With the ongoing rise and fall of the digital currency making news all over the world, the Social Sciences cluster held a forum on Prospects and Challenges of Cryptocurrency last January 29, at F213, Finster Building, Ateneo de Davao University- Jacinto campus.
Dr. Robert John Pefferly Jr., the guest speaker for the said event, highlighted how cryptocurrency has been a global phenomenon and how people were misled by the illusion it creates. During his talk, the academic mathematician and financial analyst used economics and history lessons to explain the similarities between money value and cryptocurrency trend across the years. Using the basic concepts of supply and demand relationship to price and other factors.
“Money itself is fictitious. It is a flat social contract. If I can’t trade a piece of paper for what I want with the person who have something that I want, the whole fiat financial system does not work. It only works if psychologically, we all believe that this is something that we all agreed is a social contract. This is the same with cryptocurrency,” Pefferly introduced.
“Cryptocurrencies are deliberately made-up stuff. It is fictitious gold. When we talk about mining cryptocurrency, it is the same as mining gold. The only difference is, gold actually exists but everything else is pretty much the same. Cryptocurrencies can be arbitrarily traded just like gold can be arbitrarily traded,” he explained.
“If you want to build wealth, you can either invest in buying land or investing in yourself. Use your time and your brain. Educate yourself and develop your intellectual property,” the speaker concluded.
Fr. Denny Toledo, SJ, a member of the Computer Studies department, said that the speaker confirmed his own views about cryptocurrency. He emphasized the importance of this kind of discussions to the Ateneo community.
“For me, anything which has to do with current events should really be learned by the Ateneans because this is in the news already. It is good that we pay attention and listen to their expertise. Because the essence of education is really about asking questions, not only accumulating facts, but the ability to analyze and inter-relate ideas,” Toledo said.
The forum was attended by students and faculty, both from the college and senior high school department. This was initiated by the Social Studies Cluster and the Economics department in partnership with the Economics Society. Positive feedbacks from participants were received after the event.
“The talk was very okay. I think, many should be educated about this because we can use this tool to expand our means of horizon when it comes to our ideas about money and the truth behind these cryptocurrency,” said VJ Mendoza, a Political Science student.