For years, Decentralised Finance (DeFi) has sold itself as the future of finance: transparent, decentralised, unstoppable. Now one of the most respected security figures in crypto is saying: get out whilst you still can. Manuel Aráoz, co-founder of OpenZeppelin, believes AI has fundamentally changed the security equation in decentralised finance but his latest warning is…
Barclays Bank wrote an article with the core message that tokenisation is moving finance from a world of messaging and reconciliation to a world of programmable, instantly settled value, which will be the most significant change to money since the arrival of electronic banking. They argue that tokenisation is the next major stage in the…
I’ve just launched another new book! After the successful launch of Intelligent Bank with Huawei a few weeks ago I had, in the meantime, developed another book: Diary of a Ponzi Scheme. The scheme is all about Clint who creates a “Token Fund”. Investing in digital currencies and real world asset tokens, he suckers friends, contacts and his network…
For the last twenty years, I have had many arguments with crypto advocates about Liberterian versus State governance. Now, the crypto guys are the government. During those years, people worried that politics would be captured by Wall Street, Big Oil or Big Tech, but the emerging power bloc is crypto money and artificial intelligence. These…
The European Central Bank just published a speech by Isabel Schnabel, Member of the Executive Board of the ECB and, underneath all the central banker language, is a pretty simple message: stablecoins are starting to look less like a crypto experiment and more like a new form of private money. More importantly, because stablecoins are…
I spent the morning thinking about the bank of the future. It’s something I do every day. You could be simple and say that it’s embedded, invisible, everywhere, all the time. And that is true. But that is today’s bank, not tomorrows. I then have this debate about currencies. What currency do we believe in?…
I just discovered that Ben McKenzie is taking the cryptocurrency industry head-on. Many of you will remember Ben from The O.C. but he’s now a little bit more serious. In fact, he wrote a book: Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud. Oh! That sounds a bit challenging, but why would an actor become an anti-crypto…
The Bloomsbury Intelligence and Security Institute (BISI) produced a document yesterday about the risk of cryptocurrency to democracy . Seriously? Cryptocurrency is a libertarian dream that gives all of us a democratic vote. What risk is there? Well, let’s dig into the detail as this is not about “innovation in payments” or “the future of…
I just had an interesting podcast conversation about stablecoins, Central Bank Digital Currencies (CBDCs) and tokenised deposits. Most people in finance think they understand the differences, but it’s worth pausing for a moment, because the distinctions really matter. At a very simple level: stablecoins are privately issued digital tokens (think USDC or Tether) backed by…
I’ve been inundated with reports about stablecoins lately, and they all say the same thing … but in very different ways. So let me try and cut through the noise. Stablecoins are for wholesale commercial banking and trading today. They are not for the likes of you and me. But that will change. Let’s narrow…
