Open Lecture - Economics and Imminent Risks behind Cryptocurrency & Blockchain
Date: 19 Mar 2018 (Mon)
Time: 9:00 am - 12:00 nn
Venue: LBYG02, Lingnan University, Hong Kong
Speaker: Mr Jack Poon, Fintech Evangelist
Cryptocurrency was first proposed in the early 1980s. Not until 30 years later, Satoshi’s cryptocurrency bitcoin became a huge success. Today, the average daily turnover of bitcoin is $9.5B, and the combined market capitalization of cryptocurrencies is above $500B. The volatility of cryptocurrency could make a millionaire within a year. What makes Satoshi’s cryptocurrency so prominent? Why do financial institutes want to adopt blockchain? What are the unspoken and imminent risks associated with cryptocurrency and blockchain?
In this talk, the speaker will examine the economics behind cryptocurrency, the role and incentive behind each participating intermediary within the bitcoin network, and the bitcoin’s demising risk. Furthermore, the security of bitcoin network will be evaluated as well as why most blockchain solutions do not deliver the security and integrity promise given by blockchain. Lastly, a case of Initial Coin Offering will be discussed to examine the conflicting incentive between purchaser and issuer.
Mr. Jack Poon is a serial entrepreneur and has started and worked with multiple startups. He is both an astute technologist and perceptive finance analyst due to his broad professional experience and strong academic training. In his last role, he co-founded a cloud security company that worked closely with ex-government security agencies on cloud encryption, cybersecurity, digital signature, blockchain, and key management. Currently, he serves as Entrepreneur-In-Residence for the Executive MBA Program for Chicago Booth School of Business and mentors for various startups. He is also advising the Hong Kong insurance industry on adopting Blockchain solution for fraud detection.
Mr. Poon holds three master’s degrees from three top institutes in the United States: MBA from Chicago Booth School of Business with high honor, Master of Science in Engineering Management with Stanford University, and Master of Science in Electrical Engineering with California Institute of Technology. Jack graduated summa cum laude from University of Washington with Bachelor of Science in Electrical Engineering.