Are Crypto Lending And Institutional Custody Good For Crypto? First Principles

One network effect necessary for Bitcoin and other crypto assets to be widely adopted—including by institutional investors—is financialization. Yet, financialization is a dicey process that can corrupt the asset. Wyoming is endeavoring to solve this in a way that preserves the peer-to-peer nature of blockchain. Article available here on!

Settlement Risks In Crypto/Legacy Hybrid Instruments: Part 2

Note: this post is not investment advice and is for educational purposes only. Caveat emptor!   Settlement is a complicated subject, but when it comes to preserving your wealth it’s a critical topic—what do you own, really? Are most of your financial assets actually IOUs? This whole discussion boils down to one simple fact: the […]

Framework for Understanding Blockchain’s Next Chapter: Hybrid Finanical Instruments (Part 1)

Note: this post is not investment advice and is for educational purposes only. Caveat emptor! “Don’t cross the streams. It would be bad.” –Dr. Egon Spengler, Ghostbusters Crypto/legacy hybrid financial instruments—specifically, those that mix cryptocurrencies with legacy financial products—are the latest trend at the intersection of blockchain and Wall Street. Regulated versions of these hybrid products are quickly […]

The World Needs More Systemic Thinkers

Here is a text of my speech to honors students at the University of Wyoming’s College of Arts & Sciences Honors Convocation on October 19, 2018. I’m a proud alumna of the school, which taught me “systemic thinking.” Satoshi Nakamoto, the inventor of Bitcoin, is one of the most important systemic thinkers of our time. […]

Blockchain, Cryptoassets & Pensions: The Coming Investment Wave

If you’re a pension fund looking at cryptoasset investing, here’s a link to a replay of my webinar hosted by the International Centre for Pension Management (ICPM). I lay out questions for pension fiduciaries to ask about their pension fund’s preparedness and why blockchain is so buyside-friendly–it solves financial market problems that have hurt pensioners. Enjoy! […]

Two Things That Don’t Mix Well: Bitcoin Rehypothecation and Chain Forks

My latest on is here! Chain forks and rehypothecated bitcoins don’t mix well and could cause the financial system to experience losses if it has any uncovered exposure to bitcoins amid a hard fork. The simple reason they don’t mix well is that the two systems are fundamentally not compatible. But there’s also a simple […]