A Protocol for Decentralized Human Networks
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A Response to Developing the Future
A Response to DevelopingDeveloping tthehe FFutureuture Matthew Bishop Senior Director, Developer Platform Evangelism (DPE) Microsoft Ltd. Meeting the Challenges to Develop The Future Defining a New UK Knowledge Economy The paper, Developing the Future, addresses six aspects of the UK software development industry and identifies five key challenges. With a call to action that asks the Government, Academia and Industry to consider how they can work together to ensure that the UK software economy remains at the forefront of innovation. In this response to the challenges identified, Microsoft demonstrates that it is committed to a shared vision for software innovation that is having a dramatic impact on the workplace and society. Microsoft plays an important role in advancing technology in novel and innovative ways. Our business is founded on a visionary approach to solving real-world problems. From investment in research and development through to creating a strong partner community, we are driving success that has a quantifiable benefit to the UK economy. I invite you to read how Microsoft is rising to the five challenges identified in Developing the Future and to examine in detail how our vision will help develop the future of the new knowledge economy in the UK. Developing the Future THE UK SOFTWARE DEVELOPMENT INDUSTRY MICROSOFT MEETING THE CHALLENGES CONTENTS Innovation and Leadership - Vital to Global Success 4 Responding to: How can the UK meet the opportunities and challenges for globalisation? We Need Tomorrow’s Professionals - Today -
Pwc I 2Nd Global Crypto M&A and Fundraising Report
2nd Global Crypto M&A and Fundraising Report April 2020 2 PwC I 2nd Global Crypto M&A and Fundraising Report Dear Clients and Friends, We are proud to launch the 2nd edition of our Global Crypto M&A and Fundraising Report. We hope that the market colour and insights from this report will be useful data points. We will continue to publish this report twice a year to enable you to monitor the ongoing trends in the crypto ecosystem. PwC has put together a “one stop shop” offering, focused on crypto services across our various lines of services in over 25 jurisdictions, including the most active crypto jurisdictions. Our goal is to service your needs in the best possible way leveraging the PwC network and allowing you to make your project a success. Our crypto clients include crypto exchanges, crypto investors, crypto asset managers, ICOs/IEOs/STOs/stable and asset backed tokens, traditional financial institutions entering the crypto space as well as governments, central banks, regulators and other policy makers looking at the crypto ecosystem. As part of our “one stop shop” offering, we provide an entire range of services to the crypto ecosystem including strategy, legal, regulatory, accounting, tax, governance, risk assurance, audit, cybersecurity, M&A advisory as well as capital raising. More details are available on our global crypto page as well as at the back of this report. 2nd Global Crypto M&A and Fundraising Report April 2020 PwC 2 3 PwC I 2nd Global Crypto M&A and Fundraising Report 5 Key takeaways when comparing 2018 vs 2019 There -
The Role of an Architect
Learn the discipline, pursue the art, and contribute ideas at www.ArchitectureJournal.net Resources you can build on. Journal 15 The Role of an Architect We Don’t Need No Architects! Becoming an Architect in a System Integrator Architecture Journal Profi le: Paul Priess The Open Group’s Architect Certifi cation Programs The Need for an Architectural Body of Knowledge A Study of Architect Roles by IASA Sweden The Softer Side of the Architect An A-Z Guide to Being an Architect ® Contents TM Journal 15 Foreword 1 by Simon Guest We Don’t Need No Architects 2 by Joseph Hofstader What does an architect do? What should an architect do? Join Joseph Hofstader as he examines the role of an architect. Becoming an