THE GREAT DEGENERATION – How Institutions Decay and Economies Die

"The key point is that not all sets of institutions, when you add up the sum of the parts, are equal. There are good and bad combinations. In some sets of institutions, people can flourish freely as individuals, as families, as communities. That is because the institutions effectively incentivize us to do good things-like, for … Continue reading THE GREAT DEGENERATION – How Institutions Decay and Economies Die

BLOCKCHAIN REVOLUTION [8/9] – SWOT Analysis (Book Review)

Summary ->> Contemplation ->> Closing 2. SWOT ANALYSIS: WHERE DO WE SEE OPPORTUNITIES? So far, we have looked into important dynamics of the technology in various facets. Due to its newness of the technology and confusion rising from unprecedented novelty, we had much more to discuss than expected. I believe by now, readers may have … Continue reading BLOCKCHAIN REVOLUTION [8/9] – SWOT Analysis (Book Review)

BLOCKCHAIN REVOLUTION [7/9] – Frictions (Book Review)

Summary ->> Contemplation ->> Closing  ■ Frictions in the Real World Even if Bitcoin itself is difficult to hack, there does exist potential for security risks at various stages of the transaction process. 98 Bitcoins are held in wallets and traded through digital currency exchanges. There are various security risks inherent in each of these … Continue reading BLOCKCHAIN REVOLUTION [7/9] – Frictions (Book Review)

BLOCKCHAIN REVOLUTION [6/9] – Miners and Incentive Economics (Book Review)

Summary ->> Contemplation ->> Closing ■ Miners Economics Becoming Miners (Nodes) Miners are a supportive and incentivized community that processes Bitcoin’s transactions and keep everything running smoothly 54 A node is a powerful computer that runs the Bitcoin software and helps to keep Bitcoin running by participating in the relay of information. Some nodes are … Continue reading BLOCKCHAIN REVOLUTION [6/9] – Miners and Incentive Economics (Book Review)

BLOCKCHAIN REVOLUTION [5/9] – Mining Economics (Book Review)

Summary ->> Contemplation ->> Closing (C) Technology Issues The technology space is getting matured but not yet ready for practical adoption due to its complexity and innate technological issues. "Bitcoin is created through an energy-intensive 'mining' process that uses high computing power to solve a complex mathematical equation, 'proving' that an 'anonymous miner' used the … Continue reading BLOCKCHAIN REVOLUTION [5/9] – Mining Economics (Book Review)

BLOCKCHAIN REVOLUTION [9/9] – Promise, As-Is, and Closing (Book Review)

Summary ->> Contemplation ->> Closing 3. PROMISE VERSUS AS-IS We are observing exponential technological progress made on top of exponential technology development today. For this reason, what the authors observed and saw as a promise may be different as of today. Out of many revolutionary promises the authors elaborated, my key interest and enthusiasm first of … Continue reading BLOCKCHAIN REVOLUTION [9/9] – Promise, As-Is, and Closing (Book Review)

BLOCKCHAIN REVOLUTION [4/9] – Private Money and Leadership (Book Review)

Summary ->> Contemplation ->> Closing CONTEMPLATION: SEEKING EVOLUTION OVER REVOLUTION The challenges the technology is facing internally and externally seem no small matters and, in certain aspect, it appears limitations far outweigh the potentials. In my opinion, there are a few fundamental issues that need to be addressed and cleared as "prerequisite conditions" before moving … Continue reading BLOCKCHAIN REVOLUTION [4/9] – Private Money and Leadership (Book Review)

BLOCKCHAIN REVOLUTION [3/9] – Challenges (Book Review)

Summary ->> Contemplation ->> Closing IMPLEMENTATION CHALLENGES The world looks very different under the blockchain revolution. In some aspects, they sound too good to be true. If this new future is a great leap-up from our current reality, - especially in terms of economic inclusion of billions of unbanked and excluded population from prosperity, of … Continue reading BLOCKCHAIN REVOLUTION [3/9] – Challenges (Book Review)

BLOCKCHAIN REVOLUTION [2/9] – Ten Areas (Book Review)

