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1Cryptocurrencies and the Future of Money

Goin G beyond the hype: how can diGital currencies serve society?2019

Contents

03

Executive Summary

th C entury 35

Chapter 3 — Money in the 21st Century

45

Chapter 4 — What are Cryptocurrencies?

69 Chapter 5 — Central Bank Digital Currencies

96 Conclusion

100 references

105 annex

3cryptocurrencies and the Future of Money

ExecutiveSummary

4 st st th

5Cryptocurrencies and the Future of Money

source: bank for international settlements (bis)ێ

Not the

anyone

Peer-to-peerElectronic

Central bank-

issued U niversally accesibleElectronic DLT) 6 th th st

7Cryptocurrencies and the Future of Money

the nature o F M oney and the possibility currency as M oney c hapter 1 8 1

9Cryptocurrencies and the Future of Money

10

ˋfunctions successfully

successful T rust

11Cryptocurrencies and the Future of Money

bank debt credit credereȡȢdebereȡȢ 3

C. Money as Positioned

Bank Debt

12 com- mercial bank monecentral bank money bank money.

13Cryptocurrencies and the Future of Money

14

Nakamoto, 2008, p.1

15Cryptocurrencies and the Future of Money

16 e. conclusion

17Cryptocurrencies and the Future of Money

a brieF history o

F Money

in the 20 th century c hapter 2 18 source: steemit.com, 2017. THE

EVOLUTION

OF MONEY

To understand money in the 21

st

19Cryptocurrencies and the Future of Money

th th th

A. The Gold Standard and the

20 5

21Cryptocurrencies and the Future of Money

image source: http://content.time.com/time/business/article/0,8599,1852254,00.html 22
eventual collapse. - Mark Carney, 2018 6

DateMonth-over-month

31.60
11.80

839.30

Source: Hanke and Kwok, 2009.

23Cryptocurrencies and the Future of Money

y ear 1980
1981
1983
1985
1986
1988
1989
1990
1991
1993
100

195.66

y ear

159.693

968.95

100.00

1006.61

y ear 1980
1981
1983
1985
1986
1988
1989
1990
1991
1993
100

11590.63

15059.38

24
b. currency competition and the chicago plan hayek and currency coMpetition th to bind themselves mutually not to place nay purchase and sale at any price the parties decide accounting units.

Hayek, 1978a.

25Cryptocurrencies and the Future of Money

26
$ 900 the Fractional reserve systeM th 8 1. deposit 2. loan 3. spend reserve $ 100 reserve $ 90 reserve in tye systeM. the bank has $100. at this point in tye systeM. the bank has $190. at this point in the systeM. the bank has 271.
to loan $ 900 to loan to loan $ 729bank bank bank rinse & repeat

FroM step 1...

rinse & repeat

FroM step 1...

Source: altexploit.wordpress.com, 2017.

27Cryptocurrencies and the Future of Money

Money creation by the aggregate banking sector making additional loans

Source: Mcleay et al., 2014.

Reserves

Assets

Assets

AssetsAssets

Assets

28
the ultimate constraint on money creation is

Mcleay et al., 2014.

29Cryptocurrencies and the Future of Money

debt d eFlation

THE CHICAGO PLAN

panics and bank runs

Mass loan

deFault contraction oF Money supplyerosion oF bank balance sheet 30

31Cryptocurrencies and the Future of Money

1. central bank prints 100 units backed by 100 units oF Gold reserves and provides a loan to household 1 central bank

Financial balance sheet

Financial

assets liabilities +200+100+100+100+100

‘COLLATERALIZED" MONEY

h ousehold 1

Financial balance sheet

Financial

assets liabilities +100
+100
+100
+100
central bank

Financial balance sheet

Financial

assets liabilities +1000+100+100+100

‘UNCOLLATERALIZED" MONEY

h ousehold 1

Financial balance sheet

Financial

assets liabilities +100
+100
+100
+100
trust 2. central bank prints 100 units Fiat currency and provides a loan to household 1 32
central bank

Financial balance sheet

Financial

assets liabilities +1000+100+100+100

‘UNCOLLATERALIZED" MONEY

co MM ercial bank

Financial balance sheet

Financial

assets liabilities +1000+100+900+1000+900+100

‘UNCOLLATERALIZED" MONEY

h ousehold 2

Financial balance sheet

Financial

assets liabilities +300+300+300+300
h ousehold 3

Financial balance sheet

Financial

assets liabilities +300+300+300+300
h ousehold 4

Financial balance sheet

Financial

assets liabilities +300+300+300+300
trust trust trust trust trust

33Cryptocurrencies and the Future of Money

5. bitcoin Miner 1 receives 100 units For solvinG a block 9 central bank

Financial balance sheet

Financial

assets liabilities +10000+1000+1000+1000

‘UNCOLLATERALIZED" MONEY

co MM ercial bank

Financial balance sheet

Financial

assets liabilities +1900+1000+900+1900+900+1000

‘COLLATERALIZED" MONEY

h ousehold 2

Financial balance sheet

Financial

assets liabilities +300+300+300+300
h ousehold 3

Financial balance sheet

Financial

assets liabilities +300+300+300+300
h ousehold 4

Financial balance sheet

Financial

assets liabilities +300+300+300+300
trust trust trust 4. coMMercial bank borrows 1000 units FroM cb and lends 900 units to households M iner 1

Financial balance sheet

Financial

assets liabilities +100+100000
creation oF bitcoin reward alGorithM with

FiXed supply

‘UNCOLLATERALIZED" MONEY

trust 34
6. stablecoin cryptocurrency issuer creates 100 units backed by 100 units oF underlyinG assets and sells to household 1 7. cryptocurrency owner 1 Makes transaction oF 100 with other network M eMber 2 di G ital currency issuer

Financial balance sheet

Financial

assets liabilities +200+100+100+100+100

‘COLLATERALIZED" MONEY

h ousehold 1

Financial balance sheet

Financial

assets liabilities +100
+100
+100
+100
di G ital currency issuer

Financial balance sheet

Financial

assets liabilities +200+100+100+100+100

‘COLLATERALIZED" MONEY

h ousehold 1

Financial balance sheet

Financial

assets liabilities +100
+100
+100
+100

35Cryptocurrencies and the Future of Money

Money in the 21
st century c hapter 3 36
quotesdbs_dbs17.pdfusesText_23