Architect in a System Integrator 7 by Amit Unde In this article, Amit Unde explores the skills that aspiring architects need in a leading System Integrator. Architecture Journal Profi le: Paul Preiss 10 We chat with Paul Preiss, founder of a nonprofi t group called IASA (International Association of Software Architects). The Open Group’s Architect Certifi cation Programs 13 by Leonard Fehskens Join Leonard Fehskens as he outlines one of the industry’s architect certifi cation programs, Open Group’s ITAC (IT Architect Certifi cation). The Need for an Architectural Body of Knowledge 17 by Miha Kralj Miha Kralj covers an Architectural Body of Knowledge, an effort led by the Microsoft Certifi ed Architect community. A Study of Architect Roles by IASA Sweden 22 by Daniel Akenine Discover a perspective of architect roles through a recent study conducted by the local IASA chapter in Sweden. -
Regulatory Implications Stripe, Uber, Spotify, Coinbase, and Xapo
paper says that this backing separates Libra from stablecoins “pegged” to various assets or currencies. Regulatory Update The Libra Reserves will be managed by the June 24, 2019 Libra Association – an “independent” non-profit organization founded to handle In this update, we talk about Facebook’s Libra governance and operate the validator Libra whitepaper, a FINRA enforcement nodes of the Libra Blockchain. Members action for undisclosed cryptocurrency pay a $10 million membership fee that mining, and South Korean crypto exchanges changing their terms to take entitles them to one vote and liability for hacks. proportionate dividends earned from interest off the Reserves.1 Its 27 “Founding Members” include Facebook through its Facebook Releases Whitepaper newly-formed subsidiary Calibra (more on for its Libra Blockchain: Calibra below), Mastercard, PayPal, Visa, Regulatory Implications Stripe, Uber, Spotify, Coinbase, and Xapo. It hopes to have 100 members by Facebook’s Libra Association released its mid-2020. highly-anticipated whitepaper describing its plans to create “a simple global currency Will Libra Answer Gaps in Regulation? …designed and governed as a public The paper argues that the present financial good” in order to make money transfer as system is plagued by shortfalls to which easy and cheap as sending a text message. blockchain and cryptocurrency projects According to the paper, a unit of currency have failed to provide a suitable remedy. It will be called “Libra” and built on the open asserts that many projects have attempted source Libra Blockchain (a permissioned to “bypass regulation as opposed to blockchain that may transition to a permissionless system in the future). -
Bitcoin Microstructure and the Kimchi Premium
Bitcoin Microstructure and the Kimchi Premium Kyoung Jin Choi∗ Alfred Lehary University of Calgary University of Calgary Haskayne School of Business Haskayne School of Business Ryan Staufferz University of Calgary Haskayne School of Business this version: April 2019 ∗Haskayne School of Business, University of Calgary, 2500 University Drive NW, Calgary, Alberta, Canada T2N 1N4. e-mail: [email protected] ye-mail: [email protected] ze-mail: [email protected] Bitcoin Microstructure and the Kimchi Premium Abstract Between January 2016 and February 2018, Bitcoin were in Korea on average 4.73% more expensive than in the United States, a fact commonly referred to as the Kimchi pre- mium. We argue that capital controls create frictions as well as amplify existing frictions from the microstructure of the Bitcoin network that limit the ability of arbitrageurs to take advantage of persistent price differences. We find that the Bitcoin premia are positively re- lated to transaction costs, confirmation time in the blockchain, and to Bitcoin price volatility in line with the idea that the delay and the associated price risk during the transaction period make trades less attractive for risk averse arbitrageurs and hence allow prices to diverge. A cross country comparison shows that Bitcoin tend to trade at higher prices in countries with lower financial freedom. Finally unlike the prediction from the stock bubble literature, the Kimchi premium is negatively related to the trading volume, which also suggests that the Bitcoin microstructure is important to understand the Kimchi premium. Keywords: Bitcoin, Limits to Arbitrage, Cryptocurrencies, Fintech 1 Introduction I think the internet is going to be one of the major forces for reducing the role of government. -
