Second RefAnnBib (pros/cons of cryptocurrency)

https://digitalcommons.liberty.edu/cgi/viewcontent.cgi?article=2007&context=honors    

Bibliographic Entry  

Rice, Mitchell. Cryptocurrency: History, Advantages, Disadvantages, and the Future, Apr. 2019, digitalcommons.liberty.edu/cgi/viewcontent.cgi?article=2007&context=honors. 

Background and Credibility of Author 

Mitchell Rice serves as Chief Executive Officer of RMC Property Group. He has been involved in the commercial real estate industry for over 25 years. Originally from New York, Mitchell earned a Bachelor of Arts degree in political science from the University of Wisconsin and began his professional career with the New York Stock Exchange. Mitchell is a member of the CRES (Center of Real Estate Studies) Advisory Board at the University of Florida and the Board of Directors of Bay Cities Bank. 

“Cryptocurrency: History, Advantages, Disadvantages, and the Future” 

Thesis Paper; Rice seems like a credible writer, and this source being written in 2019 allows for an updated assessment of cryptocurrency and all the risks that are associated with it.  

Précis 

Rice compiles research studies and articles that speculate the advantages and drawbacks to cryptocurrency. He speculates this digital asset and the attention it has received within the last five years. Rice sheds light on what cryptocurrency is as a whole and goes in depth about different types of cryptocurrencies that exist, specifically focusing on Bitcoin. According to Rice, some advantages involving cryptocurrency is the lack of government oversight, and increased privacy available to the consumer(s) (Bunjaku, Gjorgieva-Trajkovska, and Miteva-Kacarski, 2017, p. 37) as well as the simplicity in the start-up process, the ease of transferability, and the opportunity to have a seamless process in investing and/or exchanging monies. Contrastinglyhe also sheds light on the disadvantages such as the low amount of oversight and liquidity hurt for investing future. The ability for cryptocurrency to be used for illegal and/or evil activity is also discussed as an ethical drawback. After summarizing and analyzing the studies and limitations, Rice suggests further research studies that future cryptocurrency researchers should pursue. 

Reflection 

This paper offers a good understanding of cryptocurrency which is essential to my own paper. The paper covers both the benefits and drawbacks of cryptocurrency. By looking through multiple lenses, Rice offers limited biases and much fact-based information. The paper provides more drawbacks than benefits which are crucial to my paper in explaining the negatives towards our economy with cryptocurrency. Rice specifically brings light to the fact that cryptocurrency has an uncertain future. The future of cryptocurrency requires much economic forecasting and these new changes that cryptocurrency will bring to traditional economic institutes is an area which cryptocurrency needs to explored more. Rice concludes his paper by questioning whether cryptocurrency is a fad or an economic bubble. 

Quotables 

 Sometimes money is needed instantly for businesses just to stay open and functioning. Cryptocurrency creates a unique avenue for these specific people and businesses to receive and distribute currency quickly and effectively. The advantages of privacy and simple transfer are a major advantage that cryptocurrency has which is contributing to mainstream success.” 

“The ability for illegal activity to not only use cryptocurrency improperly, but also as a preferred mode of money transactions based upon its attraction due to anonymity could be devastating. This makes not only institutional investors, not average people, become skeptical and have a negative view on cryptocurrency.” 

2 thoughts on “Second RefAnnBib (pros/cons of cryptocurrency)

  1. Hey Olivia! In addition to these facts, you can find an example of where cryptocurrency was used successfully/ unsuccessfully, depending on what you are arguing. It would give your audience insight on what a cryptocurrency would look like from the perspective of someone who’s actually used it. Personal experience, I think, would be valuable in deciding whether or not to invest in it or if it is worth it to spend time researching it for the future.

  2. hey olivia—overall, this source provides a very informative overview of cryptocurrency, with its advantages and disadvantages, which you can continuously refer back to in your research paper. I feel as if this even adds a bit of credibility to the author, since he is providing both sides of the argument rather than being completely biased in his words. You mentioned that you would like to focus on the drawbacks outweighing the benefits, so although this author does describe many of the advantages, this can further become a counterclaim that would only make your argument stronger by using more research and statistics in support of the disadvantages. In regards to the future, the author does express that it is uncertain, however it would be interesting to branch out into modern instances and real-life businesses or investment situations (or even by the average person) where cryptocurrency felt risky and skeptical, and ultimately a failure. I feel like you can even scope through posts on different blogging sites and even Reddit(!). Although the concept is relatively new, it is what people strive for in currency with all of its “benefits”, though people fail to realize the underlying uncertain effects that it holds for the economy, so providing your audience with specific statistics of unethical illegal activity utilizing cryptocurrency would be useful.

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