August 26, 2022 Personal Wealth Understanding Crypto 13: Prof. William Magnuson: Blockchain and Democracy Welcome to another episode from our limited edition crypto series. The previous guests we have spoken to about crypto generally have experience in economics, finance, or technology. In this episode, we have a look at crypto through a legal lens with Professor William Magnuson, an Associate Professor of Law at Texas A&M University School of Law. He is also the author of Blockchain Democracy, which provides readers with a guide into the world of blockchain and Bitcoin, and highlights the reasons for their growing popularity. In our conversation, we delve into everything law and order within the crypto world as Professor Magnuson explains the causes of crime, the jurisdiction of crypto, the impact of decentralized cryptocurrency on the legal system, and how to overcome the legal challenges surrounding crypto. We also talk about the underlying ideology of crypto, the origins of cypherpunks, the people who are being negatively affected by, mechanisms to enforce regulations, and much more. Tune in to learn more about crypto and blockchain through the lens of the law with Professor Magnuson! Key Points From This Episode: We start the show by finding out the real dollar value of crypto markets. [0:03:45]The role financial journalism played in getting crypto to where it is today. [0:06:02]Reasons why he does not trust the value of cryptocurrencies. [0:11:04]Why he thinks cryptocurrency journalism is not credible. [0:12:00]He explains Bitcoin’s underlying political ideology and the associated problems. [0:13:25]The classic debate of who should have control over financial markets. [0:16:41]Whether it is possible to remove the political ideology from crypto-technology. [0:17:34]What the most important aspect of cryptocurrency technology is. [0:18:24]The reasoning behind the argument, ‘You just don’t understand the technology.’ [0:21:52]How to make cryptocurrency work in traditional financial markets. [0:23:50]Why the recent crash in the cryptocurrency markets occurred. [0:28:03]Find out if cryptocurrencies can be beneficial for the ‘bankless’. [0:30:25]We discuss the outcome of El Salvador’s bitcoin experiment. [0:32:20]He outlines why Salvadorans did not like the proposed bitcoin market. [0:38:11]Learn what the UK House of Commons Science and Technology Committee wanted to understand about cryptocurrency. [0:41:23]How his views on cryptocurrency were received by the commission. [0:43:46]An example of a crypto-based business that was operating illegally. [0:45:01]Whether NFTs will allow artists and musicians to keep more financial gains from their work. [0:46:13]We discuss whether crypto-based technologies will improve over time. [0:47:57]Examples of good uses for crypto and blockchain technology. [0:49:22]What would need to happen for David to change his opinion on crypto. [0:52:25] Share: Facebook Twitter LinkedIn Email CIRO Advisor Report
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