Welcome to another episode of the Rational Reminder Podcast! In today’s jam-packed episode, we start by going through the feedback received on our limited crypto series and outline upcoming guests. We also give a breakdown of Cal Newport’s book, Deep Work, and the importance and long-term benefits of engaging in deep work. We then follow-up on our recent episode with Rebecca Walker by discussing gender equality in financial planning. Lastly, tune in to also have a rundown of the housing market and its investment potential, price risks associated with home ownership, the effects homeowner’s occupation has on their household investment and more!   Key Points From This Episode:   We go through feedback received on the limited edition crypto series. [0:01:40] An outline of the upcoming guests we are going to have on the show. [0:05:51] This week’s book review, Deep Work written by Cal Newport. [0:09:01] Some of the common workplace problems highlighted in the book. [0:14:30] How work can be more enjoyable than free time and reasons why. [0:15:56] Ways to overcome common workplace problems and engage with ‘deep work.’ [0:16:47] The long-term benefits of engaging with deep work and why it is needed. [0:20:21] A follow-up on our recent episode with Rebecca Walker and the feedback received. [0:20:49] Discussion about the data that is related to Rebecca’s points from the episode. [0:22:10] We unravel the nuance concerning the gender pay gap and financial planning. [0:26:10] An important takeaway concerning our discussion on the gender pay gap. [0:33:19] Rundown of the housing market and its investment potential. [0:33:58] Find out how an owned home can act like an investment. [0:37:42] Learn more about ‘Portfolio Theory’ concerning property investment. [0:40:50] An interesting aspect regarding peoples’ occupation and property investments. [0:46:18] How people reduce the risk associated with property investments. [0:47:45]

Welcome back to another episode of our limited addition Crypto Series on the Rational Reminder Podcast, a weekly reality check about sensible investing and financial decision-making. Are cryptocurrencies and the associated technologies beneficial? Could they change the world for the better? There is a lot of controversy surrounding the use and application of cryptocurrencies and the associated technologies. Some say the innovation is ultimately useless while others think it is the answer to society’s problems. To help us unpack this complicated and hot-button topic is Bruce Schneier, an internationally-renowned security technologist, author, and educator. The focus of his work is the intersection of security, technology and people. Bruce also has an immense passion for educating people about cryptocurrencies. Examples of his well-known books include Liars and Outliers and Data and Goliath, which provide much-needed insight to readers about DeFi technologies and big monopolies. He also lectures in public policy at the Harvard Kennedy School and is a fellow at the Berkman Klein Center for Internet and Society. In our conversation, we discuss the debate surrounding cryptocurrencies such as privacy concerns of digital cash, what makes Bitcoin different from earlier digital currencies, aspects of public blockchain technology, the misapplications of crypto technology, the different forms and approaches to cryptocurrencies, and whether DeFi technologies can be beneficial to society, and what the biggest concerns are regarding cryptocurrencies. Join us today as we take a detailed look into the value and drawbacks of crypto and DeFi technology with Bruce Schneier!   Key Points From This Episode:   What the objective was of early digital cash projects, like DigiCash. [0:03:27] The privacy concerns associated with digital cash. [0:04:45] Whether financial surveillance should be a concern for people. [0:05:45] Differences between Bitcoin and earlier forms of digital cash. [0:08:35] How good technology is at solving economic and political problems. [0:09:30] Details about the pieces that come together to make public blockchains work. [0:10:29] Why Bruce considers proof of work to be an idiotic way to form consensus. [0:13:43] Whether alternatives to proof of work resolve wasteful energy practices. [0:16:01] The new properties that public blockchains offer. [0:17:04] We find out if public blockchains do what their proponents say they do. [0:17:37] The claims that crypto proponents make regarding blockchain are discussed. [0:19:29] We discuss the misapplications of crypto and DeFi technologies. [0:20:23] Outline of the systems of trust that humans use to incentivize good behaviour. [0:23:26] Whether cryptocurrency technologies will become secure and trusted. [0:27:49] Reasons for the perspective ‘code is law’ from crypto technologists. [0:30:02] Whether ‘one CPU, one vote’ is how blockchains are working in practice. [0:31:35] We discuss other ideas and emerging technologies in the crypto space. [0:33:24] If government intervention is needed for crypto technologies and currencies. [0:36:21] How cryptocurrencies can be included in the mainstream financial system. [0:39:06] Bruce shares his