Motion: Corporate bailouts and capital market rescues make sense (Qiao Wang vs. Jimmy Song)
05/05/20 • 106 min
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Guests:
Qiao Wang (@qwqiao)
Jimmy Song (@jimmysong)
Host:
Richard Yan (@gentso09)
We all know the dominant crypto-native perspective on corporate/Wall Street bailouts — as generally anti-intervention, both fiscally and monetarily. But it’s important to hear the other side, if only to kick the tires of your own beliefs. After all, many smart people embrace a statist, big government view, in how to run an economy.
In this debate, we covered many topics, including the following:
- A way to think about corporate bailouts as claims on a social insurance policy, with an analogy in social security and Medicare
- How the monetary policies are worsening the wealth gap by giving a disproportionate advantage to the rich not enjoyed by the poor
- Whether FDR’s intervention policies were instrumental in lifting the nation out of the Great Depression, or this was just revisionist economic history, with these policies accomplishing the opposite or having tepid effects at best
Our two knowledgeable guests are both in the crypto circle, but come from very different backgrounds. One used to be a Wall Street trader and is a finance buff. The other is a bitcoin maximalist and an unapologetic libertarian.
Be sure to also check out our previous episodes too. We’ve featured some of the best known thinkers in the crypto space. And it was great to have a few no-coiners on. I always appreciate their agreeing to do the show, and adding perspectives to what sometimes seem like an echo chamber.
If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.
Please note that nothing in our podcast should be construed as financial advice.
Source of select items discussed in the debate:
- Change in unemployment and GDP during the Great Depression: https://www.thebalance.com/unemployment-rate-by-year-3305506
- The Forgotten Depression (1921) by James Grant: https://www.forbes.com/sites/nathanlewis/2017/02/23/james-grant-explains-how-a-crash-in-1921-cured-itself-with-the-help-of-good-policy/#3feb9a1dbd86
- Qiao's Messari articles (paywall): https://messari.io/article/how-will-the-recession-impact-crypto-theses-questions-and-lessons
- Jimmy Song's Programming Bitcoin book: https://programmingbitcoin.com/
- America's Great Depression by Murray Rothbard: https://www.amazon.com/Americas-Great-Depression-Murray-Rothbard/dp/1607960656
Guests:
Qiao Wang (@qwqiao)
Jimmy Song (@jimmysong)
Host:
Richard Yan (@gentso09)
We all know the dominant crypto-native perspective on corporate/Wall Street bailouts — as generally anti-intervention, both fiscally and monetarily. But it’s important to hear the other side, if only to kick the tires of your own beliefs. After all, many smart people embrace a statist, big government view, in how to run an economy.
In this debate, we covered many topics, including the following:
- A way to think about corporate bailouts as claims on a social insurance policy, with an analogy in social security and Medicare
- How the monetary policies are worsening the wealth gap by giving a disproportionate advantage to the rich not enjoyed by the poor
- Whether FDR’s intervention policies were instrumental in lifting the nation out of the Great Depression, or this was just revisionist economic history, with these policies accomplishing the opposite or having tepid effects at best
Our two knowledgeable guests are both in the crypto circle, but come from very different backgrounds. One used to be a Wall Street trader and is a finance buff. The other is a bitcoin maximalist and an unapologetic libertarian.
Be sure to also check out our previous episodes too. We’ve featured some of the best known thinkers in the crypto space. And it was great to have a few no-coiners on. I always appreciate their agreeing to do the show, and adding perspectives to what sometimes seem like an echo chamber.
If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.
Please note that nothing in our podcast should be construed as financial advice.
Source of select items discussed in the debate:
- Change in unemployment and GDP during the Great Depression: https://www.thebalance.com/unemployment-rate-by-year-3305506
- The Forgotten Depression (1921) by James Grant: https://www.forbes.com/sites/nathanlewis/2017/02/23/james-grant-explains-how-a-crash-in-1921-cured-itself-with-the-help-of-good-policy/#3feb9a1dbd86
- Qiao's Messari articles (paywall): https://messari.io/article/how-will-the-recession-impact-crypto-theses-questions-and-lessons
- Jimmy Song's Programming Bitcoin book: https://programmingbitcoin.com/
- America's Great Depression by Murray Rothbard: https://www.amazon.com/Americas-Great-Depression-Murray-Rothbard/dp/1607960656
Previous Episode
Motion: Ethereum 1.0 can scale (Uri Klarman vs. Mrinal Manohar)
Guests:
Uri Klarman (@uriklarman)
Mrinal Manohar (casperlabs.io)
Host:
Richard Yan (@gentso09)
The guests we have today have close ties to Ethereum. One is actively working on a solution to scale the 1.0 version. The other was an early investor in Ethereum.
