SXSW 2020
Cryptocurrency Shenanigans: Barrier to Mainstream
Description:
Current cryptocurrency investors and users face significant risk of loss from fraudulent activities. Recent examples include fraudulent activity revealed or under investigation at Bitfinex/Tether, Quadriga, Bitmex, and many hacks dating back to Mt. Gox. Market manipulation and fraud hinder the mid- and long-term growth prospects of an otherwise promising nascent technology. In this session, John Griffin, the world’s leading forensic finance expert, will discuss evidence of manipulative activities and how they have harmed crypto investors, users, entrepreneurs, and other stakeholders. Cryptocurrencies in their current form need substantial modifications to mitigate risk of loss to stakeholders and bolster institutional confidence for wider mainstream adoption.
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Takeaways
- Cryptocurrencies aren't controlled by a single bank, yet their value is derived from activity on unregulated exchanges prone to theft and insolvency.
- Cryptocurrencies are subject to price manipulation that makes the prices uninformative. There is a lack of proper market oversight to prevent fraud.
- Initial Coin Offerings (“ICOs”) pose significant risk and loss to retail investors. Exit scams and fraudulent token offerings impede acceptance.
Speakers
- John Griffin, Professor, Department of Finance, James A. Elkins Centennial Chair in Finance, McCombs School of Business, The University of Texas at Austin
Organizer
Todd Savage, Editor, The University of Texas at Austin
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