The link for the PDF version can be found here, which is much easier to read: https://static1.squarespace.com/static/5acc19529772aea736648f44/t/6113f60e3e89d6748bc43850/1628698126877/The+Restructuring+of+the+American+Economy.pdf

The American economy is going to change more over the next five years than it has over the last fifty years. As with any drastic change, there will be big winners and big…

The link for the PDF version can be found here, which is much easier to read: https://static1.squarespace.com/static/5acc19529772aea736648f44/t/60f8320f0a353f345fc42d17/1626878483121/ETH%2C+The+World%27s+Most+Valuable+Asset.pdf

Competition paints the world around us, at every level, from who can get to Mars first to who sold the most dental insurance last month. Ironically, the best way to win in a…

How YFI becomes the leading world bank

The Restaurant Era of Digital Finance

Ethereum ends the oligopolized banking industry, just as the internet ended the oligopolized journalism industry. Banks on Ethereum have one product to sell: yield [1], so we occasionally refer to Ethereum banks as yield-optimizers. Anyone will be able to launch their own bank, a.k.a. their own yield-optimizer, on Ethereum with…

How Public Blockchains Go from Niche to Mainstream

Co-written by Cameron Sepahi

Moore’s Law

For those unfamiliar, Moore’s Law is the primary reason why iPhones today possess more processing power than the rockets that defined the Apollo moon missions. In 1965, Gordon Moore observed that the number of possible transistors in a circuit doubled every year; he predicted the trend…

An Upgrade to the Internet

Public blockchains will be as important to the world as the internet. The internet allowed for the frictionless flow of information. Public blockchains allow for the frictionless flow of value.

Value has been a second-class citizen on the internet, until now. Value has been largely overlooked by businesses, who have…

Changing the Properties of Currencies

Today, a currency must assume three roles to achieve widespread adoption: a store of value [1], a medium of exchange [2], and a unit of account [3]. Store of value tends to separate itself entirely from the other two characteristics. The assets that make the strongest stores of value have…

In the past ten years, a decade primarily of open, globalized trade, Europe, China, and emerging countries combined to double their outstanding dollar debt from $30trn to $60trn [1] (Total outstanding global debt is approaching $260trn, for reference.). These countries grew their dependence on the dollar because, put simply, it…

While Ether is very likely to become the biggest winner in crypto, usurping gold in the process, its competing blockchain-based commodities will assume roles as digital silver, digital bronze, etc.. Like Ether, these neo-commodities will live their metaphors based on the usefulness of their corresponding blockchains [1]. It is still…

Crypto’s biggest winner will replace gold as state-free, global money.

Gold as a Currency

Some people claim that gold has accrued value due its usefulness via jewelry and smartphone manufacturing. However, jewelry is inherently unuseful and the amount of gold used in smartphone production is negligible: $1.82 worth of gold per smartphone, which, at 10bn smartphones, renders $20bn of utility, a far cry from…

Part 1 can be found here if not read.

The Future of Payments

Public blockchains merge the rail layer into the vault layer, significantly simplifying the current complexity of payment networks. Current debit/credit transactions typically require four middlemen: the payment processor, the issuing bank, the payment network, and acquiring the bank (along with nine…

Andrew Bakst

Partner at Bizantine Capital

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