From: Boris Nikolic
To: "Jeffrey Epstein (jeevacation@gmail.com)" <jeevacationggmail.com>
Subject: FW: DialogUE 204
Date: Mon, 09 Sep 2013 00:58:54 +0000
Attachments: Bitcoin_v19.pdf
Some of material re bitcoin and Peter Thiel's mtg
Link also have materials
And I will send you more
B
From: Chishty, Sameer (mailto
Sent: Thursday, August 22, 2013 11:20 PM
To: Boris Nikolic;
Subject: RE: DialogUE 204
Fellow 204-ers,
With deep gratitude to fellow Dialoger (and future Nobel Prize Laureate) Susan Athey, here are some additional pieces
which are food for thought. They make great airplane reading.
Another view on BitCoin: http://blog.erratasec.corn/2013/05/bitcoin-is-public-ledgechtml#.UhWYNzbn-Um
Paul Romer on "cashless" society: http://blog.supplysideliberal.com/post/55060544561/paul-romer-on-the-cashless-society
A draft paper is attached; written by Susan and fellow Dialoger Charlie Songhurst on Bitcoin. Please do no circulate further.
Here are some questions to get us thinking in advance of our session:
1. Will a -market-based' currency be "better" than one controlled by a central bank or by en elected government? In
what ways?
2. How should traders / exporters / importers react to a "math based" or "private" currency?
3. How can new "math based" change the current financial system? Banks?
4. What will it take to drive adoption? What could governments do to control these advances and how effective can
they be in doing so?
S. What impact do these new payment systems have on our everyday lives? What socio-economic impact will these
new tools and advances have around the world?
Sameer.
Sameer Chishty i§ flgi
Partner, Bain & Company, Hong Kong
mobile +852 6893 0296
From: Chishty, Sameer
Sent: Thursday. August 15 2013 9:32 AM
To:
Subject: DialogUE 204
Fellow Dialogers,
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Welcome to Breakout #204, The future of finance: Disrupting the big government/big banking cartel through
monetary financial exchanges. I'll be moderating our dialog and look forward to seeing you soon in Istanbul.
As a reminder, the context of our session is: "Fiat money is being printed by all of the major developed countries
to support unsustainable levels of public spending, undermining global confidence in the financial system. Is the
lack of sound, tradable, non-political store of monetary value a major drag on the global economy and growth?
Are new currencies (like Bitcoin) a feasible alternative to big-government/big-bank financial instruments?"
Thought I'd share a few articles to get people's thoughts flowing. Do feel free to share other pieces you think will
be valuable in the build-up to our dialog.
Here's one view on capital levels: The capital superabundance we see now has been building up since the end of
Bretton Woods, with acceleration due to computer technology and financial engineering. While central banks
have been taking extraordinary actions, some of this has been "trans leverage" (the government taking on private
sector debt, as we saw in the US) rather than a massive growth in total leverage. The buildup of capital over time
begs the very interesting question of the right level of capital for GDP growth — the market-clearing mechanism is
really interest rates, which suggests interest rates staying lower than recent historical norms on average for some
time. The other question is whether we need to "do" anything about the levels of financial assets or rather simply
adjust to the new levels. Clearly these extraordinary measures can't continue, but interesting to look at this issue
from the angle of how people may be overweighting current actions vs. long term trends. Attached is an article
titled "A world awash in money".
A US perspective on public spending from Forbes: http://www.forbes.com/sites/joshbarro/2012/04/16/lessons-
from-the-decades-long-upward-march-of-government-spendine
Nate Silver on sources of US government spending growth:
http://fivethirtyeight.blogs.nytimes.com/2013/01/16/what-is-driving-growth-in-government-spending/? r=0
Short pieces on private money, including summary of Hayek's theory:
http://www.forbes.com/sites/realspin/2012/08/23/private-currency-competition-is-the-monetary-answer/ or
http://www.forbes.com/sites/peterferrara/2013/03/01/rethinking-money-the-rise-of-hayeks-private-competing-
currencies/
Private money examples in Europe:
http://www.rolandberger.be/media/pdf/Roland Berger Point of view What about private currencies 201305
27.pdf
An argument for stable private money backed by gold or silver:
https://www.bullionstaccom/article/private-currencies-future-money
Cheers.
Sameer.
Sameer Chishty
Partner, Baln & Company
30/F, One International Finance Centre I 1 Harbour View Street, Central I Nona Kong
tel: +852 2978 8886 mobile: +852 6893 0296 mailto I web: www.bain.com
EA: Ivy Chan
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