Bitcoin and Blockchain

Wednesday, July 24th, 2019

What decentralized finance really needs is something entirely new. Something that regular finance can't replicate. Something so useful that regular consumers will desert their bank to use it. This killer tool hasn’t been created.

Wednesday, July 17th, 2019

If the current path is maintained (and quite possibly even if it isn’t), the future belongs to truly “dependable and reliable” monetary media: cryptocurrencies and precious metals

Wednesday, July 10th, 2019
The idea of inevitability does not mix well with the logic of markets. We need markets and competition precisely because as human beings we have nowhere near the information or capacity necessary to make deterministic statements about the future.
Tuesday, July 2nd, 2019

Libra could become successful, but there are acknowledged technical issues that must be resolved for that success to happen, and they will take time.

Monday, July 1st, 2019

There is so much going on right now in cryptoland. Here are two audio interviews. 

Friday, June 28th, 2019

While reading tea leaves based on Bitcoin’s price to predict the cryptocurrency’s ultimate success is tempting, its day-to-day volatility is perhaps more important in determining its practicality as a store of value.

Wednesday, June 26th, 2019

The Libra could be to money and finance what Henry Ford was to automobiles.

Tuesday, June 25th, 2019

If the managers of the dollar instead seek isolation, protection, sanctions, blacklisting, and devaluation, powerful market forces will continue to seek alternatives.

Tuesday, June 18th, 2019

Cryptocurrencies are a different sort of financial technology from bank deposits, yet they are being shoehorned into the same category for regulatory purposes.

Saturday, June 15th, 2019

Facebook's Libra is easily and probably rightly criticized by crypto purists as a halfway house that makes too many concessions to legacy systems and plays too nicely with the existing regulatory system. All true. But that’s not where the story ends.

Thursday, May 16th, 2019

Volatility is to be expected for new media of exchange. But one should also be able to trace a lot of that volatility to news.

Saturday, May 11th, 2019

Because so many lack the patience to understand, and perhaps because so few can explain it coherently, there is a strange lust in the land to debunk the whole thing. Every single time the market drops, people get busy writing obituaries for crypto. I’ve been seeing these appear since the market price was $14.

Tuesday, May 7th, 2019

You should be able to take advantage of smart contracts in many ways, and in many situations, if you just understand smart contracts are a way of managing contingencies.

Thursday, March 21st, 2019

Financial privacy and autonomy are important. But cash and cryptocurrencies are not the only means to those ends.

Monday, March 18th, 2019

It is not hard to find commentary on the internet indicating that Bitcoin is bound to fail. But there is no reason to think that cryptocurrencies will disappear.

Saturday, February 16th, 2019

Using an encrypted digital ledger – one that substitutes hashes for trust – eliminates vast numbers of layers and time. Time and trust equal counterparty risk. Automating this with blockchain drops the costs to a small fraction while increasing certainty.

Saturday, February 16th, 2019

Financial intermediaries that might not stand a chance against blockchain technology were it allowed to develop in a vacuum instead might be strengthened by it.

Wednesday, February 13th, 2019

Ten years have passed since Bitcoin was introduced, and it still isn't used much in online commerce. Will the Lightning Network get it back on track?


Wednesday, February 6th, 2019

MMT is an academically-garbed attempt to overcome the unwelcome fact that governments are as bound by economic limits as firms and individuals are. Yet liberty always triumphs.

Thursday, January 31st, 2019

In a recent NBER working paper, Barry Eichengreen argues “there is no straight line from commodity money to fiat money and from there to crypto.”