UPDATE: "The Rise of DeFi: Adapting to the New World of Digital Assets"

With huge shoes to fill, can DeFi lay the foundations for a decentralised economy?

๐—จ๐—ฃ๐——๐—”๐—ง๐—˜: ๐—ง๐—ต๐—ฒ ๐—บ๐—ฒ๐—ฒ๐˜๐—ถ๐—ป๐—ด ๐—ต๐—ฎ๐˜€ ๐—ฏ๐—ฒ๐—ฒ๐—ป ๐—ฝ๐—ผ๐˜€๐˜๐—ฝ๐—ผ๐—ป๐—ฒ๐—ฑ ๐˜๐—ผ ๐˜๐—ต๐—ฒ ๐Ÿญ๐Ÿต๐˜๐—ต.

A growing number of developers and entrepreneurs are seeking to rebuild and decentralise the financial system using blockchain - databases distributed over many computers around the world and kept secure by cryptography. With huge shoes to fill, can DeFi lay the foundations for a decentralised economy?

Short for decentralised finance, DeFi is an umbrella term for financial services offered on public blockchains like Ethereum. Like traditional financial institutions, DeFi applications allow anyone in the world to borrow, lend, earn interest, and trade derivatives. With the help of smart contracts, agreements can be automatically executed and individuals can transact peer-to-peer without trusting centralised intermediaries such as banks and brokers. The DeFi space has seen exponential growth and it is becoming too big to ignore for governments and financial institutions. According to blockchain research firm Blockdata, a trillion dollars could flood into DeFi if the world's 100 biggest banks invested as little as 1% of assets under management.

Around the world, regulators begin to turn their attention to cryptocurrencies. Some countries have shown a positive attitude toward crypto, while others wield the crackdown hammer. Earlier in September, El Salvador has become the first country to accept bitcoin as legal tender. In the US, the SEC is reportedly investigating Uniswap Labs, the development firm behind the biggest decentralised crypto exchange. SEC Chairman Gary Gensler also warned that DeFi projects aren't immune to oversight. On the other side of the world, the People's Bank of China issued a notice that deemed all crypto transactions to be illegal. However, this isn't the first time that China has 'banned' crypto. Despite the recent ban, traders are able to find alternative ways to invest.

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Where does DeFi go from here? Feel free to discuss and share your opinions in the upcoming meeting titled "The Rise of DeFi: Adapting to the New World of Digital Assets".

Date: Oct 19th, Tue; 19:00-21:00
Location: Salon 10 (Arbuthnot Rd., 10)
Tickets: HKD30

The meeting will be conducted in groups of 4 people to follow current government regulations for gatherings.

ARTICLES TO READ / VIDEO TO WATCH:
CoinDesk:
DeFi Pushes North America to Become Worldโ€™s Second-Biggest Crypto Market - https://www.coindesk.com/business/2021/10/14/defi-pushes-n-america-to-worlds-second-biggest-crypto-market/

Forkast News: Institutional DeFi poised to become a $1 trillion industry, Blockdata says - https://forkast.news/institutional-defi-trillion-dollar-industry-blockdata/

The Block: How the SEC's reported Uniswap Labs investigation could signal a new era of enforcement - https://www.theblockcrypto.com/post/116633/how-the-secs-reported-uniswap-labs-investigation-could-signal-a-new-era-of-enforcement

Cointelegraph: Derivatives DEX dYdX beats out Coinbaseโ€™s spot markets by volume amid China FUD - https://cointelegraph.com/news/derivatives-dex-dydx-beats-out-coinbase-by-volume-amid-china-fud

Henri Arslanian Youtube Channel: What is DeFi?


