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The Future of Money - MIT MediaLab Class

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Lecture 2 for the MIT MediaLab Future Commerce course, delivered in Boston, MA on Sept. 20, 2016. In this talk, I discuss the Future of Money and how new technology like digital currencies and P2P finance innovations like bitcoin are going to change the very nature of money. We explore why money exists, the role it plays in our society, and how it shapes the way we interact with marketplace, markets, and financial infrastructure. We then outline opportunities to disrupt money itself with bitcoin and blockchain technology, and how entrepreneurs in the DCG portfolio are slowly changing the Future of Money.

Publié dans : Business

The Future of Money - MIT MediaLab Class

  1. 1. SEPT. 20 2016 The Future of Money An Introduction to Bitcoin and Digital Assets Meltem Demirors - @Melt_Dem - @DCGco
  2. 2. •  Introduction •  What is Money •  Overview of Digital Assets and Blockchain Technology •  Key Themes and Trends AGENDA
  3. 3. INTRODUCTION TO DCG Companies Strategic InvestorsAcademia Policy Co-Investors NETWORKINSIGHTS ACCESS TO CAPITAL Corporate Partners •  Invested in 70+ companies •  Own 3 subsidiaries Family Offices & Funds At DCG, it is our mission to accelerate the development of a better financial system. We build, buy, and support bitcoin and blockchain companies by leveraging our insights, network, and access to capital. 3
  4. 4. Overview The past, present, and future of money
  5. 5. WHAT IS MONEY? 6 3000 BC - Ancient Egypt This society had no form of coinage, but this model found in a tomb shows accountants tallying grain balances Balances were tracked using a complex system of colored strings which represented credits and debits 1500 AD – Rai Stones on Yap Carved stones of varying shapes and sizes were used as a form of currency. No phsyical movement of the stones required, instead ownership relied on oral history. In fact, a large stone sank and it was still kept in “circulation” based on consensus between tribal elders. Today – The Bristol Pound A local community currency that was created by the city of Bristol to incentivize spending with local businesses. Part of a non-profit enterprise, the City also accepts payment of taxes and fees in Bristol Pounds.
  6. 6. WHAT IS THE ROLE OF MONEY 6 •  Global medium of exchange -  Generally acceptable proxy for trust in an exchange – allows easy exchange and global pricing in common denominations •  Store of value, similar to gold, silver, or other precious metal -  Limited supply, has utility in jewelry / electronics applications, globally acknowledged as valuable, priced in various markets •  Proxy for power -  Economic power has become synonymous with other forms of political, social, and cultural power
  7. 7. MONEY TODAY 6 •  Central governments control money supply – destructive monetary policies and excessive seignorage leads to rapid devaluation •  Global currency wars enable competition and manipulation of global trade balances and purchasing parity •  Banks and governments have created massive barriers to entry with excessive and cumbersome regulation that limits disruptive innovation and imposes extremely high costs •  Very difficult to transact peer to peer – many intermediaries extract rents from the process of facilitating the transfer of money •  Centralization makes it far too easy to abuse, like LIBOR fixing, price rigging, and other harmful or discriminatory practices Money itself is ready for disruptive innovation
  8. 8. RE-IMAGINING MONEY •  Decentralized (peer to peer network, no central party in control) •  Digital (accessible anytime the internet or a local network is accessible) •  Highly divisible (incredibly precise to infinitesimally small amounts) •  Confidential and pseudonymous (ability to transact in opaque ways) •  Frictionless (low costs to move money globally, no barriers to entry) •  Scarce (limited quantity) •  Verifiable (can confirm ownership digitally) •  Irrevocable (can’t take back transactions) Welcome to Bitcoin
  9. 9. Bitcoin and Blockchain Technology Re-imagining money and markets
  10. 10. USE CASES FOR THIS TECHNOLOGY 6 Ledger TechnologyStore of Value Payment Rail
  11. 11. STORE OF VALUE Digital currency can be an electronic store of value, especially in countries where local currencies are volatile or losing value Attributes Limited Supply ü  Easy to Move ü  No Storage Cost ü  Durable ü  Highly Divisible ü  Use Case 7