opinion on the future of NFTs for artists to be able to capitalize on their creativity. [0:40:08] What the potential impacts of crypto technologies on younger generations are. [0:43:48] How blockchain erodes moral and reputational incentives to act responsibly. [0:45:26] Ways in which cryptocurrencies can help people who are ‘bankless’ and avoid high bank fees. [0:46:13] Break down of a real-world scenario where blockchain is being used in an alternative way. [0:49:00] Bruce tells us whether Bitcoin is suitable as a global currency. [0:50:55] The message that Bruce hopes his students will take away after his class. [0:51:59] If the government is beginning to take regulation of cryptocurrencies seriously. [0:52:43] What aspects, if any, excites Bruce about cryptocurrencies. [0:53:04] What Bruce’s biggest concerns about cryptocurrencies are. [00:53:43]

There’s no doubt about it; money is a taboo topic in our society. But not talking about money only serves to uphold inequalities and injustices. Rebecca Walker is an advocate for transparency and, during this episode of the Rational Reminder Podcast, she shares the importance of exploring the factors that have influenced our relationship with money so that we can begin to understand how we can use money as a tool to effect the kind of changes we want to see in the world. This is the intention behind her latest collection, Women Talk Money. No matter your gender, race, or financial standing, this episode will provide you with a new perspective on how to approach money. Rebecca is a well-known speaker, author, consultant and was named by Time Magazine as one of the most influential leaders of her generation. Tune in today.   Key Points From This Episode:   What money represents and why it is so important that we understand it better. [0:02:21] The intention behind Rebecca’s latest collection, Women Talk Money. [0:03:05] A brief overview of some of the stories Rebecca shares in her book about our relationship with money and how it impacts our lives and society as a whole. [0:05:13] How race, class, and gender impact how knowledge about money is transferred. [0:08:50] Problems that arise when we aren’t transparent about our finances. [0:11:22] How the way we approach money ties into many broader societal issues. [0:15:45] Examples of how not talking about money renders people powerless. [0:17:45] Rebecca explains how she has taught her son about money from a young age. [0:20:58] Rebecca’s approach to talking to other people about money. [0:22:30] Issues that may stem from an obsession with money. [0:24:32] How Rebecca defines “enough.” [0:27:09] The role that men can play in empowering women in relation to money. [0:29:24] Advice for women who are struggling to form a healthy relationship with money. [0:33:33] How Rebecca defines success in her own life. [0:36:04]

Welcome back to another limited series of Rational Reminder Podcast, focused on learning about cryptocurrencies. Our journey about cryptocurrencies has led us to speak to various experts on the subject, all of whom see some benefits to cryptocurrencies and the underlying blockchain technology. However, what does a skeptic think about cryptocurrencies and the benefits to the current financial system? In today’s episode, we speak to Stephen Diehl, a software engineer who works with financial technology within the finance sector and is an outspoken cryptocurrency skeptic. His engineering background, coupled with his experience working with financial technology, provides a unique perspective on the future of cryptocurrencies. We move through the episode learning about public blockchain technology, different consensus mechanisms, what potential problems blockchain technology can solve, whether crypto can improve the current financial system, if Bitcoin really is decentralized, what drives crypto prices, reasons why crypto will not work, what makes it similar to gambling, and more. Tune in today to hear a unique opposing view of cryptocurrencies and DeFi technology with expert and skeptic, Stephen Diehl!   Key Points From This Episode:   A brief breakdown of public blockchain technology. [0:03:28] The current problems that public blockchain technology is trying to solve. [0:04:16] Proof of work consensus and how it tries to eliminate the need for a trusted third party. [0:05:44] Some of the downsides associated with the proof of work concept. [0:07:41] How other consensus mechanisms have improved the proof of work concept. [0:09:21] What the costs associated with proof of stake relative to proof of work are. [0:11:09] Problems that both consensus methods have regarding recentralization. [0:12:07] What other problems blockchain technologies can be used to solve. [0:12:50] The problems in the financial technological system that public blockchains solve. [0:14:29] Why finality of payments associated with cryptocurrencies is not a good thing. [0:15:42] What limitations can blockchain technology remove regarding international money transfers. [0:17:06] How to prevent double-spending under the current financial system. [0:20:34] What Stephen thinks drives the value of cryptocurrencies. [0:21:15] Whether