The Disrupt Weekend

“Ten years on, money is free. Just as the internet made information free, technology has served to make money more freely available and immune from vested interests.

In 2030, monetary power has shifted towards the individual. The popularization of digital currency has accompanied further advances in digital sovereignty and digital identity. Where in the past countries expanded by waging conflict, now they compete for human attention and loyalty. When the nature and ownership of money changes, so do the incentive structures and business models.

Like governments, the tech giants have fallen into line. We are no longer the products, we are the clients.

Ten years isn’t a long time, but already it’s difficult to believe that we once trusted the walled gardens of central banks to control the money flow. We reflect with naivete that we once expected powerful elites and kleptocrats to manage money and reduce inequality.”

“The internet is ruled by innovation-stifling monopolies that have stopped us having an internet-of-value. Organizations built on top of the current internet network have almost no other option than to become for-profit corporations, with code that’s proprietary and closed to the public. But when the network itself is designed to transfer value, it enables different business models to emerge.

In this new frontier, users retain control of their funds and their personal information. They roam freely without bowing to any king. Value – that is, money, assets, securities, property – is as native to internet apps as cat videos. And it’s already happening.

Complex financial services are now at the fingertips of anyone with access to the network.

The ability for these open organizations to have their own associated token – a share-like digital coin – makes open-source business models sustainable. It makes it possible for developers and entrepreneurs to build quality products and services outside the bounds of traditional for-profit corporations. This enables a world where the platforms we use aren’t competing with their integrations but working with them. It’s a way to change the paradigm from zero-sum to win-win.

The name of this new base layer for value is Ethereum.”

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“Aave recently announced Aavenomics—a major token economics and governance upgrade aimed at reforming the protocol’s native token. If you’re holding onto LEND you’ll need to migrate over.

Once you have your AAVE, you can stake the tokens into the Safety Module (SM). You’re protecting the protocol in return for a suite of incentives including AAVE rewards, protocol fees, and interestingly, BAL rewards.”

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“Improvements for V2 design:

  • Allow a Vault to have multiple strategies at the same time
  • Streamline the development cycle of new strategies using a standard API
  • Streamline the QA/Security process for Vaults, to ensure the highest quality code
  • Ensure the Vaults are tested to handle different types of Strategy risk/return/volatility thresholds
  • Make it easier and safer for integrators to use Vaults in their projects”

Circles is the idea that every single person can issue their own currency, however, this happens exclusively under globally fixed rules. In the first year people could issue 1000 units per week and this number is increased by 5% year after year.

People who know each other can agree to set a fixed exchange rate between their currencies of 1:1. They form a “Circle” of two persons and within this “Circle” both currencies can be seen as equal.

This concept allows transitive exchange transactions along “Circles” and thereby create a spending network that effectively functions as a big “Circle”. If a set of people is at least somewhat densely connected to each other, all their currencies have the same value and can be seen as one.

The result would be a global cryptocurrency where every participant has a good reason to use it (because they get free tokens) but with a fully decentralized mechanism of joining this currency.

Ethereum makes it as easy as never before to start such a social experiment.”

See Also: Circles

“BTC’s recent resilience to several exchange-related issues may have given institutions the confidence to increase their bullish bets.

The derivatives market is now less dependent on exchanges like BitMEX and OKEx than a year ago. As such, the cryptocurrency is less sensitive to exchange-related issues. That’s a testament to the growing maturity of the cryptocurrency space.”

See Also: Record-high Bakkt Bitcoin delivery exposes institutional frenzy for BTC

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“According to The New York Times, the J5 — a joint task force of tax authorities from major Western governments convened in the wake of the bombshell publication of the Panama Papers — have placed “hundreds” of accounts at Schiff’s Puerto Rico-based Euro Pacific Bank under investigation for tax evasion and other financial crimes.

I think there’s a significant risk that some of the gold held within the Perth Mint by customers of the Euro Pacific Bank may be held beneficially for criminals in other parts of the world.”

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