The End of Zero Returns and the Last Dollar: Can New York State create a collective store of value, crowdsource wealth, and fund its colleges and universities using cryptocurrency?

Authors

Edward Lehner, CUNY Bronx Community CollegeFollow

Document Type

Working Paper

Publication Date

Spring 4-7-2020

Abstract

This brief personal statement, citing the previous work of the Bronx Community College Cryptocurrency Research Laboratory (BCC Lab), advocates for a private New York State Money to fund New York State’s public higher education. Attempting to shed most of the academic language and the formalities of research-driven writing, this short statement frames two distinct arguments. The first contention is that New York State residents need a means by which to store value outside of the traditional banking and financial systems due to massive Federal Reserve printing that is centered primarily on rescuing fledgling Wall Street profits and mitigating reckless businesses practices. Secondly, this statement explores how a Cryptocurrency, a peer-to-peer staking coin, could be one way for the New York State population to store its wealth while simultaneously funding New York State’s higher education. Lastly, in the conclusion, the work reviews, and then adds as appendices, all of the preceding work of the BCC Lab on cryptocurrency and wealth generation, providing an overview of that work and calling for next steps in the research.