Posts in Uncategorized

The Crypto Repo

One of the hallmarks of a liquid market is the ability to short.  Unlike most people, I don’t see shorting as bad or good.  It’s a function of a market and can bring a lot of discipline to a marketplace.  …

The Broken Record Market

Millennials don’t remember broken records. When your vinyl got a scratch on it, the needle would keep jumping and play the same song or note again. It was irritating which is why the phrase, “a broken record” is a sign …

ICO Accounting

One of the things you have to do when you have a company is the accounting.  It’s not a particularly great way to make future decisions, but it sure is a good way to show you where you have been …

Darkest Hour

My wife and I took in the movie Darkest Hour.  It was pretty powerful.  Being a WW2 buff and having read a few books on Churchill I was able to gather a bit more out of the movie than I …

Extending Credit to Rural America

One thing you learn in business school is corporate finance. There are a few ways to finance your operations. Cash flow Debt Selling equity Growing from cash flow is hard.  It’s generally slower.  If you can access credit markets, debt …

Merry Christmas

Christmas is about hope. Merry Christmas to you and your family. If you don’t celebrate Christmas, blessings of the season to you and your family. Never lose hope.

Happy Festivus

This morning I woke up and saw this in my twitter feed: Good morning and #HappyFestivus! Later today I will help you celebrate with some #AiringofGrievances. — Senator Rand Paul (@RandPaul) December 23, 2017 I have my Festivus pole and …

Was Yesterday Crypto’s Jump The Shark Moment?

If you are my age, you remember the television show Happy Days.  It was wildly popular.  But, like all good things eventually they start to run out of ideas or they just aren’t as good as they used to be.  …

Additions To The Tax Bill I’d Like to See

The tax bill passed and will become law.  I think it’s a start.  Contrary to what you believe, it’s not a giveaway to the rich.  The spin on the left wing is disingenuous.  They are adding in things that sunset …

Does Delivery Matter?

There are two competing Bitcoin futures contracts.  CME and CBOE each have them.  Trading has been light, and thin so far.  I looked at the CME webpage today and saw Euro/USD futures had traded 88K already.  Indian Rupee’s had traded 2.5K.  …

A Pitfall of Fundraising

If you don’t know, it’s really hard to raise a new VC fund.  One thing that happens when you raise is you get contacted by “brokers”.  These brokers don’t have the interest of the general partners at all.  They’ll give 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 …

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 …

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 …

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 …