Bitcoin is decentralized in Stephen’s opinion. [0:23:19] Reasons why concentrated mining power does not cultivate decentralization. [0:24:46] How permissioned blockchains can improve on the pitfalls of public blockchains. [0:25:40] A discussion about the potential benefits of private blockchains. [0:27:15] We learn what a smart contract is. [0:29:49] Outline of other useful applications for smart contracts. [0:31:25] Examples of illicit activities associated with cryptocurrencies. [0:32:08] Code is law: deferring to code for implementing law. [0:33:17] What Stephen thinks is the value of the underlying blockchain technology. [0:34:32] Stephen explains what Web3 is and if it improves the financial system [0:37:05] We find out if there is anything about crypto technologies that excite him. [0:41:06] The most compelling argument for crypto that Stephen has heard. [0:43:08] He explains what he means by suffering stemming from cryptocurrencies. [0:44:40] Stephen shares his experiences as an outspoken crypto skeptic. [0:45:26] How he began working with researchers from the London School of Economics. [0:47:03] Discussion about the narrative of cryptocurrencies and why Stephen is outspoken on the subject. [0:50:33]  

In today's episode, we share some updates from our Financial Goals Survey, respond to a listener who says we are wrong about dividends, and talk about Scout Mindset by Julia Galef. We then respond to a listener question about whether our comments in Episode 205 on private equity extend to private real estate. In our main topic, we unravel what money is by looking back at its origin story and the two competing theories about what it is. We discuss the ideological underpinnings of money and how these ideologies can make choosing a definition of money highly political. We end the episode talking to Dan Solin about his reading habits. Dan Solin joined us almost four years ago for an episode on evidence-based investing. Tuning in, you’ll hear how Dan finds the books he reads, what his favourite types of books are, and whether he recommends books to people, plus he shares why he believes reading is so essential, and much more. Don’t miss out on another well-rounded and informative episode of the Rational Reminder Podcast.   Key Points From This Episode:   An update on the progress of our Financial Goals Survey. [0:03:32] Your monthly update on the reading challenge and how to get involved. [0:04:52] An update from our limited crypto series and some of the feedback we’ve received. [0:08:00] This week’s book review: The Scout Mindset. [0:16:29] Simple set of tools to help you assess biases when receiving new information. [0:19:18] Following up on private investments concerning real estate. [0:24:32] Onto the main topic of the show with Dan Solin: money and what it is. [0:29:09] Where the perception and definition of money originated from. [0:31:00] Unpacking an alternative definition of money by Adam Smith. [0:37:32] The quantity theory of money and its application in the economy. [0:40:14] An interesting political aspect to forming John Locke’s theory of money. [0:46:49] Outlining of the history of opposing views on the theory of money. [0:47:25] A break down of the findings of an anthropological review investigating money. [0:49:47] How money is neither commodity nor quantity but rather a measure of credit. [0:51:32] The state theory of money and how it is different from other theories. [0:53:39] What sets the price level of money based on credit theory. [0:55:06] A discussion around money based on the several theories of what it is. [0:57:22] Why fiat money is not a derogatory term for currencies. [0:59:30] Some of the nuances regarding the definitions of money in a modern context. [1:00:07] Dan shares his reading habits as an author. [1:01:05] Whether Dan reads hard copies, audiobooks, or Kindle. [1:01:32] The difference between reading and streaming in Dan’s opinion. [1:02:08] Insight into some of Dan’s favourite types of book. [1:03:11] How he finds new books to read and what inspires his reading interests. [1:05:40] Ways in which Dan organizes what he reads and learns. [1:08:47] Whether or not he recommends books to other people. [1:09:33] Reasons why Dan believes it is important to read books similar to his latest book. [1:12:21] Dan’s advice for people that want to read more. [1:14:10]

Welcome to another special episode of Rational Reminder Podcast, a show to help us learn about cryptocurrencies and their role in our current and future financial systems. In today's show, we speak to Tobin Hanspal, an Assistant Professor of Finance at the Vienna University of Economics and Business who has written several papers focused on household finances. Tobin's research area offers insights into the behaviours of retail investors in the crypto space and how this may affect household finances. In this episode, we take a deep dive into some of the papers that Tobin has authored and how his findings relate to the behaviours and biases of crypto adopters. We discuss the investment behaviours of early crypto adopters, the role of EFTs in reducing risk, the different types of investor groups, how past experience negatively affects investor confidence, how behaviours change after an initial crypto investment, the disposition effect, how cryptocurrencies are an extension of existing behaviours, and much more! Be sure not to miss out on this informative episode with expert, Tobin Hanspal!   