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” […]
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 […]
Howdy from Laramie on the day after the Wyoming Blockchain Stampede ended! Here are a few highlights to go along with this short video (no sound). Enjoy it! Kids Rule: I was blown away when the 13-year old CEO of Pocketful of Quarters, George Weiksner, explained the limits of an SEC no-action letter that his […]
The Senate Banking Committee staff reached out last week regarding Facebook’s Libra project, pursuant to my recent Forbes.com 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.
Bitcoin’s price swung wildly this week, causing many to conclude bitcoin is unstable. But this conclusion misses a key nuance: Bitcoin was designed for systemic stability, not for price stability. Indeed, as a system Bitcoin is highly stable even though its price may not be. Bitcoin is the opposite of fiat currencies, which generally exhibit price-stability but […]
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 […]
On June 5, leaders from government and industry will gather for the annual non-profit ACT-IAC Emerging Technology Forum in Washington, DC. A lineup of state, federal and international leaders will share insights about blockchain technology, both regarding government adoption of it and government regulation of the private sector’s use of it. The event is free […]