Classifying Bitcoin and fiat money

Bitcoin as a Novel Financial Game

– June 6, 2018

Bitcoin and fiat money are not cousins. They are on entirely different branches of the family tree.


Czarist America Looks to Conquer Crypto

– June 5, 2018

Get ready, crypto community, because the czars are coming for you! On Monday, June 4, the Securities and Exchange Commission appointed Valerie Szczepanik to a new position: “associate director of the Division of Corporation Finance and senior advisor for digital assets and innovation,” known informally as the “crypto czar.”


Smart Contracts Don’t Leave Humans Out of the Picture

– June 1, 2018

Blockchain enthusiasts often focus on the potential for smart contracts to replace biased and fallible humans with cut-and-dry computer code. But this emphasis on code over humans can confuse both the definition and true potential of smart contacts.


The Threat to Bitcoin from Quantum Computing

– May 28, 2018

This week, it was my pleasure to sit on a panel with Gavin Brennen of Macquarie University in Sydney, Australia, a physicist and one of the world experts on this topic. He presented a very nice paper that examined this question in some detail. He began with his frustration over the headlines that swept the tech world last October and November. They were as alarmist as they were misleading. He set the record straight.


Bitcoin vs. the Mobile Phone

– May 26, 2018

Bitcoin is cheap and easy to use. But it has a long way to go before becoming widely accepted.

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Bitcoin Is Not for the Faint of Heart

– May 21, 2018

Blockchain technology could be as big as they say. The particular assets and governance models behind them are subject to the market test, both in terms of the price and their ultimate viability.



– May 17, 2018

Can stablecoins compete with existing government currencies?


Cryptocurrencies and Small Businesses Have Similar Failure Rates

– May 15, 2018

The fact that about half of altcoins failed or came close to doing so over five years is a promising sign for that market, rather than an indictment of anything not named Bitcoin.


Five Reasons We Don’t Know What the Future Will Look Like

– May 9, 2018

We love to prognosticate, but it’s impossible to do so without severely glossing over the complexities of the real world. That leads us to false dichotomies, like “Blockchain technology will change everything” versus “Blockchain is all hype.”

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Financial Freedom Means Learning to Love Uncertainty

– May 6, 2018

It is the great presumption of public policy that some people with power, resources, and status can know what is true, and therefore what must be better. This is in contrast to the lowly actors in the marketplace who must deal daily with the problem of not knowing. To navigate life, to find profitable investment opportunities, to discover what it is that society needs now and what can wait, is the great challenge of material life. But the state takes a different route. It declares what is true, attempts to freeze the process of life, and then impose it as a matter of law.


Centralized, Decentralized, and Distributed Payment Mechanisms

– April 18, 2018

Dividing the world into “centralized” and “decentralized” obscures important features of the bitcoin protocol. A more sophisticated lexicon would leave scope for “distributed” processes.


Just Say No (to the Petro)

– April 16, 2018

Venezuela recently launched its own cryptocurrency. If recent history is any indicator, investors should steer clear.