The first time I actually heard the word cryptocurrency was still working on Wall Street.
That was 2013, when I was doing trade credit in Argentina. My agent in Buenos Aires wanted to know if I knew Bitcoin. At that time, Argentina had been excluded from the capital market for more than a decade. The Argentine peso, which is ostensibly linked to the US dollar, is actually traded at a discount, making locals eager for other ways of storing value.
In this case, the meaning of Bitcoin is a value reserve that is not controlled or destroyed by a single central agency.
As I learned more about Bitcoin, it showed its promise as an optimized financial system. The European debt crisis, especially in Cyprus at the time, underscores the importance of value-based digital storage that can be directly owned – external actors cannot destroy this value store.
This is an asset that does not require a middleman. It is very attractive to remove the middleman from the trading system. This technology allows the parties to interact directly without the need to disclose details of the transaction or identity to third parties.
This is also a programmable asset. As a derivatives trader, I spent a lot of time considering the risks, guarantees and capital requirements of the counterparty. Can smart contracts provide an automated auditing approach to this systemic risk?
Soon, I was disillusioned with the old financial system: insider trading was carried out on a large scale, reckless adventures were often rewarded, and market manipulations in various scorpions were still rampant.
Encrypted currency is expected to be a replacement for this system.
For many people, 2017 is the first time they actually heard about Bitcoin. However, looking back on this year, many of the promises of cryptocurrencies have not been fulfilled.
Instead, we built another traditional financial system around cryptocurrencies, so participants are familiar to us: issuers, brokers, exchanges, and custodians. Along with these participants are the remaining issues, such as centralized control, intermediation, systemic risk, market failure, and the most important point, “short-term greedâ€.
We might think that we fell into a cryptocurrency rabbit hole, but we are still on Wall Street.
Issuer
Cryptographic currency is often advertised as a “trust-to-trust†currency. In other words, it allows people to trust a single central agency without trusting a network of decentralized actors.
However, many of the tokens that appeared last year were issued by small teams of entrepreneurs and must be trusted to bring the project to the ground. Since the cryptocurrency community values ​​open source development, the post-production work of these projects is usually carried out in a more decentralized manner.
Therefore, investors and consumers need to coordinate the contradiction between the decentralization promoted by the project and the actual operation of the project early.
The example of Venezuela best reflects this contradiction. Venezuelan President Nicolas Maduro announced a few weeks ago that he intends to issue a cryptocurrency, perhaps to avoid economic sanctions. This is unlikely to happen, and he also overlooks that one of Bitcoin's promises is to act as a value reserve that is not controlled by the central authority.
Even if Maduro issues a new Venezuelan cryptocurrency, the currency may be mismanaged like Bolivar.
Other assets also show this. Tether is a kind of token that is not well managed. It claims to be a fully mortgaged and dollar-backed asset. The truth is, however, that it is not convertible, and its issuer's audit activities are opaque and full of problems, making it as suspicious and even more suspicious as any financial innovation on Wall Street.
Decentralization is a transformative concept in the financial and technical fields. But if the value sources of these products still depend on central issuers, how are they different from the financial products that Wall Street has developed over the decades?
intermediary
Cryptographic currency is also considered a de-intermediation technique. The point-to-point nature of this blockchain-based asset may be its most interesting feature.
However, the real trading and hosting of these assets is extremely in need of intermediation.
The specialization of the issuance process is an example of a traditional system of copying the cryptocurrency market. The services provided by investment banks in the equity capital market are now being packaged and sold to entrepreneurial teams wishing to sell tokens.
These services include due diligence on investors, inquiries about quotations, handling compliance issues and following legal procedures. On the one hand, this is an important measure that marks the maturity of the market. On the other hand, it is reshaping the Wall Street system around this new asset class.
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