Summary ->> Contemplation ->> Closing THE TRUST PROTOCOL The main virtues the authors derive from the blockchain technology are represented by two words: Trust and Truth. 'Trust' by which two or multiple parties who don't know each other transact the value(money) directly without relying on the existing 'trusted' third party. The technology's open and transparent … Continue reading BLOCKCHAIN REVOLUTION [2/9] – Ten Areas (Book Review)

BLOCKCHAIN REVOLUTION [1/9] – Contents (Book Review)

  "Some scholars have argued that the invention of double-entry book-keeping enabled the rise of capitalism and the nation-state. This new digital ledger of economic transactions can be programmed to record virtually everything of value and importance to humankind: birth and death certificates, marriage licenses, deeds and titles of ownership, educational degrees, financial accounts, medical … Continue reading BLOCKCHAIN REVOLUTION [1/9] – Contents (Book Review)

BLOCKCHAIN REVOLUTION [Intro/9] – References

  1. https://www.project-syndicate.org/commentary/why-bitcoin-is-a-bubble-by-nouriel-roubini-2018-01 (Jan 26, 2018) 2.  3. https://bitcoin.org/bitcoin.pdf (Oct 2008) 4. https://hbr.org/2017/01/the-truth-about-blockchain (Jan 2017) 5. https://www.bloomberg.com/view/articles/2018-01-17/bitcoin-isn-t-the-future-of-money (Jan 2018) 6. http://www.nber.org/papers/w19747 (April 2014) 7. Wikipedia https://en.wikipedia.org/wiki/Gold_standard#Abandonment_of_the_gold_standard 8. 9. https://www.project-syndicate.org/commentary/why-bitcoin-is-a-bubble-by-nouriel-roubini-2018-01 (Jan 26, 2018) 10. Mervyn King, The End of Alchemy, p61 (2016) 11. https://www.project-syndicate.org/commentary/bitcoin-long-term-price-collapse-by-kenneth-rogoff-2017-10 (Oct 2017) 12. 13. 14. https://vanguardblog.com/2018/02/06/bitcoin-digital-gold-or-fools-gold/?cmpgn=Ext:SM:RIG:ISG:020718:XX:POST:XX:TW:INV:XX:XX:XX:sf181534297&sf181534297=1 (Feb 2018)  15. 16. 17. https://www.project-syndicate.org/commentary/bitcoin-cryptocurrencies-monetary-risk-by-andrew-sheng-and-xiao-geng-2017-08Continue reading BLOCKCHAIN REVOLUTION [Intro/9] – References

BLOCKCHAIN REVOLUTION [Intro/9] – Terminology

Much of the noise and confusion can stem from unclear terminology. Here I define terms in general context. Bitcoin: the bitcoin network protocol. name of a cryptocurrency. "Bitcoin is a peer-to-peer version of electronic cash that allows payments to be sent directly from one party to another without going through a financial institution. The network … Continue reading BLOCKCHAIN REVOLUTION [Intro/9] – Terminology

THE END OF ALCHEMY [3/3] – Money, Banking and the Future of the Global Economy

CONTEMPLATION: A TIMELY BOOK FULL OF IDEAS MEANINGFUL FOR DISCOURSE AND ACTION A phoenix out of the ashes. Without the audacity of pessimism, we may repeat the same old pains. There's a serious urge on timing. No more delay. No more bail-outs. No more taxpayers' money. No more policy failure by central banks based on … Continue reading THE END OF ALCHEMY [3/3] – Money, Banking and the Future of the Global Economy

THE END OF ALCHEMY [2/3] – Money, Banking and the Future of the Global Economy

REFORMING BANKING: ENDING ALCHEMY THROUGH PFAS Central Banks as Lender of the Last Resort (LOLR) What has been the guiding principle of central banks in dealing with crises? The author explains central banks' roles defined throughout history, the birth of the concept of LOLR(Lender of the Last Resort) that became the ultimate name of central … Continue reading THE END OF ALCHEMY [2/3] – Money, Banking and the Future of the Global Economy

