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2 posts on "michael junho lee"
August 16, 2023

What Makes Cryptocurrencies Different?

Anders Brownworth, Jon Durfee, Michael Lee, and Antoine Martin

Decorative photo: B for Bitcoin symbol on dark blue background with 0s and 1s floating and lines connected to dots to imply network.

Permissionless blockchains, which support the most popular cryptocurrency networks like Bitcoin and Ethereum, have shown that it is possible to transfer value without relying on centralized trusted third parties, something that is new and remarkable (although perhaps most clearly useful for less developed financial markets). What makes permissionless blockchains able to transfer value without relying on a small number of trusted third parties is the combination of several components that all need to work together. The components themselves are not particularly new, but the combination of these components is more than the sum of its parts. In this post, we provide a high-level overview of these components and how they interact, taking Bitcoin as an example.

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Posted at 7:00 am in Cryptocurrencies, Financial Markets | Permalink | Comments (2)
June 16, 2023

2023 State‑of‑the‑Field Conference on Cyber Risk to Financial Stability

Nitansha Bansal, Jason Healey, Anna Kovner, Michael Lee, Patricia Mosser, and Virpratap Vikram Singh

Decorative image: hand holding mobile device with cyber risk icon image overlay.

The Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs (SIPA) co-organized the fourth annual State-of-the-Field Conferences on Cyber Risk to Financial Stability, on April 14, 2023.  The conference builds on joint activity by the New York Fed and SIPA since 2017. Each year, the conference convenes panels to confront the same three questions: What are we learning about cyber risk to financial stability? What are we doing to improve resilience and stability? And what’s next? This blog post reviews some of these conversations from the 2023 conference.

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Posted at 7:00 am in Financial Institutions, Systemic Risk | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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