Most cryptos are securities according to the Howey test
This article has been updated and replaced by a new article: Even BTC is a security.
Technology & Business
The structural impact of the Cost of Transaction (CoT)
The longer-term impact of the cost of transaction (CoT) is misunderstood and underestimated. It’s not just about something being cheaper or more expensive from an individual user’s viewpoint. The CoT is more fundamental in that it is structural. It determines what kind of transactions may happen and what kind may not. It also determines what...
Read more... The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)
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Scalable vertical platform for global merchandising
At Toolots, we are building the world’s first scalable vertical platform for global merchandising. What’s so unique about it? First off, there has not been a scalable vertical platform for global merchandising in the world so far. When people talk about platforms today, they usually refer to horizontal platforms which are wide and shallow without depth of expertise and integration. Scalable horizontal platforms are common, including well-known companies such as Amazon and Alibaba. One essential… Read More »Scalable vertical platform for global merchandising
The politically modest but technologically ambitious Bitcoin
Today's headline: Coinbase Cuts Off 25K Russian Wallets!
It's unclear what the reporter's concern is. I don't mean that there should be no concern. It is just unclear what the reporter's concern really is. This is typical of the crypto reports, because the writers only look at superficial things and do not understand what is really at work.
From a political point of view, it is foolish to demand exchanges to cut off Russians just because they are Russians. And it is even questionable to cut off some Russians selectively, because how can an exchange decide?
Read more... The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon
Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)
Already a member? Log in here
The moral sentiments of Bitcoin
Question: Crypto projects seem to all create a new currency out of thin air and inject it into the economy to dilute money, so how do you justify doing it, whether it is BTC or BSV? It is a familiar and intuitive argument, but it arises from a misunderstanding caused by people’s familiarity with fiat money and...
Read more... The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon
Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)
Already a member? Log in here
The DeFi report “Why Decentralised Finance (DeFi) Matters and the Policy Implications”
OECD - OCDE report "Why Decentralised Finance (#DeFi) Matters and the Policy Implications"
It's a 70-page report. Concerning one reader's objection to its length, however, I'd say, in general, there are things that should be written in few words, but there are also things that require many words. A theory can be short, but implementations and studies of their effects might not be.
Read more... The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon
Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)
Already a member? Log in here
Tim O’Reilly: Why it’s too early to get excited about Web3
Why it’s too early to get excited about Web3, By Tim O’Reilly This is one of the very rare articles written on Web3 that are truly insightful and honest without being blinded by crypto market frenzy and misleading narratives. “In that regard, what I’d be looking for is evidence of capital allocation via cryptocurrencies toward productive investment in the operating economy rather than capital allocation toward imaginary assets.” – Tim O’Reilly Mr. O’Reilly, I believe you… Read More »Tim O’Reilly: Why it’s too early to get excited about Web3
Modern Monetary Theory and Blockchain Economies
This was meant to be a casual comment on Economist Chuanwei (David) Zou’s recent article “Cryptocurrency – From the View of Modern Monetary Theory“, but it exceeded Linkedin’s maximum character limit for a comment (a strange limitation to say the least), hence a separate article. Modern Monetary Theory (MMT) is an interesting tool for analyzing blockchain economies. David’s arguments that money is not only inherently but also historically related to credit and debt (versus the… Read More »Modern Monetary Theory and Blockchain Economies
Gold & Silver are Not Investments
Gold and silver prices may have been manipulated, but that does not necessarily mean that the current prices are severely undervalued. Below, I argue that the present fair market value of the gold price should be near $2,400 per ounce, about 30% higher than the current price of $1830, while silver price should be near $35 per ounce, also about 30% higher than the current price of $26. In other words, there is some undervaluation,… Read More »Gold & Silver are Not Investments
Tokens and Securities: Issuance and Distribution
In a public statement in the Matter of Wireline, Inc., SEC Commissioner Hester M. Peirce makes an excellent point in her Concurrence by cautioning that Commission and courts have made the mistake of “treating the pre-sale and public distribution of tokens as one event.” In fact, it is better to focus on the distinction between issuance and distribution instead of pre-sale and public distribution. Pre-sale is private distribution. Distribution therefore conceptually includes both “pre-sale” (private… Read More »Tokens and Securities: Issuance and Distribution