  12. 12. OTHER DIGITAL CURRENCIES Over 600 digital currencies and many different types of blockchain technologies have been created for specific reasons Currency Key Use Cases •  Store of value •  Payment network •  Distributed ledger •  Smart contracts •  Programmable transactions •  Distributed applications •  Real time settlement •  Cross currency transactions •  Shared, private database Key Features •  Supply fixed at 21 million bitcoin •  In existence since 2009 •  Public – anyone can access •  Supply not fixed, 1-2% inflation •  In existence since 2014 •  Public – anyone can access •  Supply fixed at 21 million bitcoin •  In existence since 2013 •  Private – must be “trusted” party We believe in a future where many digital currencies and assets will serve many different purposes 6
  13. 13. PAYMENT RAIL Digital currencies can be used as a global payment rail, without exposing either the sender or receiver to the underlying asset •  Fast transaction times – 10 min •  Low network fees •  No banks or intermediaries needed Example: Sending money via the bitcoin network today Wallet Bank Account Bill Pay or Credits P2P FX Teller Payment Network Agent 8 Payout Options
  14. 14. ON AND OFF RAMPS ARE CRITICAL Build a robust, integrated exchange ecosystem to create a frictionless, highly efficient open financial network using BITCOIN 9
  15. 15. 10 MONEY TRANSFER Money transfer companies will require strategic partners to facilitate both cash in and cash out across the globe •  Simplified international payments for SMBs •  Lowest cost routing •  Digital, P2P payment wallet on mobile phones •  Fund by using bank account or P2P network “teller” •  Send and collect business payments across Africa •  Leverages existing mobile money networks
  16. 16. DISTRIBUTED LEDGER The “blockchain” is a database or a ledger that maintains a continuously growing list of data records or transactions, with a few special features: Shared by Parties Distributed Secure Trusted Immutable Provenance Tracking Reputation Platforms Digital Identity Blockchain Use Cases Anti-Counterfeit Measures Digital Assets and SecuritiesData Storage and Record Management 11
  17. 17. Key Themes and Trends Where we’re seeing opportunity
  18. 18. ADOPTION TRENDS 13 Ledger Technology Store of Value Payment Rail Clients can “sell” bitcoin and deposit fiat currency in PayPal accounts Enabling frictionless, instant peer to peer payments using bitcoin as (invisible) rail Corporation Startup Details Some of the world’s largest financial institutions are using bitcoin and blockchain technology to serve their customers Using blockchain to digitize & issue private company shares to investors
  19. 19. THE DCG PERSPECTIVE – OUR PORTFOLIO 12 Digital Asset Trading & Tools Digital Asset Core Infrastructure Enterprise Blockchain Blockchain RegistryIdentity & Compliance Smart Contracts Payments 2.0
  20. 20. WHO IS INVESTING IN IT? Banks and Financial Institutions Venture Capital Corporate Venture Non-Financial Corporations Stakeholders 12 May 2013 July 2014 June 2015 October 2015 January 2016 Bitcoin Opportunity Corp $95M $362M $620M $130M YTD
  21. 21. REGULATORY OVERVIEW New York BitLicense California developing regulation     •  Many agencies involved in bitcoin and blockchain regulation •  “Wait and see” is prevalent 9     US Most Developed Europe Growing •  UK FCA working with companies, but Brexit? •  Other EU member states not actively regulating Asia Uncertain •  Little guidance or action from central banks or regulators •  Large mandates to support tech development     Russia, Africa Cautious     NC Bill
  22. 22. Get Involved! Opportunities
  23. 23. READ ALL THE TIME I probably read 3 to 4 hours a day. Hands down, the best way to learn. •  Reddit – r/bitcoin and the many permutations thereof •  If you like books – The Innovator’s Dilemma (Christensen), Crossing the Chasm (Geoffrey Moore), The Master Switch (Tim Wu), The Ascent of Money (Niall Ferguson) •  Industry publications like CoinDesk, CoinTelegraph, Bitcoin Magazine •  Stay up to date on bitcoin dev forums / bitcoin community slack chats •  Attend meetups, conferences, and events and read the white papers! Engaging with new technology requires discipline - it’s not enough to approach this as an academic study. There are real opportunities in your everyday life where you can experiment and find amazing use cases for these technologies. 
  24. 24. WE’RE ALWAYS HIRING! We have the largest network and are constantly hiring! •  AngelList: Digital Currency Group •  Send your resume to meltem@dcg.co or careers@dcg.co •  Connect with us on Twitter - @Melt_Dem and @DCGCo •  Let us know how we can be helpful!