In this episode, I learned about:
- An interesting layer-0 approach to improve the performance of Ethereum 1.0 as well as any layer-1 protocol;
- Disadvantages in layer-2 solutions with similar value proposition in scaling;
- Main benefits of upgrading from Ethereum 1.0 to Ethereum 2.0, besides the change from POW to POS;
- And other non-scaling goodies such as perspectives on M&A of public blockchains in a crowded space.
Be sure to also check out our previous episodes too, on Bitcoin’s store of value status, tokenization and smart contracts, DeFi, bitcoin halvening, China’s future in blockchain, POW vs POS, oligopoly vs multiplicity of public blockchains, and permissioned vs permissionless blockchain for enterprise usage.
If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.
Please note that nothing in our podcast should be construed as financial advice.
Source of select items discussed in the debate:
- Bloxroute: https://bloxroute.com/
- CasperLabs: https://casperlabs.io/
- MakerDAO Black Thursday event (collateral liquidation at zero dollars): https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6
- CryptoKitties clogging up Ethereum: https://www.coindesk.com/loveable-digital-kittens-clogging-ethereums-blockchain
Next Episode
Motion: Corporate bailouts and capital market rescues make sense, II (Jonathan Padilla vs. Nick White)
Guests:
Jonathan "JP" Padilla (@JPadillaCA)
Nick White (@nickwh8te)
Host:
Richard Yan (@gentso09)
Today’s motion is “I largely approve the US government’s fiscal and monetary response to the ongoing economic crisis.”
We recently had another debate on a similar topic, between Qiao Wang and Jimmy Song.
While Qiao argued for the pro-establishment view, he still saw lots of issues with the government’s intervention in the markets. In the debate, Qiao was playing the role of a devil’s advocate, to help the crypto community understand the pro-intervention perspective.
In today’s debate, however, the pro-intervention guest (Jonathan "JP" Padilla) is a Kenseyan, has worked for the Whitehouse, and is very supportive of the government actions during the ongoing crisis.
The anti-intervention guest (Nick White) today is also not a hard-core libertarian like Jimmy from the previous debate. So today’s debate is more consensus-building than that previous debate.
Be sure to also check out our previous episodes too. We’ve featured some of the best known thinkers in the crypto space.
If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.
If you like the show, please give us five stars on iTunes or wherever you listen to this.
Please note that nothing in our podcast should be construed as financial advice.
Source of select items discussed in the debate:
- Components of CPI: https://www.bls.gov/cpi/questions-and-answers.htm#Question_10
- Banks fined $243 billion since the Great Recession: https://www.marketwatch.com/story/banks-have-been-fined-a-staggering-243-billion-since-the-financial-crisis-2018-02-20
- The federal government made $15Bn profit from TARP: https://money.cnn.com/2014/12/19/news/companies/government-bailouts-end/
- Niall Ferguson, "The Ascent of Money": https://www.amazon.com/Ascent-Money-Financial-History-World/dp/0143116177
- Airlines receiving government assistance in return for equity warrants: https://www.barrons.com/articles/airlines-stocks-government-bailout-grants-loans-cares-act-covid-19-passenger-traffic-51586967006
The Blockchain Debate Podcast - Motion: Corporate bailouts and capital market rescues make sense (Qiao Wang vs. Jimmy Song)
Transcript
Welcome to another episode of The Blockchain Debate Podcast, where consensus is optional, but proof of thought is required. I'm your host, Richard Yan. Today's motion is: Corporate bailouts and capital market rescues make sense. We
Richardall know the dominant crypto native perspective on this topic -- generally anti intervention both fiscally and monetarily. But it's important to hear the other side, if
If you like this episode you’ll love
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