THE END OF ALCHEMY [1/3] – Money, Banking and the Future of the Global Economy

"Flooding the system with liquidity has been seen by many economists, officials and politicians as the answer to almost any financial crisis. But it is never easy to distinguish between a liquidity and a solvency problem. In only a matter of days, a shortage of liquidity can turn into a solvency question. Banks will always … Continue reading THE END OF ALCHEMY [1/3] – Money, Banking and the Future of the Global Economy

MORE THAN YOU KNOW – Finding Financial Wisdom In Unconventional Places

"When a system has low complexity and we can define interactions linearly, reductionism is very useful. Many engineered systems fit this bill. A skilled artisan can take apart your wristwatch, study the components, and have a complete understanding of how the system works. Such systems also lend themselves to centralized decision making. Many companies in … Continue reading MORE THAN YOU KNOW – Finding Financial Wisdom In Unconventional Places

HOW ADAM SMITH CAN CHANGE YOUR LIFE – An Unexpected Guide To Human Nature and Happiness

"There will always be someone richer than you, more skilled than you, more famous than you. Who is rich? asks the Talmud. He who is happy with his lot. Maybe it's easier to be happy with what you have if you know that inside you is the urge for attention that Smith identifies. Smith is … Continue reading HOW ADAM SMITH CAN CHANGE YOUR LIFE – An Unexpected Guide To Human Nature and Happiness

THE SEVENTH SENSE – Power, Fortune, And Survival In The Age of Networks

"How in the face of a burning, changing, and shifting world does one train an instinct for the essence of what is going on? At the turn of the last century, the German philosopher Friedrich Nietzsche suggested that humans needed a "Sixth Sense" to survive what then seemed like insane madness: the Industrial Revolution. He … Continue reading THE SEVENTH SENSE – Power, Fortune, And Survival In The Age of Networks

THE ZERO MARGINAL COST SOCIETY – The Internet of Things, The Collaborative Commons and The Eclipse of Capitalism

  "A powerful new technology platform is developing out of the bowels of the Second Industrial Revolution, speeding the central contradiction of capitalist ideology to the end game. The coming together of the Communications Internet with a digitalized renewable Energy Internet and automated Transportation and Logistics Internet in a seamless twenty-first-century intelligent infrastructure-the Internet of … Continue reading THE ZERO MARGINAL COST SOCIETY – The Internet of Things, The Collaborative Commons and The Eclipse of Capitalism

MAKE YOURSELF UNFORGETTABLE – How To Become The Person Everyone Remembers And No One Can Resist

"Confidence is knowing that you will succeed. If it doesn't happen today, it will happen tomorrow. If it does not come with this project, it will come with the next one. Confidence is knowing that you can acquire whatever skills and knowledge you do not yet possess. It is knowing that you are capable of … Continue reading MAKE YOURSELF UNFORGETTABLE – How To Become The Person Everyone Remembers And No One Can Resist

THE STRATEGIST – Let’s Get To The Core. What Does a Strategy Mean To You, Leaders?

"What's been forgotten is that strategy is not a destination or a solution. It's not a problem to be solved and settled. It's a journey. It needs continuous, not intermittent, leadership. It needs a strategist. Good strategies are never frozen-signed, sealed, and delivered. No matter how carefully conceived, or how well implemented, any strategy put … Continue reading THE STRATEGIST – Let’s Get To The Core. What Does a Strategy Mean To You, Leaders?

ZERO TO ONE – How Will You Progress From Zero To One? A Note For Building an Extraordinary

"When we think about the future, we hope for a future of progress. That progress can take one of two forms. Horizontal or extensive progress means copying things that work-going from 1 to n. ... Vertical or intensive progress means doing new things-going to 0 to 1. Vertical progress is harder to imagine because it … Continue reading ZERO TO ONE – How Will You Progress From Zero To One? A Note For Building an Extraordinary

WHY NATIONS FAIL – So Do You Know Why Some Nations Prosper and Some Fail?

"We live in an unequal world. The differences among nations are similar to those between the two parts of Nogales, just on a larger scale. In rich countries, individuals are healthier, live longer, and are much better educated. They also have access to a range of amenities and options in life., from vacations to career … Continue reading WHY NATIONS FAIL – So Do You Know Why Some Nations Prosper and Some Fail?