FURTHER READING:
Forbes:
Bitcoin Mining Uses A Higher Mix Of Sustainable Energy Than Any Major Country Or Industry - https://www.forbes.com/sites/greatspeculations/2021/07/06/bitcoin-mining-uses-a-higher-mix-of-sustainable-energy-than-any-major-country-or-industry/?sh=de0633d4cc93

The Economist: Why it is wise to add bitcoin to an investment portfolio - https://www.economist.com/finance-and-economics/2021/09/25/why-it-is-wise-to-add-bitcoin-to-an-investment-portfolio

The Tokenizer: DeFi and tokenization together reshape the financial system - https://thetokenizer.io/2021/03/10/defi-and-tokenization-together-reshape-the-financial-system/

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If you decide to join the meeting, please come prepared - read more on the subject, take notes, write down some thoughts and points that you would like to bring for the discussion and share with the group.

We will not have a speaker on the topic, so your self-preparation is key for an intelligent and quality discussion within small groups of 4 people.

Fee: HKD30, it is also suggested that every attendee buys a drink as a courtesy to the venue.

The Economic Club is a community of intellectually curious people in Hong Kong. Learn more about the Economic Club on https://www.econclubhk.org/

Take online survey of the Economic Club

Have your say about the community and the role you want to play

More than six years have passed since we hosted our first event on August 19, 2015. Our group has changed a lot since then: the concept of The Economic Club has evolved and matured, and many people came to our meetings on a regular basis.

Our goal is to create an independent, self-sustaining, free-thinking community of respectable media readers and intellectually curious people. We invite you to take this short survey and share your views on the Economic Club and how do you see your role in the next 6-12 months period.

https://forms.gle/CWQFx3UNRkgDfBsaA

Thank you for being with The Economic Club!

Yours,

The Economic Club of Hong Kong Team
www.econclubhk.org

Invitation to The Economic Club Meeting: "# HK's reindustrialization - wish or vision"

Can Hong Kong - supported with the right policy tools - re-industrialize and become a leader in certain industries or is this mere wishful thinking?

Tourism as well as trading and logistics, two of the four pillar industries of Hong Kong have suffered during the pandemic and it is unclear, whether they will ever return to their former strength. Consequently, there is a lot of hope and expectations for Hong Kong's future economic opportunities build on the Greater Bay Area with its 70+ million consumers.

China's 14th Five-Year-Plan, but especially the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" (็ฒตๆธฏๆพณๅคง็ฃๅ€็™ผๅฑ•่ฆๅŠƒ็ถฑ่ฆ) list supporting "Hong Kongโ€™s efforts in exploring 're-industrialisation' in sectors where it enjoys advantages" as policy goals.

Considering high labor costs and limited land supply, re-industrialization is not an easy goal to achieve and the very cautious wording in the policy document may hint to that.

  • Can Hong Kong - supported with the right policy tools - re-industrialize and become a leader in certain industries or is this mere wishful thinking?

  • What policy tools would be required to make this vision a success?

These and other questions we are going to discuss during the upcoming meeting of The Economic Club of Hong Kong "# HK's reindustrialization - wish or vision".

Date: Sept 28th, Tue; 19:00-21:00

Location: Salon 10 (Arbuthnot Rd., 10).

The meeting will be conducted in the group of maximum 4 people to follow current government regulations for gatherings.

Articles to read:

1. Bloomberg Businessweek "Hong Kong Wants to Bring Back Factory Jobs That Left Long Ago" https://www.bloomberg.com/news/articles/2021-04-13/hong-kong-wants-to-bring-back-manufacturing-to-revive-its-economy

2. HKU Professor Heiwai Tang "Why is now the best moment for Hong Kong's economic transformation?" https://www.fbe.hku.hk/research/thought-leadership/hkej-column/why-is-now-the-best-moment-for-hong-kongs-economic-transformation/ (Article is in Chinese - please use Google translate)

3. German Chamber of Commerce Hong Kong "Back to the Future: Re-industrialisation in Hong Kong" https://hongkong.ahk.de/news/news-details/back-to-the-future-re-industrialisation-in-hong-kong

If you decide to join the meeting, please come prepared - read more on the subject, take notes, write down some thoughts and points that you would like to bring for the discussion and share with the group.

We will not have a speaker on the topic, so yours self preparation is a key for an intelligent and quality discussion within the small group of 4 people.

Fee: it's free to attend the meeting, but every attendee would buy a drink as a courtesy to the venue.

