The Threat of Fractional Reserve Bitcoin from Wall Street with Saifedean Ammous & Caitlin Long

The Peter McCormack Show - A podcast by Peter McCormack

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Interview location: Skype
Interview date: Fri, 21st September 2018

Following the 2008 market crash, analysts are highlighting new risks for the global economy with rising government debt presenting a risk of a bond crash. The last 12 months have also seen a fall in the value of the local currency in countries such as Iran, Turkey and Venezuela. Data from Local Bitcoin’s highlights that in failing economies, Bitcoin is often seen as a safe haven.

Bitcoin is playing an increasingly important role in the global economy with regulators and Wall Street coming to the table.

In this episode, I talk with the author of The Bitcoin Standard, Saifedean Ammous and Wall Street veteran, Caitlin Long. We discuss:

- The state of the global economy
- Keynesian economics
- Negative interest rates
- Deregulation of the banking industry KYC/AML
- The Bank Secrecy Act
- Privacy and is it dangerous for Bitcoin
- Rehypothecation
- Fractional reserve Bitcoin
- Implications of Wall Street adoption of Bitcoin
- How the Bitcoin revolution will happen
- Cross-border payments with Bitcoin
- Liverpool winning the Premier League

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Connect with Saifedean:
- On Twitter @saifedean
- Website & newsletter http://saifedean.com/
- Blog https://thesaifhouse.wordpress.com/
- Read his book The Bitcoin Standard
- On Patreon (Highly Recommended)
- His research papers on SSRN
- His Udemy Course: Understanding Macroeconomics for University and Business
- On LinkedIn

Connect with Caitlin:
- On Twitter @CaitlinLong_
- Website https://caitlin-long.com/
- Forbes articles
- On LinkedIn

Articles by guests:

Saifedean:
- A Beginner’s Guide to Austrian Economics
- Economics of Bitcoin as a settlement network
- Cryptocurrencies and the functions of money
- Why Altcoins are Doomed
- The “blockchain technology” fiction
- Academic Paper on bitcoin

Caitlin:
- Blockchain, Cryptoassets & Pensions: The Coming Investment Wave
- Two Things That Don’t Mix Well: Bitcoin Rehypothecation and Chain Forks
- The “R” And “C” Words Enter the Vocabulary of Bitcoin Enthusiasts
- ICE Creating New Cryptocurrency Market: A Double-Edged Sword
- Is Financialization a Double-Edged Sword for Bitcoin and Cryptocurrencies?
- ICOs Were 45% Of IPOs In Q2 2018, As Cryptos Disrupt Investment Banks

Important links
- Book reference: When Money Dies
- Book reference: The Mystery of Banking
- Carpenter v. United States (Cell Phone Data Case)
- Senator Chuck Grassley & Dianne Feinstein Senate bill 1241
- The SEC
- The Securities Act of 1933
- The Bank Secrecy Act
- Wyre (company I reference)

Other relevant WBD podcasts:
- WBD035 - Jake Chervinsky (regulations)
- WBD034 - Riccardo Spagni (privacy)
- WBD032 - Tuur Demeester (economics)
- WBD027 - Lyn Ulbricht (role of government)
- WBD023 - Michael Sonnenshein (Wall Street & institutional investment)
- WBD022 - Erik Voorhees (KMY/AML)
- WBD021 - Jill Carlson (Market)
- WBD019 - Alejandro Machado (Venezuela use case for Bitcoin)
- WBD010 - Lyn Ulbricht (role of government)
- WBD009 - Morgan Rockwell (role of government)

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