Key Points From This Episode:   How Tobin investigated the investment behaviour of early crypto adopters. [0:04:24] Whether indirect crypto investments are a good proxy for crypto investors. [0:08:10] Why it is important to consider the different types of investor groups. [0:10:23] The differences between individual characteristics of crypto adopters and non-adopters. [0:10:55] Comparison of eventual crypto adopters and non-adopters [0:12:37] What kind of sector ETFs do crypto adopters choose to invest in. [0:13:48] Differences between the crypto and non-crypto investors, in terms of typical investor behaviour biases. [0:15:01] How cryptocurrencies are an extension of traditional high-risk investing. [0:16:39] Whether the behaviour of investors changes after their first crypto investment. [0:17:37] The differences in behaviour between early and late adopters. [0:19:15] What insights Tobin has regarding the geographical location of crypto adopters. [0:20:36] What percentage of their portfolios’ do adopters allocate to crypto. [0:21:11] Find out if crypto investors buy lower-risk assets to make up for cryptocurrencies. [0:21:36] What differences exist between crypto and non-crypto investors regarding efficiency. [0:22:51] Description of the typical crypto investor characterized in their study. [0:23:39] Tobin explains the disposition effect and how belief systems play a role. [0:25:56] How risk appetite is related to the disposition effect. [0:28:05] People’s beliefs: are expected returns affected by past experience in expected realized returns. [0:29:20] Whether positive or negative realized past return experiences have the same effect on beliefs. [0:31:19] How peoples’ beliefs affect investing in riskier assets. [0:32:07] Changes in behaviour on a household level from past negative investment experiences. [0:33:23] The role experiences of peers and/or relatives have on investment belief. [0:38:16] Reasons for people reducing risk in their portfolios. [0:38:50] Tobin shares if he thinks cryptocurrencies will have similar effects on peoples’ behaviours. [0:39:42] How applicable the findings are from Tobin’s study to other parts of the world. [0:41:54] What the ideal theoretical response is to losing money on an investment. [0:42:47] Important takeaways that Tobin has for crypto investors. [0:43:23]

Welcome back to another exciting and informative episode of the Rational Reminder Podcast, a show all about finances and how to get the most of your money responsibly. To make the right decisions regarding your investments, besides the knowledge and understanding of financial systems, you also need to understand the psychology behind your decisions. To help us unpack this complicated and interesting subject is Professor Vanessa Bohns, a Social Psychologist and Professor of Organizational Behaviour at Cornell University. Professor Bohns has a Ph.D. in Psychology from Columbia and is the author of You Have More Influence Than You Think: How We Underestimate Our Power of Persuasion, and Why It Matters. The topic of the book is exactly what today’s show is about, as we delve into the intricacies of human behaviour and decision-making. In today’s episode, we learn about the influence that people have on one another, how people perceive one another, the human behaviours that scammers take advantage of, why people worry about saying the wrong thing, what the default behaviour of people is, why people struggle to say no to a request, and so much more! Don’t miss out on this fascinating episode with special guest and expert, Professor Vanessa Bohns!   Key Points From This Episode:   How much impact and influence people have on one another. [0:03:09] What people tend to notice about other people. [0:04:50] Why people don’t realize what other people are paying attention to. [0:08:58] How being in the presence of other people affects experiences. [0:10:31] Whether communicating with someone about a shared experience amplifies it. [0:12:41] Reasons why some people are underconfident in their social lives. [0:13:20] Problems that stem from underconfidence. [0:15:52] The consequences of underestimating how much people like us. [0:18:02] Why people worry about saying the wrong thing. [0:20:53] Whether it is default to believe or disbelieve when assessing information. [0:22:55] The impact of people interacting with people anonymously. [0:26:01] How the default to believe people impacts receiving advice from experts. [0:27:22] The authority on a subject can switch between domains of expertise. [0:31:19] Ways in which scammers take advantage of behavioural biases. [0:32:22] Problems caused by people being dishonest or spreading false information. [0:34:47] Approaches to ensure that you are not spreading misinformation unintentionally. [0:36:04] Why asking for what you want is so effective. [0:38:21] Whether asking