Session Title: "The Disruption of Money and the Evaluation of Cryptocurrencies"
Speaker: Sunil Erevelles, Associate Professor, University of North Carolina at Charlotte, USA
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Session description: A substantial share of the future of money is in cryptocurrencies. This percentage will continue to grow exponentially in the near future and become an essential part of the global blockchain-based marketplace in the longer term. There will be different types of crypto money. They will ubiquitously be used in trade, risk-hedging, and lending. Before money was invented, there was the ledger. Early human beings traded or bartered what they did best with others and kept track of transactions on a ledger. Blockchain technology is just the current iteration of the ledger. Today’s money system is beyond antiquated. The only thing today that distinguishes a fiat currency, such as the US Dollar, from any other piece of paper is trust. This trust has been deeply eroded in recent years. Money transfer models, such as cheques, ACH, wire transfers, etc. have numerous weaknesses and, in many cases, fatal flaws. Major drawbacks in trust, security, transparency, privacy, and mediation currently exist. Cryptocurrencies can help overcome many of these drawbacks. Today, there are over 15,500 cryptocurrencies in existence. Most of them will not survive in the longer term. The ones that perform well on one or more components of our crypto-evaluation test will likely dominate various segments of the crypto market. The Erevelles crypto-evaluation model consists of four key components: (i) Monetary discipline, (ii) Chokepoints, (iii) Network trajectory, and (iv) Community effects. More specifically, the following four questions are part of our crypto-evaluation model: (i) Does the cryptocurrency have a rigid, rule-based monetary discipline? (ii) Does the cryptocurrency have a choke point, or is it democratically decentralized? (i.e., Is it beyond the control of national governments or individual manipulation?), (iii) Does it have a growing network trajectory? and (iv) Does it have focused and motivated community effects? Based on the performance of the cryptocurrency on our crypto-evaluation test, the cryptocurrency will play a role in one or more of the following native currency functions in the blockchain marketplace: (i) As a store of value, (ii) As a medium of exchange, (iii) As a trustworthy unit of account, and (iv) As a standard for deferred payments. The cryptocurrency ecosystem will thus consist of a variety of cryptocurrencies including, but not limited to, risk-hedging cryptocurrencies, Trade-focused cryptocurrencies, lending-focused cryptocurrencies, government-backed cryptocurrencies, fiat currency-backed cryptocurrencies, and fiat currency-pegged cryptocurrencies.

Bio:   Sunil Erevelles is on the faculty of the Department of Marketing at the Belk College of Business at the University of North Carolina at Charlotte. He served as Chair of the Department of Marketing from 2010-2018. Prior to that, he was on the faculty of marketing and the Marketing Area Coordinator at the Anderson School of Management, University of California, Riverside. He received his PhD in business from The Ohio State University. His areas of specialty are Blockchain, Innovation and Competitive Advantage. His research has been published in various journals including the Journal of Consumer Research, the Journal of Business Research, the Journal of Advertising, the Journal of Personal Selling and Sales Management, Industrial Marketing Management, the Journal of Consumer Satisfaction. Dissatisfaction and Complaining Behavior, the Journal of Marketing Management, the Journal of Business Ethics, the Journal of International Consumer Marketing, the Journal of Database Marketing, and the Journal of Information Technology and Management.
He has consulted for, and delivered seminars to CEOs and senior managers, as well as to senior government officials in almost every part of the world, including North America, Latin America, Europe, Australia, Asia and Africa. In the United States, he has delivered seminars or annual company retreats to executives at leading organizations with varied business interests, such as Boeing, Allstate, CIGNA, Compass, Hyundai, Illumina, Bank of America, Wells Fargo, Prudential, Carolina’s HealthCare System, MetLife, St. Jude’s Medical, the World Presidents Organization (WPO), the Young Presidents Organization (YPO), the NCACPA, Lowes, TIAA-CREF, Hino Motor Company, etc.
He has won teaching awards in 1991, 1993, 1996, 1997, 1998, 2000, 2001, 2002, 2006, 2009 and 2012. He has received the Pew Teaching Leadership Award, the Gray’s Teaching Award, the American Marketing Associations' Teacher of the Year Award, and was a finalist for the Bank of America Teaching Excellence Award. For his research, he was awarded the James Comer Research Award, the Steven J. Shaw Distinguished Research Award, an Outstanding Research Award from the Society of Marketing Advances, an Ohio State University Alumni Research Award, and the "Best Doctoral Dissertation Award.” His research on “Affect in Marketing” won him an “award of excellence” from ANBAR, U.K., and he was inducted into the ANBAR “Hall of Excellence” in the U.K. His work on warranties was awarded the "Best Paper in Buyer Behavior" award by the Southern Marketing Association. The Ohio State University Alumni Association, the largest alumni association in the world, voted for him to receive the "The William Oxley Thompson Award" for exceptional early career achievement. His co-authored paper on “Blockchain and Customer Co-Creation” won the best paper award in December 2020. He was editor of a special issue of the Journal of Business Research and the Journal of Personal Selling and Sales Management. He was elected an Honorary Associate member of the Scientific Research Society and inducted into the Marketing Honorary.