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Essay Available:
Pages:
4 pages/β‰ˆ1100 words
Sources:
10 Sources
Style:
APA
Subject:
Mathematics & Economics
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 17.28
Topic:

The Underground Economy. Alternative Digital Currencies

Essay Instructions:

Please Choose One of the following topics:

1. Bias vs. Truth

The media coverage of many important world issues needs to be carefully assessed for inherent biases related to key factors including: political agenda, economic interests, advertiser pressure and media ownership. In an effort to present an unbiased view of an issue it is important to consider a number of sources, reflecting various views. Identify an area of the underground economy and provide an objective view of the issue, using a variety of print media sources that reflect different political viewpoints (i.e. left vs. right)

In examining and attempting to answer the above question a number of issues should be covered, including: Is the media outlet providing a left, right, or balanced view? What is the evidence of this? Whose interests are reflected in how the story is being presented? What incentives are creating this particular viewpoint?



2. Decriminalization and Legalisation of Drugs?
The decriminalization and/or legalisation of drugs is a highly contentious issue with many political, legal, economic, and social implications. A number of political jurisdictions – including Portugal, Uruguay, and a number of US states have either decriminalized or legalised one or a number of recreational drugs. Evaluate the impact on the underground economy and the implications for the legal economy. Political, legal, economic, and social impacts should be considered.
You should also consider the differences between decriminalization and legalization and their respective impacts. Be sure to evaluate both the demand and supply side issues and impacts – including those affecting other states or countries, which have not decriminalized or legalized the drug(s). Also the type of illegal drug ie. marijuana, heroin, cocaine etc. should be considered in your analysis.

3. The Underground Economy in Colombia

The country of Colombia presents an important and interesting case study of the underground economy. The intersection of guns, drugs, and terrorism with politics, economics, and international intervention present an opportunity to research and report on what is happening in this country, what are some potential outcomes, and the reasons why.

Your response to this should take into account the main groups involved in the struggle and their relationships to the underground economy.








4. The Future of the Underground Economy

Look ahead into the murky world of forecasting and put together a report on what the future of the underground economy may look like in 10 - 20 years’ time. You may want to focus on one or two areas of criminal activity. This should not be based on science fiction but emerging trends that form a basis for your hypotheses.

Your response to this should factor in developments in technology, society and culture, politics, and the legal system. Consideration of economic incentives is also important.


5. Alternative Digital Currencies ( Bitcoin, Litecoin and others)

Alternative digital currencies represent a major innovation in the evolution of money. While not actually legal tender they are growing rapidly in popularity and usage. The main benefits of Bitcoin and others relate to their protection of user anonymity, minimal transaction fees, and their independence from both government control and the banking system. These alternative currencies have been very controversial due to their use as a preferred method of payment in the underground and black market economy. Your paper should evaluate the future potential these currencies becoming mainstream money. The report should address both the opportunities and challenges facing these currencies and the implications regarding their potential impact on society- including the economy, government, the banking system, as well as the regulatory environment ( eg. law enforcement and policy issues).



The research paper will be graded based on:
- the breadth of research done and insights uncovered
- the level of understanding of the subject material
- how well material is related to concepts covered in the course,
- the logic and organization of the report
- ability to focus on the issue within 4-5 pages

Essay Sample Content Preview:

Alternative Digital Currencies
Author Name
Institution Affiliation
According to Garrick Hileman, an alternative digital currency (also known as cryptocurrency) has been designed to work as a medium of exchange. In recent months, more and more businessmen and currency exchanger have started using alternative digital currencies, calling them strong enough to secure financial transactions, to verify the transfer of assets and to control the creation of additional units (Hileman, 2013). Instead of centralized control, every cryptocurrency uses decentralized control, which is why it is given high preference these days. For example, Bitcoin is one of the best and most powerful alternative digital currencies. It was first introduced as the open-source software in 2009. It is widely believed that bitcoin is the first decentralized cryptocurrency to revolutionize the stock exchange market. For nearly seven years now, over four thousand altcoins have been created and marketed. Litecoin is the second main open-source software and a peer-to-peer cryptocurrency that was released under the license of MIT/X11. The creation and transfer of the coins are based on an open-source cryptographic protocol. It has nothing to do with any central authority. Starting in October 2011, litecoin was considered a bitcoin spinoff. Technically, both of them have many similar features and values.
The Advantages and Disadvantages of Alternative Digital Currencies
Advantages
In her article titled Digital Currencies: Beyond Bitcoin, Hanna Halaburda mentions that cryptocurrencies have always been appreciated by their users and are considered the next step in the evolution of money. So far, the most convincing argument in favor of bitcoin and other cryptocurrencies is their underlying technology: blockchain. It is a well-distributed database that is capable of recording transactions between two parties without any issue (Halaburda, 2016). The transaction can then be verified using any method or tool. In some blockchains such as ethereum, the ledger itself can easily be programmed to activate the transaction automatically (Wales, 2015). It is obvious that blockchain lets users track their coins in all accounts of the ecosystem in a verifiable, auditable and transparent way. It means the cryptocurrencies remain safe from malicious attacks and the hackers cannot steal any coin from the system. This feature of alternative digital currencies provides users with a chance to protect their money and to continue doing the business or exchange without any issues or worries. In simple words, we can say that cryptocurrencies are foolproof as compared to fiat currencies. In addition, every block that stores a number of transactions on the chain is confirmed or verfieid against the previous blocks in order to ensure its legitimacy and reliability. For a block to be validated, the miner has to compute sophisticated cryptographic functions; the community can easily control the supply of crypto according to their requirements, expectations, and desires.
Disadvantages
It should be noticed that precious and expensive metals like silver and gold enjoy high value and are accepted worldwide when it comes to the exchange of currencies. Fiat money such as the British pound ...
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