for what you want becomes easier over time. [0:40:33] The effect that money has when asking for something. [0:42:24] Differences in response to small or large requests. [0:43:48] How responses differ between direct and indirect requests. [0:45:23] What effect asking in person as opposed to over email or text have on responses. [0:47:20] Reasons behind the hesitancy for people to ask for what they want. [0:49:04] Why people find it difficult to reject a request from someone. [0:50:36] Whether saying no in person is the same as saying no over email. [0:52:12] Feeling guilty and whether you should feel bad asking for things. [0:53:52] How people generally respond to unethical requests. [0:56:21] Find out if people with authority realize how much influence they have. [0:59:01] Approaches to help people be more aware of their influence. [1:00:58] A rundown of the impacts of not being aware of other people has. [1:05:12] We end the show with Professor Bohns sharing her definition of success. [1:07:41]

Welcome back to another episode of our series focusing on cryptocurrencies. In this episode, we dive into conceptual complexities surrounding cryptocurrencies and how this might affect the financial system in future. To help us unravel this nuanced subject is Professor Eswar Prasad, a senior professor of trade policy and Professor of Economics at Cornell University, and a senior fellow at Brookings Institution. He is also a research associate at the National Bureau of Economic Research and was a former head of the IMF China Division. Besides his wealth of experience regarding traditional economies, he is also an authority on cryptocurrencies, which he explains in detail in his book The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. In today’s conversation, we discuss broad conceptual ideas surrounding money and finance, such as the basic functions of money, the difference between outside and inside money, the limitations on creating wealth, how cryptocurrencies work, how cryptocurrencies may disrupt financial systems, why cryptocurrencies need trust to work, the future of cryptocurrencies, and much more. Tune in today to get insider information on cryptocurrencies with our special guest, Professor Eswar Prasad.   Key Points From This Episode:   A brief outline of Professor Eswar Prasad’s professional background. [0:01:14] Professor Prasad explains what the basic functions of money are. [0:01:59] We learn if money is a commodity or a social contract. [0:02:33] The problems associated with fiat currencies. [0:03:00] What the concepts of inside and outside money are. [0:04:12] Factors that constrain the creation of outside money. [0:05:34] Whether mechanically constrained money is good for economies. [0:07:07] Learn whether commercial banks need deposits to make loans. [0:08:46] What the definition of fungibility is. [0:10:24] How and why reserves are usually maintained by a central bank. [0:11:19] What the differences are between physical cash and electronic money. [0:12:25] The anonymity associated with each of the payment methods available. [0:13:28] What the main functions of the financial system are. [0:15:14] Find out what the definition of shadow banking is. [0:17:01] How trust in the financial system is facilitated. [0:18:29] We find out if modern financial systems can be disintermediated by technology. [0:20:33] The potential effects that intermediaries can have on economies. [0:22:59] What Satoshi Nakamoto’s 2008 innovation was. [0:25:51] The resilience of the underlying system for Bitcoin is explained. [0:28:12] Learn about the three elements that make Bitcoin decentralized. [0:30:12] How the decentralization of Bitcoin can be overcome. [0:31:39] Learn about the value of blockchain and emerging validation technology. [0:34:07] The key reasons why cryptocurrencies have value. [0:36:14] Ways in which a decentralized system would be beneficial. [0:38:32] Outline of the downsides to decentralized finance. [0:41:01] Why trust is also essential to the long-term viability of cryptocurrencies. [0:43:03] What role unofficial digital currencies will play regarding monetary policy. [0:44:05] The influence that Satoshi’s innovation had on the development of a central bank digital currency. [0:45:49]

Welcome to another episode of the Rational Reminder Podcast. In today’s jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more! Don’t miss out on this informative and well-rounded episode of the Rational Reminder Podcast with your two favourite Canadians!   