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University of Silesia in Katowice

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Cryptocurrencies – a fraud or technology of the future? | Scientific Premiere Stage

21.11.2022 - 11:50, update 25.11.2022 - 14:23
Editors: wcyg

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Excavators, Fiats, whales and blockchain system – these apparently random and unconnected words are related to the subject of cryptocurrencies, which we will talk about during the nearest edition of the Scientific Premiere Stage on 24 November at 6 p.m.

Let us wonder, for a start, where the name ‘cryptocurrency’ actually comes from. The answer lies in cryptographics, i.e. a discipline on the border of mathematics/IT, whose task is to secure information. Unlike traditional money, cryptocurrencies are not kept in bank accounts, but in virtual “wallets” with certain resources allocated. How much money can such a wallet carry? Pretty much, actually.

In November 2021, the most valuable cryptocurrency, i.e. bitcoin, achieved the record amount of approximately 67,000 USD. The highest value of the second most valuable ethereum amount to “only” 4,900 USD. Despite this, again there are black clouds hanging over the cryptocurrency market due to the crisis of FTX – cryptocurrency stock exchange with its registered office in Bahamas. On the other hand, dramatic falls and increases on cryptocurrency stock exchange are no longer a surprise for anyone.

Unfortunately, as it happens with money, there are fraudsters everywhere, who live by cadging people who are naive or unfamiliar with the subject, and cryptothefts take place on a daily basis. Quick profit attracts many. There are also attacks on cryptocurrency stock exchanges and commercial chains, as well as directly on us, digital currency holders. Energy issues also need to be mentioned: nowadays bitcoin uses more less as much energy as a country the size of Sweden. However, cryptocurrencies also have many advantages – their technology is developing dynamically, and the blockchain system may play a huge part in global economy and contribute to its development.

How come digital currencies achieve such huge values? How does the blockchain system work? To what extent does cryptocurrency market impact global economy and how much does it depend on it? Can major global players predict fluctuations in the cryptocurrency market and will we ever have a stable cryptocurrency? More on this subject on Thursday, 24 November at 6 p.m. during the next edition of the Scientific Premiere Stage.

Our guests are Przemysław Kudłacik, PhD Eng. from the Faculty of Science and Technology of the University of Silesia and Piotr Dąbrowski, PhD from the Department of Banking and Financial Markets of the University of Economics. The meeting host is Marta Paluch, a journalist from Radio eM.

The event will be translated to Polish Sign Language.

Scientific Premiere Stage is an event co-organised by Metropolis GZM.

Please remember that the previous meetings are available on YouTube channel of the University of Silesia.

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