The Economic Club is a community of intellectually curious people in Hong Kong. Learn more about the Economic Club on https://www.econclubhk.org/

Invitation to the next meeting: "Twenty Years After 9/11"

A Day Of Remembrances And Reflection: 20 Years After The 9/11 Attacks

What lessons, if any, have been learned from the 20 years of fighting terrorism across the world? What has worked and what hasn't? And today, as Afghanistan is once more ruled by the movement that sheltered al-Qaeda, are we any wiser than we were on the morning of 11 September 2001?

These and other questions we are going to discuss during the upcoming meeting of The Economic Club of Hong Kong "Twenty Years After 9/11".

Date: Sept 16th, Thu; 19:00-21:00

Location: Salon 10 (Arbuthnot Rd., 10).

The meeting will be conducted in the group of maximum 4 people to follow current government regulations for gatherings.

Recommended materials to read:

1. The Economist: The fiasco in Afghanistan is a grave blow to Americaโ€™s standing

https://www.economist.com/leaders/2021/08/21/the-fiasco-in-afghanistan-is-a-grave-blow-to-americas-standing

2. The Atlantic: America Did Al-Qaedaโ€™s Work for It

https://www.theatlantic.com/ideas/archive/2021/09/america-al-qaeda-911/620041/

3. Foreign Affairs: Bin Ladenโ€™s Catastrophic Success

https://www.foreignaffairs.com/articles/afghanistan/2021-08-13/osama-bin-ladens-911-catastrophic-success (this one is a long-read but totally worth it).

If you decide to join the meeting, please come prepared - read more on the subject, take notes, write down some thoughts and points that you would like to bring for the discussion and share with the group.

We will not have a speaker on the topic, so yours self preparation is a key for an intelligent and quality discussion within the small group of 4 people.

Fee: it's free to attend the meeting, but every attendee would buy a drink as a courtesy to the venue.

The Economic Club is a community of intellectually curious people in Hong Kong. Learn more about the Economic Club on https://www.econclubhk.org/

Adapting to the Climate Change - Aug 31st, 7 pm

The extremes of floods and fires are not going away, but adaptation can lessen their impact

The Sixth Assessment Report of the United Nations Intergovernmental Panel on Climate Change (IPCC) was published earlier this month. Global temperatures have already risen by about 1.1 degrees from pre-industrial levels, and the concentration of CO2 in the atmosphere has reached to 410 ppm.

Rising temperatures can lead to people dying in some places "just by going outside."

If humanity does not reduce CO2 emissions, global temperatures could rise to 2 degrees by 2060 and to 2.7 by the end of the century. Heat and hurricanes are likely to become even more severe.

What do the scientists' conclusions mean for ordinary humans? Is it possible to slow down the climate crisis? And how will this crisis will affect Hong Kong and the rest of the world in the next 50 years?

To discuss these and other questions related to climate, we invite you to join the upcoming meeting of The Economic Club.

Date: Aug 31st, Tue; 19:00-21:00
Location: Salon 10 (Arbuthnot Rd., 10).
The meeting will be conducted in the group of maximum 4 people to follow current government regulations for gatherings.

Preparatory materials to read:
Summary for policymakers of IPCC report: https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM.pdf

There are many angles you can approach the discussion on the climate change issue - science, policy, technology, business, etc. We encourage you to do your own research on the matter. One of the resources you might consider is the coverage of climate change by The Economist https://www.economist.com/climate-change (for article access you would need to register on their website). For example, the article which discusses the issue of adaptation https://www.economist.com/leaders/2021/07/24/a-3degc-world-has-no-safe-place. However, it's not the only place to get the information from.

If you decide to join the meeting, please do come prepared - read more on the subject, take notes, write down some thoughts and points that you would like to bring for the discussion and share with the group.

We will not have a speaker on the topic, so your self-preparation is a key for an intelligent and quality discussion within the small group of 4 people.

Fee: it's free to attend the meeting, but every attendee would buy a drink as a courtesy to the venue.

The Economic Club is a community of intellectually curious people in Hong Kong. Learn more about the Economic Club on https://www.econclubhk.org/

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