Key Points From This Episode:   We start the show with an exciting announcement for our listeners. [0:02:07] An update regarding the Goals Survey Project and what needs to be done. [0:03:30] A rundown of the upcoming guests for the show. [0:04:44] Outline of the reviews and criticisms received about the show. [0:05:55] A breakdown of the book for today’s review, Finite and Infinite Games. [0:10:07] Background about the author of the book, James P. Carse. [0:10:57] The main point of the book: the differences between finite and infinite games. [0:11:16] An interesting quote from the book regarding culture. [0:14:42] Highlights of the recent news and updates in the financial world. [0:17:02] Insights from an interesting article about tech valuations by Cliff Asness. [0:19:47] Another interesting paper by David Blitz about expected stock returns. [0:23:09] A discussion regarding the recent social survey implemented in Canada. [0:26:07] We discuss the basics of private equity as an investment strategy. [0:30:06] Why the math used is problematic for calculating the Internal Rate of Return. [0:32:35] The results of a paper which investigated the performance of venture capital funds. [0:39:01] More insights from follow-up papers about private equity. [0:42:24] Examples of the type of risk exposures that private equity provides. [0:49:36] The impacts associated with the preference for illiquid assets. [0:52:00] Some of the misconceptions surrounding diversity in private equity funds. [0:52:44] What are the best metrics to use to measure returns on private equity. [0:56:00]

Understanding the complexity surrounding cryptocurrencies is essential in making the correct decisions regarding investing in DeFi technology. To help us understand the basics, we talked to Dr. Igor Makarov who is an expert on cryptocurrency and Bitcoin, particularly Bitcoin and the associated mining processes. He is based at the London School of Economics, where he serves as an Associate Professor of Finance. Dr. Makarov is also the author of several papers focusing on DeFi and crypto markets in general and has provided new insights surrounding governance and mining processes. In today’s show, we learn about the basics of cryptocurrencies, mining and the future of DeFi. In particular, we talk about the role of intermediaries, what drives the prices of Bitcoin, how concentrated mining processes are, the role DeFi in increasing governance, the upsides and downsides of cryptocurrencies, and much more. Tune in to make sure you don’t miss out on advice from a respected figure in the industry, Dr. Igor Makarov!   Key Points From This Episode:   A brief outline of Dr. Makarov’s professional background and experience. [0:00:39] What role do intermediaries play in the traditional financial system. [0:02:36] Find out if economic rents that intermediaries collect are unwarranted. [0:03:36] Makarov explains the complexities of cryptocurrencies and the elimination of fees. [0:06:06] How rents are different on cryptocurrency exchanges. [0:09:44] Systemic risks associated with the traditional banking system. [0:11:24] Whether Bitcoin and DeFi can improve banking by reducing systemic risk. [0:13:22] Learn if blockchain or DeFi ecosystems can exist without human intervention. [0:15:06] Why it is unlikely decentralized autonomous organizations will improve governance. [0:17:06] Breakdown of the potential problems that concentration of ownership could have on governance. [0:19:53] Opportunities where cryptocurrencies and DeFi can improve the traditional financial system. [0:21:44] Some of the potential benefits of a permissioned distributed ledger system. [0:24:39] Why is it important to understand the Bitcoin ecosystem. [0:26:22] What are the limitations of understanding the Bitcoin ecosystem. [0:27:12] How Bitcoin addresses are associated with with real-world entities. [0:29:36] Ways to differentiate between addresses belonging to individual investors and those belonging to intermediaries. [0:31:42] What happens when you send Bitcoins to an exchange. [0:32:49] Details on how Dr. Makarov calculated the concentration of Bitcoins. [0:33:25] How did Dr. Makarov gain an understanding of what Bitcoin is used for. [0:37:14] The role exchanges play in influencing the total volume of Bitcoin transactions. [0:39:00] Why exchanges are essential to the overall network. [0:41:06] The challenges in enforcing KYC and AML rules for the crypto ecosystem. [0:41:56] How fungibility could effect the use of cryptocurrencies in the marketplace. [0:45:19] Whether most important cryptocurrency exchanges are generally decentralized. [0:46:36] What portion of Bitcoin transactions does Dr. Makarov consider to be economically meaningful. [0:47:06] Why most Bitcoin transactions comprise of irrelevant transactions. [0:48:08] What the meaningful Bitcoin transactions are being used for. [0:50:06] Why the estimates of illegal activities by Dr. Makarov differs from other studies. [0:52:56] A more in-depth explanation of what is driving the price of Bitcoin. [0:55:54] How Dr. Makarov was able to identify individual Bitcoin miners for his paper. [01:01:57] Makarov explains why the original vision of DeFi has not been realized. [01:05:52] Reasons for the concentration of miners in the Bitcoin space. [01:06:42] What are the risks are for the Bitcoin ecosystem when mining concentration is high. [01:08:24] How Dr. Makarov determined the geographic locations of mining operations. [01:10:52] What the function of a mining pool is. [01:13:36] How the concentration in mining power affects the security of smaller proof of work blockchains [01:16:20] How concentrated the ownership of Bitcoin in the hands of individual investors is. [01:22:40] We find out if cryptocurrencies are democratizing financial services. [01:25:03]