Bloomberg Ideas conference now starting! I will be live-tweeting it. You can watch on our Facebook or Twitter pages (links below)!

Our first panel is about cryptocurrency! We have @matt_levine, @tylercowen, @eiaine, @nirkaissar, and Camilla Russo!
Ou: Crypto will be useful for the unbanked.
Cowen: Crypto has to compete against a bunch of other emerging payments technologies. Bitcoin is too inflexible.
Cowen: I'll bet on the payments companies over crypto.
Levine: Crypto could have a stable, successful medium-sized niche without taking over the financial system.
Ou: Decentralized systems are still really inefficient relative to centralized ones. So crypto needs to get to the point where it's as easy to use as existing payment systems. But that's going to be hard.
Russo: Black market transactions are now only about 10% of transactions. But most is now speculation. Still almost zero use as actual money.
Feldman: Of the ppl using Bitcoin to purchase actual goods and services, it's still mostly illegal, right?

Russo: Yes. Remittances and cross-border transfers still very small.
Russo: Crypto is not anonymous! It's pseudonymous. You can track accounts to their owners.
Cowen: What are some use cases for crypto? Micropayments?

(Noah's note: Seems like fees are too high for that)
Feldman: If you use crypto for stuff on legal gray areas, regulation will come. You can't just occupy spaces between laws forever.
Cowen: 40% chance crypto is a niche thing, 15% chance it goes huge, and 45% chance it collapses and goes away.
Levine: It's hard for the SEC not to step in and regulate ICOs. Most clearly look like securities offerings.
Kaissar: Investors are more careful now because we learned our lesson from the tech and housing bubbles. The Bitcoin bubble was pretty small.
Cowen: The people losing on ICOs are typically highly educated nerdy people who know what game they're playing.
Feldman: But isn't general trust in the markets a public good?
Levine: It's possible you need to have decades of scammy markets in order to build the infrastructure for a functioning market, which you then regulate.
Cowen: @VitalikButerin is one of the very smartest people I've ever met, and with no formal training has replicated results by Nobel-winning economists.
Cowen: Vitalik is worried that too much of people's trust in Ethereum is just personal trust in him. So the mechanisms [of the Ethereum ecosystem] need to work in a more formal, effective way.
Kaissar: We're now realizing the negative impacts of social media. What negative effects might blockchain have on the world?
Russo: Bad guys are already using blockchain for their own benefit. And there's lots of market manipulation and other bad behavior in the crypto space. It's a fertile ground for bad actors.
Ou: Blockchain could topple the nation-state and lead to ultimate peace and prosperity.

Feldman: Having been to Iraq, toppling the nation-state sounds bad.
Cowen: Bitcoin's flaws actually allow you to hedge against weird things (like the state of hacking technology).
Cowen: Skeptical of stablecoins. All pegs fail. Bretton Woods failed. The Chinese currency peg failed. How well-capitalized are stablecoins? They will fail.
Cowen: As crypto matures it will become bureaucratized and institutionalized.

Levine: A lot of crypto is rediscovering the (institutional) history of finance.
Me: Crypto is using enormous and increasing amounts of energy. Currently for Bitcoin it's all being used for either speculation or crime. It threatens to.undo the decoupling of growth from energy use. What will save us from the Bitcoin energy apocalypse?
Russo: Bitcoin might be worth it. It still uses less energy than gold mining. And it uses electricity in places where electricity is cheap.

Cowen: Bitcoin is relatively minor as far as energy usage goes, but it's a real problem.

Levine: Lighting network and proof-of-stake.
Ou: Bitcoin energy usage is like war - a necessary use of energy to maintain competitive position.

Feldman: But war is bad.
And that's a wrap! Tomorrow we'll have two more panels: One on the economics of A.I., which I will be on, and one on regulation of big tech, which I will live-tweet!

See you tomorrow!

More from Noah Smith

Yes, we have been more divided than we are now. Within living memory.

Labor disputes used to kill hundreds of people!

In 1932 Douglas MacArthur called in tanks on protesting veterans, injuring over a thousand people!

In 1967 there were 159 race riots in cities across

In 1921, rioters used airplanes to bomb black businesses in Tulsa, Oklahoma! Hundreds were killed in the riot!
1/I'm thinking about the end of Apu in the context of the national debates on immigration and diversity.

2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.

3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a

4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).

5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".

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अंगद को विदा करते समय राम रो पड़े थे ।हनुमान को विदा करने की शक्ति तो राम में थी ही नहीं ।

माता सीता भी हनुमान को पुत्रवत मानती थी। अत: हनुमान अयोध्या में ही रह गए ।राम दिनभर दरबार में, शासन व्यवस्था में व्यस्त रहते थे। संध्या को जब शासकीय कार्यों में छूट मिलती तो गुरु और माताओं का कुशल-मंगल पूछ अपने कक्ष में जाते थे। परंतु हनुमान जी हमेशा उनके पीछे-पीछे ही रहते थे ।

उनकी उपस्थिति में ही सारा परिवार बहुत देर तक जी भर बातें करता ।फिर भरत को ध्यान आया कि भैया-भाभी को भी एकांत मिलना चाहिए ।उर्मिला को देख भी उनके मन में हूक उठती थी कि इस पतिव्रता को भी अपने पति का सानिध्य चाहिए ।

एक दिन भरत ने हनुमान जी से कहा,"हे पवनपुत्र! सीता भाभी को राम भैया के साथ एकांत में रहने का भी अधिकार प्राप्त है ।क्या आपको उनके माथे पर सिन्दूर नहीं दिखता?इसलिए संध्या पश्चात आप राम भैया को कृप्या अकेला छोड़ दिया करें "।
ये सुनकर हनुमान आश्चर्यचकित रह गए और सीता माता के पास गए ।

माता से हनुमान ने पूछा,"माता आप अपने माथे पर सिन्दूर क्यों लगाती हैं।" यह सुनकर सीता माता बोलीं,"स्त्री अपने माथे पर सिन्दूर लगाती है तो उसके पति की आयु में वृद्धि होती है और वह स्वस्थ रहते हैं "। फिर हनुमान जी प्रभु राम के पास गए ।