From: Boris Nikolic To: "Jeffrey Epstein (jeevacation@gmail.com)" <jeevacationggmail.com> Subject: FW: DialogUE 204 Date: Mon, 09 Sep 2013 00:58:54 +0000 Attachments: Bitcoin_v19.pdf Some of material re bitcoin and Peter Thiel's mtg Link also have materials And I will send you more B From: Chishty, Sameer (mailto Sent: Thursday, August 22, 2013 11:20 PM To: Subject: RE: DialogUE 204 Boris Nikolic; Fellow 204-ers, With deep gratitude to fellow Dialoger (and future Nobel Prize Laureate) Susan Athey, here are some additional pieces which are food for thought. They make great airplane reading. Another view on BitCoin: http://blog.erratasec.corn/2013/05/bitcoin-is-public-ledgechtml#.UhWYNzbn-Um Paul Romer on "cashless" society: http://blog.supplysideliberal.com/post/55060544561/paul-romer-on-the-cashless-society A draft paper is attached; written by Susan and fellow Dialoger Charlie Songhurst on Bitcoin. Please do no circulate further. Here are some questions to get us thinking in advance of our session: 1. Will a -market-based' currency be "better" than one controlled by a central bank or by en elected government? In what ways? 2. How should traders / exporters / importers react to a "math based" or "private" currency? 3. How can new "math based" change the current financial system? Banks? 4. What will it take to drive adoption? What could governments do to control these advances and how effective can they be in doing so? S. What impact do these new payment systems have on our everyday lives? What socio-economic impact will these new tools and advances have around the world? Sameer. Sameer Chishty i§ flgi Partner, Bain & Company, Hong Kong mobile +852 6893 0296 From: Chishty, Sameer Sent: Thursday. August 15 2013 9:32 AM To: Subject: DialogUE 204 Fellow Dialogers, EFTA00970054 Welcome to Breakout #204, The future of finance: Disrupting the big government/big banking cartel through monetary financial exchanges. I'll be moderating our dialog and look forward to seeing you soon in Istanbul. As a reminder, the context of our session is: "Fiat money is being printed by all of the major developed countries to support unsustainable levels of public spending, undermining global confidence in the financial system. Is the lack of sound, tradable, non-political store of monetary value a major drag on the global economy and growth? Are new currencies (like Bitcoin) a feasible alternative to big-government/big-bank financial instruments?" Thought I'd share a few articles to get people's thoughts flowing. Do feel free to share other pieces you think will be valuable in the build-up to our dialog. Here's one view on capital levels: The capital superabundance we see now has been building up since the end of Bretton Woods, with acceleration due to computer technology and financial engineering. While central banks have been taking extraordinary actions, some of this has been "trans leverage" (the government taking on private sector debt, as we saw in the US) rather than a massive growth in total leverage. The buildup of capital over time begs the very interesting question of the right level of capital for GDP growth — the market-clearing mechanism is really interest rates, which suggests interest rates staying lower than recent historical norms on average for some time. The other question is whether we need to "do" anything about the levels of financial assets or rather simply adjust to the new levels. Clearly these extraordinary measures can't continue, but interesting to look at this issue from the angle of how people may be overweighting current actions vs. long term trends. Attached is an article titled "A world awash in money". A US perspective on public spending from Forbes: http://www.forbes.com/sites/joshbarro/2012/04/16/lessonsfrom-the-decades-long-upward-march-of-government-spendine Nate Silver on sources of US government spending growth: http://fivethirtyeight.blogs.nytimes.com/2013/01/16/what-is-driving-growth-in-government-spending/? r=0 Short pieces on private money, including summary of Hayek's theory: http://www.forbes.com/sites/realspin/2012/08/23/private-currency-competition-is-the-monetary-answer/ or http://www.forbes.com/sites/peterferrara/2013/03/01/rethinking-money-the-rise-of-hayeks-private-competingcurrencies/ Private money examples in Europe: http://www.rolandberger.be/media/pdf/Roland Berger Point of view What about private currencies 201305 27.pdf An argument for stable private money backed by gold or silver: https://www.bullionstaccom/article/private-currencies-future-money Cheers. Sameer. Sameer Chishty Partner, Baln & Company 30/F, One International Finance Centre I 1 Harbour View Street, Central I Nona Kong tel: +852 2978 8886 mobile: +852 6893 0296 mailto I web: www.bain.com EA: Ivy Chan This e-mail, including any attachments, contains confidential information of Bain & Company. Inc. ('Bain') and/or its clients. It may be read, copied and used only by the intended recipient. Any use by a person other than its intended recipient, or by the recipient but for purposes other than the intended EFTA00970055 purpose, is strictly prohibited. If you received this e-mail in error, please contact the sender and then destroy this e-mail. Opinions. conclusions and other information in this message that do not relate to the official business of Bain shall be understood to be neither given nor endorsed by Bain. EFTA00970056