Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

This traditional approach to asset allocation ran aground in 2008, when the financial markets collapsed and investors found that even if they had both stocks and bonds in their portfolio, they all fell together.

We would not classify the majority of cryptoassets as currencies, but rather most are either digital commodities (cryptocommodities), provisioning raw digital resources, or digital tokens (cryptotokens), provisioning finished digital goods and services.

However, a hard fork would run counter to what many in the Bitcoin and Ethereum communities felt was the power of a decentralized ledger. Forcefully removing funds from an account violated the concept of immutability. This was exacerbated by the fact that a centralized set of players was making the decision. Many complained of moral hazard, and tha

In summation, we believe that a clearer view of this brave new world of blockchain architecture includes cryptocurrencies, cryptocommodities, and cryptotokens, just as we have had currencies, commodities, and finished goods and services in the preceding centuries.

Within financial services, these private blockchains are largely solutions by incumbents in a fight to remain incumbents. While there is merit to many of these solutions, some claim the greatest revolution has been getting large and secretive entities to work together, sharing information and best practices, which will ultimately lower the cost of

The Code Book: The Science of Secrecy from Ancient Egypt to Quantum Cryptography

Within the financial services industry, people talk about risk in two ways: systematic and unsystematic. Systematic risk is the risk inherent to investing in assets subject to the effects of macroeconomic events—like global gross domestic product (GDP) growth, trade relations, warfare, and so on. It is also known as undiversifiable risk because all