"Cryptocurrency is a Solution in Search of a Problem" Apr. 2 (W) at 3:30pm

[Daniel Lake]

 *The Institute for Ethics in Public Life invites you to join us for
"Cryptocurrency is a Solution in Search of a Problem: The Immense
Environmental Costs of a 21st Century Ponzi Scheme" on Wednesday, April 2,
at 3:30pm (in person or on Zoom, see below), with special guest Dr. Colin
Read, Professor of Economics and Finance.*

We're at a moment where there is high interest in cryptocurrencies. The
Trump administration announced a "strategic cryptocurrency reserve", and is
actively seeking to deregulate and promote the cryptocurrency industry. On
the flip side, there are major ethical issues with cryptocurrencies and it
is not clear that there is any real value in their existence.

Cryptocurrencies are virtual currencies not backed by governments or
central banks. They use cryptography to secure transactions, and most use
decentralized networks to allow for direct exchanges between individuals
without the need for a centralized clearing house like a bank or other
financial institution.

One of the big ethical issues raised by cryptocurrencies is that it enables
crime by providing a secure and anonymous way to transfer large sums of
money. This makes it easier for individuals to carry out illegal
transactions (e.g. buying drugs or any other contraband), it makes it
easier for organized crime to launder money, and it creates new ways for
scammers to steal money. In addition, the energy used for "mining"
cryptocurrencies like Bitcoin could amount to as much as 2.3% of total US
electricity consumption (and .4% of world electricity consumption), fueling
climate change.

Given the high social and economic costs of cryptocurrencies, should they
be banned?

For today's discussion, we'll discuss how cryptocurrencies work, what they
are used for, and what purposes they could serve as we consider whether
they should even exist.

Dr. Colin Read is a Professor of Economics and Finance at SUNY
Plattsburgh. Prof. Read has been teaching Sustainability, Environmental
Economics, and Money and Banking for 38 years. He has a Ph.D. in economics
from Queen's University in Kingston, Ontario and  J.D. from the University
of Connecticut. He has published three dozen journal articles or chapters
and fifteen books on sustainability, economic policy, and the history of
finance, including *The Bitcoin Dilemma: Weighing the Economic and
Environmental Costs and Benefits* (Palgrave Macmillan, 2022) and *Understanding
Sustainability Principles and ESG Policies: A Multidisciplinary Approach to
Public and Corporate Responses to Climate Change *(Palgrave Macmillan,
2023). He has also written a weekly column, appeared on such outlets as
CBC, CNBC, BBC, PBS, NPR and other outlets, and still publishes a weekly
blog on current economic issues.

Please join us in person in the Thomas Moran Seminar Room, Institute for
Ethics in Public Life (Hawkins 233) or on Zoom (see below).

Daniel Lake is inviting you to a scheduled Zoom meeting.

Topic: Institute discussion of Cryptocurrencies
Time: Apr 2, 2025 03:30 PM Eastern Time (US and Canada)
Join Zoom Meeting
https://plattsburgh.zoom.us/j/87880581792
<https://www.google.com/url?q=https://plattsburgh.zoom.us/j/87880581792&sa=D&source=calendar&ust=1743589807740725&usg=AOvVaw0g6u9GKkA5U360KDe312_O>

Meeting ID: 878 8058 1792

*Upcoming at the Institute (*all events at 3:30pm, in-person and Zoom,
unless otherwise noted*)*:

*Apr. 9 *- Artificial Intelligence and War

*Apr. 16* - Masculinity in America, with Dr. Lee Thorpe, Department of
Sociology.

*Apr. 23 *- Ethical issues with the commercialization of space, with Dr.
John McMahon, Department of Political Science.

*Apr. 30* - Intellectual Property and AI, with Dr. John Chambers,
Department of Communications Studies.

*May 7* - Social Media and Education, with Prof. Bridget Haina and Dr.
Shakuntala Rao, Department of Communications Studies.

You can also see upcoming events on the Institute's Program and Events
webpage
<https://www.plattsburgh.edu/about/centers/ethics-in-public-life/programs.html>
or add the Institute's public calendar
<https://calendar.google.com/calendar/u/1?cid=Y19sa245c3MxcjdscjExdmM0ZzNtMDlyaDUyb0Bncm91cC5jYWxlbmRhci5nb29nbGUuY29t>
to your Google Calendar.


-- 

*Daniel Lake*

(pronouns: he/him/his)

Assoc. Prof. of Political Science

Director, Institute for Ethics in Public Life

Hawkins 149A

101 Broad Street
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

Plattsburgh, NY 12901
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

(o) 518-564-5833 <(518)%5645833>

*plattsburgh.edu <http://plattsburgh.edu/>*
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