Michael Kong - The Cashless Society

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I’m really excited to share this talk by Michael Kong — director of crypto brokerage and cloud-mining firm Liberty and Company and a blockchain security researcher at the University of Sydney. Speaking on short notice, Michael gives an upbeat, accessible take on the much-debated ‘cashless society’. Rather than the usual scare stories about government surveillance, he explains how private digital currencies built on blockchain can preserve privacy and remove costly middlemen like banks. Michael breaks blockchain down into simple terms — a distributed database that enables peer-to-peer transactions validated by the community rather than a single central authority. He touches on Bitcoin’s origins (Satoshi Nakamoto), the benefits of open-source code, and how decentralisation reduces counterparty risk and slashes transaction costs — even citing a US$1 million Bitcoin transfer that cost about ten cents. If you’re curious about how cryptocurrencies could offer a privacy-friendly alternative to a cashless future, this clear, optimistic primer from an Aussie researcher is a fantastic place to start.

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Hey everyone — I filmed Michael Kong’s talk on “The Cashless Society” and I had to share it. Michael is the director of Liberty and Company (a crypto brokerage and cloud mining business) and also does blockchain security research at the University of Sydney. He was invited at very short notice and delivered a sharp, optimistic perspective that I found refreshing.

Rather than the usual dystopian spin about governments tracking every payment in a cashless world, Michael explains how private digital currencies built on blockchain technology can offer a different path — one that protects privacy and removes the traditional middleman (banks and payment processors). He breaks the tech down into plain English: blockchain is essentially a distributed database that lets people transact peer-to-peer, with the network itself verifying transactions. He covers Bitcoin’s origins with Satoshi Nakamoto, the benefits of open-source code (transparency and no hidden backdoors), and why decentralisation discourages fraud. One striking example he gives: a US$1 million Bitcoin transfer that cost only about ten cents in fees — a huge contrast to several-per-cent bank charges for international transfers.

This is a great introductory talk for Aussies who want a clear, realistic look at how crypto can coexist with — or replace parts of — a cashless system without handing all power to central authorities. If you enjoyed it, please like, share and comment below with your thoughts or questions. Subscribe to my channel for more talks and local crypto events. Cheers!

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