An Update from Wyoming

Hi everyone—a professional update. I’ve resigned from the Wyoming Blockchain Task Force, choosing to end nearly two years of volunteer work as I consider starting a proper job again. My resignation is mostly a formality, since the Blockchain Task Force actually concluded its work in September and it won’t be renewed (it’s actually “growing up” […]

The Real Story Of The Repo Market Meltdown, And What It Means For Bitcoin

Last week the financial system ran out of cash. It was a modern version of a bank run, and it’s not over yet. Stepping back, it reveals two big things about financial markets: first, US Treasuries are not truly “risk-free” assets, as most consider them to be, and second, big banks are significantly undercapitalized. The […]

Facebook’s Cryptocurrency, Libra: Senate Banking Testimony

The Senate Banking Committee staff reached out last week regarding Facebook’s Libra project, pursuant to my recent article. During a conference call, they indicated interest in receiving formal written testimony from me. Here it is. A pdf version, with citations, is available here.

What Facebook’s Cryptocurrency Means: 6 Predictions

What does Facebook’s new cryptocurrency mean? According to news reports, Facebook will shortly launch Libra, a global cryptocurrency available to users of its suite of platforms (including Messenger and WhatsApp). Presumably any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts—for anything, such as online purchases, and physical-world […]