schemes. Jorge received his Ph.D. in computer science from Stanford in 1988.Lyn Alden runs an investment research service for both retail and institutional investors at LynAlden.com. Her focus is on fundamental investing with a global macro overlay, with a specialization in currency differentials and equity valuations. She also manages financial operation of an aviation simulation research facility.