Trading and Arbitrage in Cryptocurrency Markets
Trading and Arbitrage in Cryptocurrency Markets Igor Makarov1 and Antoinette Schoar∗2 1London School of Economics 2MIT Sloan, NBER, CEPR December 15, 2018 ABSTRACT We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in cryptocurrency prices relative to fiat currencies across exchanges, which often persist for weeks. Price deviations are much larger across than within countries, and smaller between cryptocurrencies. Price deviations across countries co-move and open up in times of large appreciations of the Bitcoin. Countries that on average have a higher premium over the US Bitcoin price also see a bigger widening of arbitrage deviations in times of large appreciations of the Bitcoin. Finally, we decompose signed volume on each exchange into a common and an idiosyncratic component. We show that the common component explains up to 85% of Bitcoin returns and that the idiosyncratic components play an important role in explaining the size of the arbitrage spreads between exchanges. ∗Igor Makarov: Houghton Street, London WC2A 2AE, UK. Email: [email protected]. An- toinette Schoar: 62-638, 100 Main Street, Cambridge MA 02138, USA. Email: [email protected]. We thank Yupeng Wang and Yuting Wang for outstanding research assistance. We thank seminar participants at the Brevan Howard Center at Imperial College, EPFL Lausanne, European Sum- mer Symposium in Financial Markets 2018 Gerzensee, HSE Moscow, LSE, and Nova Lisbon, as well as Anastassia Fedyk, Adam Guren, Simon Gervais, Dong Lou, Peter Kondor, Gita Rao, Norman Sch¨urhoff,and Adrien Verdelhan for helpful comments. Andreas Caravella, Robert Edstr¨omand Am- bre Soubiran provided us with very useful information about the data. -
Trading and Arbitrage in Cryptocurrency Markets
Trading and Arbitrage in Cryptocurrency Markets Igor Makarov1 and Antoinette Schoar∗2 1London School of Economics 2MIT Sloan, NBER, CEPR July 7, 2018 ABSTRACT We study the efficiency and price formation of cryptocurrency markets. First, we doc- ument large, recurrent arbitrage opportunities in cryptocurrency prices relative to fiat currencies across exchanges that often persist for weeks. The total size of arbitrage prof- its just from December 2017 to February 2018 is above $1 billion. Second, arbitrage opportunities are much larger across than within regions, but smaller when trading one cryptocurrency against another, highlighting the importance of cross-border cap- ital controls. Finally, we decompose signed volume on each exchange into a common component and an idiosyncratic, exchange-specific one. We show that the common component explains up to 85% of bitcoin returns and that the idiosyncratic compo- nents play an important role in explaining the size of the arbitrage spreads between exchanges. ∗Igor Makarov: Houghton Street, London WC2A 2AE, UK. Email: [email protected]. An- toinette Schoar: 62-638, 100 Main Street, Cambridge MA 02138, USA. Email: [email protected]. We thank Yupeng Wang for outstanding research assistance. We thank seminar participants at the Bre- van Howard Center at Imperial College, EPFL Lausanne, HSE Moscow, LSE, and Nova Lisbon, as well as Simon Gervais, Dong Lou, Peter Kondor, Norman Sch¨urhoff,and Adrien Verdelhan for helpful comments. Andreas Caravella, Robert Edstr¨omand Ambre Soubiran provided us with very useful information about the data. The data for this study was obtained from Kaiko Digital Assets. 1 Cryptocurrencies have had a meteoric rise over the past few years. -
Blockchain for Infrastructure Kyle Ellicott Last Update December 2018
