Posts by Jeff Carter

The Free Market In Bitcoin

Free markets are a rarity today.  I mean truly free markets.  The stock and commodity markets are about as close as you get.  If you haven’t read Professor John Cochrane’s blog post about The Hard Road to Free Markets you …

Big Innovation is Non-Linear

Humans tend to think in terms of lines.  Point A to B to C.  Great innovation draws a new line.  This occurred to me when I was reading Seth Levine’s post on how startups grow and thought about this.  While …

Do You Follow Rules? Permissionless Innovation

I am a huge fan of Russ Roberts Econ Talk podcast.  I listen to them when I am commuting.  He covers a lot of ground in his podcasts.  I thought this one was very interesting.  It’s about permissionless innovation. Here …

Early Stage Financings Drop

When I read the Techcrunch article on the early stage finance drop it resonated with me. It is where we invest in as a fund, and it’s what HPA did when I co-founded it way back in 2007.  Virtually all of …

Bitcoin Futures Are Coming. Are You Ready?

There are three ways to trade futures coming on Bitcoin.  The most under-reported one is Ledger X.  It’s not a true future, but a swap.  Technically they call it a SEF, or a “swap execution facility”.  Most of the time, …

Exposing Yourself

Last night I went to the Economic Club of Chicago’s dinner with Ex-President Obama.  I took my daughter.  We saw some people we knew and we met some new people.  Dinners like that can be interesting if you take the …

Focus At The Beginning

Yesterday I had a conversation with Rajiv Nathan.  He is a marketing consultant and does a lot of work with startups.  It would be worth your time to reach out to him if you are thinking about marketing. We talked …

Which Crypto is Going to Win?

My friend Michael Kogan wrote a piece called Proof of Stake vs Proof of Work. It’s worth reading because virtually all the popular blockchains today are “proof of work”. That allows the chains to become trust networks among other things. …

Can We Beat The Robots?

At @wef “Preparing for the Future of Work in #4IR” sharing conclusions and policy recommendations of the #I7 at @G7 in Turin.#I7Legacy is a Report that includes moments and outcomes of #Innovation7 meeting. Thanks to all Innovators who contributed https://t.co/cJonPxvdEK …

Should Platforms Like Google And Facebook Be Regulated?

If you don’t know who economist George Stigler is, you should. He received a Nobel Prize for proving the concept of “regulatory capture”. We see it again and again and again in all industries. Finance is where some of the …

Is a Blockchain a Clearinghouse?

Many people think that clearinghouses can be replaced by blockchains.  The answer is it depends.  If we think about trade matching and having a transparent general ledger to show who traded with who and how many, blockchains can do that.  …

Even If You Think You Are Thinking Big, Think Bigger

Yesterday I was privileged to have been invited to a University of Chicago class to judge some student teams that were working on startup ideas.  It can be very interesting to listen to pitches in this format because you get a …

What Are You Going To Do With The Money?

This is a question that isn’t considered often enough.  Investors ought to really think about the answer before they ask it.  It’s a critical question that an entrepreneur needs to answer. One thing we know in our line of business …

Can You Short Bitcoin?

The exchange part of Bitcoin has always been sort of the wild west to me.  No standardization.  No real regulation.  Most of the big time trading is done bilaterally.  DRW’s Cumberland Mining in Chicago is the center of the universe …

The Woulda Shoulda Coulda Trade

Lately as the value of Bitcoin approaches new heights and the stock market continues to rally I am reading a lot about “if you invested x amount back in xxxx” articles.  This is what we used to call the woulda …

The Iron Laws

There are iron laws of economics.  When someone goes against them, they always get a comeuppance in the end.  It turns out, there might be iron laws of technology. Chris Mims wrote an article about them. Here is a link talking …

The Black Friday

Americans will go out and shop for Christmas today.  Always interesting to me.  A mosque in Egypt was attacked and 85 people are dead.  The war on terror never stops.  I really detest those bastards.  I usually traded on this …