153 - Why Crypto is Underrated with Tyler Cowen

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Jan 16, 2023

Tyler Cowen, an esteemed economist and professor at George Mason University, dives deep into the world of cryptocurrency, sharing his unique insights. He argues for a pause on regulatory measures after the FTX collapse, drawing parallels between FTX and Enron. Tyler identifies as a 'crypto-hopeful' but challenges popular ideas like Balaji’s Network State. The discussion also features a fun game of 'Overrated vs. Underrated,' tackling hot topics such as AI, inflation, and wealth inequality, leaving listeners with a fresh perspective on the evolving landscape.

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INSIGHT

Crypto's Underrated Potential

Crypto is currently underrated due to the FTX collapse and negative publicity.
Its true potential lies in its ability to revolutionize various sectors, like remittances.

INSIGHT

Crypto's Complexity

People deeply involved in a single industry often struggle to grasp crypto's multifaceted nature.
A broader perspective, like that of polymaths, helps in understanding its potential.

ADVICE

A Call for Regulatory Patience

Regulators should exercise caution and avoid rushing into crypto regulation.
Wait for sustainable use cases to emerge before implementing regulations.

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✨ DEBRIEF | Unpacking the Episode: https://shows.banklesshq.com/p/tyler-cowen-debrief

------ Tyler Cowen is an American economist, columnist, and blogger. He’s also a professor at George Mason University, where he also produces the Conversations with Tyler podcast with guests like Vitalik Buterin. Marc Andreessen, and Ray Dalio.

In today’s episode, Tyler shares why he thinks regulators should pause and wait before passing crypto regulation in the wake of FTX, how FTX and Enron are similar, why he calls himself a crypto-hopeful (even though he thinks Balaji’s Network State idea is utterly wrong). And finally, we play Tyler's favorite game—Overrated vs. Underrated—about everything relevant in 2023: Crypto AI, Inflation, America, China, Social Media, Wealth Inequality, and more.

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------ Topics Covered

0:00 Intro 6:10 Tyler’s 2023 Crypto Thoughts 6:50 Why Crypto is Confusing 9:04 Is Crypto Overrated? 10:25 Is Crypto Worth it? 12:19 Regulation 19:33 On-Chain Privacy, Taxes, Surveillance 24:00 FTX vs. Enron 27:35 Wealth Inequality 32:05 Crypto Regulation vs. Innovation 34:48 Can the U.S. Choke Crypto? 36:24 Crypto vs. the Internet 37:56 Whose at Fault for FTX? 40:00 Crypto Self-Regulation 45:16 A.I. Regulation 46:46 A.I.’s SBF Moment? 48:05 Is the Future Closer than it Appears? 50:31 Human Self-Regulation 51:16 Economists & Crypto 53:20 Vitalik 54:16 Free Markets & Greed 55:21 Overrated vs. Underrated 1:00:24 Balaji’s Network State 1:01:47 Banks 1:02:15 Closing & Disclaimers

------ Resources:

Tyler on Twitter https://twitter.com/tylercowen

Tyler’s Blog https://marginalrevolution.com/

Tyler’s Podcast https://conversationswithtyler.com/

Beware the Dangers of Crypto Regulation https://www.washingtonpost.com/business/beware-the-dangers-of-crypto-regulation/2023/01/03/27f6f31a-8b63-11ed-b86a-2e3a77336b8e_story.html

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures