Annotated Bibliography
docx
keyboard_arrow_up
School
Liberty University *
*We aren’t endorsed by this school
Course
111
Subject
English
Date
Apr 3, 2024
Type
docx
Pages
6
Uploaded by CoachBraverySandpiper24
Kramer 1
Carson Kramer
Mr. Emerick
English 101: Period 3
3 December 2021
Topic Proposal
Since its origins, currency has come in all shapes and sizes over the generations. From metal coins, to paper currency, to credit cards, money has changed form many times and yet still remains valuable. However, with the newest form “cryptocurrency” that has been growing in popularity over the past few years, people have begun to wonder if crypto is the future of money or if it’s just another fad. To truly understand the longevity of cryptocurrency, I need to analyze the economic, political, and environmental sustainability of cryptocurrency. Are the economic incentives and structures in place for crypto to be used in an effective manner? How are countries handling the legislation and management of crypto integration in their economies? Are the means of production for crypto environmentally sustainable long-term? My main goal is to understand the longevity and growth of cryptocurrency, alongside the feasibility of using crypto in a larger capacity through analysis of different countries' crypto approaches, fundamental economic ideas already used in modern-day currencies, and the actual mining
process and byproducts of crypto creation.
Annotated Bibliography
Ekman, Alice. China’s Blockchain and Cryptocurrency Ambitions: The First-Mover Advantage
. European Union Institute for Security Studies (EUISS), 2021. JSTOR
, http://www.jstor.org/stable/resrep34058
.
Kramer 2
In China’s Blockchain and Cryptocurrency Ambitions: The First-Mover Advantage
, Alice Ekman analyzes direct statements and legislation by the Chinese government to reflect China’s approach towards blockchain technology and cryptocurrency. This research also reflects China’s ambitions with blockchain
and the implementation of their own modified digital currency. As the growth of cryptocurrency has boosted in the past few years, China has grown worried about the implications of a decentralized currency on the Communist party’s ability to surveil their citizens' financial transactions. However, China still sees value in blockchain technology and the idea of a digital currency. Due to this, China has taken the framework and technology of mainstream cryptocurrencies and developed their own centralized currency, the “digital yuan”, controlled by the People's Bank of China. Ekman explores the endeavors of other countries attempting similar feats, but China is the first country to test it’s own digital currency. This first-mover advantage
described in the article enables the Chinese government to set the standard for authoritarian governments to utilize new technology like blockchain to their advantage, even when the technology’s original intention directly conflicts with the ideals of authoritarian control. Ekman’s perspective on China’s approach to cryptocurrency provides valuable insight for my research topic as it reflects how major world powers recognize the technology behind crypto as long lasting, but the individual currencies may not be
as authoritarian governments like China ban and deconstruct currencies’ ideological foundations for their own gain.
Kramer 3
Ephrat, Livni. "Can Crypto Go Green?" New York Times
, NYTCo, 10 Oct. 2021. https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html
. Accessed 18 Nov. 2021.
In "Can Crypto Go Green?" Livni Ephrat interviews experts on cryptocurrency and it’s byproducts to shed light on the environmental impact left from mining cryptocurrencies such as Bitcoin. Growing concern over carbon emissions and pollution has put a spotlight on the high-energy consuming cryptocurrencies, currently utilizing a network of thousands of computers around the globe that run mainly off fossil fuel energy. Ephrat analyzes the root of the problem, the process of creating new blocks in the blockchain through the process of “proof of work” (Ephrat). This process is the most energy consuming part and requires the same magnitude of power as a small country. Ephrat interviews three experts in the cryptocurrency arena to shed light on the wasteful nature of mining. Ephrat also touches on the hardware itself, in which crypto miners blow through computers faster than the average consumer due to their need for faster and more efficient methods of mining. This creates pollution beyond simply carbon emissions, as technology is scrapped and the toxic materials in their hardware are left to pollute landfills. Ephrat’s article looks at my research question from the environmental side of longevity. For cryptocurrencies like Bitcoin to survive long term, the means of production need to adapt to more sustainable methods as the problem of climate change worsens and the world takes measures to combat it. A downside to
this piece, however, is the partial bias presented by the experts interviewed, alongside the opinionated nature of the article overall.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Kramer 4
Harwick, Cameron. “Cryptocurrency and the Problem of Intermediation.” The Independent Review, vol. 20, no. 4, Independent Institute, 2016, pp. 569–88. JSTOR
, http://www.jstor.org/stable/44000162
.
In “Cryptocurrency and the Problem of Intermediation,” Cameron Harwick uses economic theory and external crypto data to clearly define the hurdles cryptocurrencies like Bitcoin need to overcome to be used as a mainstream currency. The author argues that the most basic of these prerequisites is purchasing-power stability. Cryptocurrencies like Bitcoin are known for their volatility in their price changes, gaining a reputation in its early years for changing up to 50% in value in a single day. Harwick reviews proposed stabilization schemes that counteract this; However, while price stabilization is a starting point, he argues that the most important factor to make Bitcoin mainstream is the “establishment of financial intermediaries whose cryptocurrency-denominated liabilities circulate as media of exchange” (Harwick 570). Elastic demand for such currency outside of financial intermediaries is limited and creates weaker foundations for growth. This hinders Bitcoin’s aspirations for being used as a mainstream currency as it is dependent on the US Dollar to give it value, creating a dilemma on how to differentiate Bitcoin as a currency instead of a method of exchange. Harwick’s analysis of the economic prerequisites and currency theory provides a more logical and historically comparable approach to my main research question of longevity. A downside to this paper, however, is it’s age. Published in 2016, Bitcoin has increased over
Kramer 5
8,000% in value in the past five years and vastly increased in popularity, which makes some of the data and claims in the paper now unreliable.
Shulman, Rani. “Are Centralized Cryptocurrency Regulations the Answer? Three Countries; Three Different Directions.” Brooklyn Journal of International Law
, vol. 45, no. 2, Jan. 2020, pp. 835–878. EBSCOhost
, https://search-ebscohost-com.ezproxy.hacc.edu/login.aspx?
direct=true&db=a9h&AN=145250665&site=ehost-live&scope=site
.
In “Are Centralized Cryptocurrency Regulations the Answer? Three Countries; Three Different Directions,” Rani Shulman analyzes the different approaches towards cryptocurrency between China, Switzerland, and the United States. By conducting her own research through interpreting laws, legislative initiatives, and politicians’ statements from each respective country, Shulman has come to varying conclusions on the stances of these countries. The author argues that China is a prime example of a country that does not embrace cryptocurrency, similar to other authoritarian countries where the anonymity and decentralization of crypto threatens their surveillance abilities and control. Shulman then looks to the other end of the spectrum at Switzerland, a country who has designed their laws as a safe haven for crypto currency. The limited government intervention that defines Switzerland aligns perfectly with the free market ideology which Shulman argues is the most effective for the crypto market. The third country analyzed, the United States, reflects a middle ground; The use of cryptocurrency is not prohibited like that of an authoritarian state, but the legislation and effort
Kramer 6
required to fully utilize the technology is years behind that of countries like Switzerland. Shulman’s analysis of China, Switzerland, and the United States’ approach to cryptocurrency reflects how major powers around the world have still
not agreed on the best way to handle the growing crypto market. This misalignment of cryptocurrency approaches on the world stage threatens the longevity prompted in my research question and highlights political influence as a
factor in crypto's continued growth.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help