Designed by: Powered by: CREATED BY Blockchain for Infrastructure Kyle Ellicott Last Update December 2018 Consumer (162) Enterprise (172) Ecosystem (128) Payments & Banking (62) FinTech (22) Autonomous (8) Connected Cars (20) Retail (17) Hedge Funds (8) Media (32) Predictive Markets (4) Media (16) Social Networks (13) Health (6) Gaming/ Gambling (10) Protocol Ventures MetaStable Capital Abra Aurora BitcoinPay Uphold Nexledger TokenCard Belfrics NexChange eToro SALT Lending Square Diginex DAV Foundation Synapse AI CarBlock ShiftMobility DashRide Helbiz carVertical Alibaba Cloud BitPay OpenNode Purse JD Cloud Ausum Ventures Base58 Capital Ether Capital The Crypto Cafe Asia Blockchain Review COINCUBE Delphy Foundation Gnosis STOX Oddup MTonomy BitGuild Kakao Telegram BurstIQ PokitDok Bitex.la BitPay Bitrefill WeBank Oxygen TenX Device & Wallets (30) BlockFi Lending OmiseGO Hive Project SEBA Crypto Stellar Circle Oaken Innovations SyncFab Cube Intelligence SyncFab Eva Mercedes pay Toyota Blockchain Bitrefill Coupit Shopify Shopin OpenBazaar Tetras Capital Polychain Capital HyperChain Capital WalletInvestor.com Bitcoinist ARA Blocks Crypto Crunch Eristica LINE Blockchain Viberate BitGuild Medicalchain Shivom Venture (59) WalMart Coins.ph Peculium LaLa World Moven Tencent Blockchain ShiftMobility Toyota Blockchain DAV Foundation Totem Power Filament Oaken Porsche Blockchain eGifter Gyft WeBuy Wysh Bitspark Bitwala Cashaa Wyre Populous MoneyTap Innovations Blockchain AMBCrypto Bloomberg Abra Block.io Mycelium MyEtherWallet CRYPTOFLIX Eristica -
Equilibrium Bitcoin Pricing
EconPol 48 2020July WORKING PAPER Vol.4 Equilibrium Bitcoin Pricing Bruno Biais ( HEC Paris), Christophe Bisière, Matthieu Bouvard, Catherine Casamatta, Albert J. Menkveld (EconPol Europe, Toulouse School of Economics, Universite Toulouse Capitole [TSM-Research]) headed by KOF Konjunkturforschungsstelle KOF Swiss Economic Institute EconPol WORKING PAPER A publication of EconPol Europe European Network of Economic and Fiscal Policy Research Publisher and distributor: ifo Institute Poschingerstr. 5, 81679 Munich, Germany Telephone +49 89 9224-0, Telefax +49 89 9224-1462, Email [email protected] Editors: Mathias Dolls, Clemens Fuest Reproduction permitted only if source is stated and copy is sent to the ifo Institute. EconPol Europe: www.econpol.eu Equilibrium Bitcoin Pricing Bruno Biais∗ Christophe Bisi`erey Matthieu Bouvardz Catherine Casamattax Albert J. Menkveld{k July 10, 2020 Abstract We offer an equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasises that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on its future prices. The link between future and present prices implies that returns can exhibit large volatility, unrelated to fundamentals. We construct an index measuring the ease with which bitcoins can be used to purchase goods and services, and we also measure costs incurred by bitcoin owners. Consistent with the model, estimated transactional net benefits explain a statistically significant -
Trading and Arbitrage in Cryptocurrency Markets LSE Research Online URL for This Paper: Version: Accepted Version
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by LSE Research Online Trading and arbitrage in cryptocurrency markets LSE Research Online URL for this paper: http://eprints.lse.ac.uk/100409/ Version: Accepted Version Article: Makarov, Igor and Schoar, Antoinette (2019) Trading and arbitrage in cryptocurrency markets. AEA Papers and Proceedings. ISSN 2574-0768 (In Press) Reuse Items deposited in LSE Research Online are protected by copyright, with all rights reserved unless indicated otherwise. They may be downloaded and/or printed for private study, or other acts as permitted by national copyright laws. The publisher or other rights holders may allow further reproduction and re-use of the full text version. This is indicated by the licence information on the LSE Research Online record for the item. [email protected] https://eprints.lse.ac.uk/ Trading and Arbitrage in Cryptocurrency Markets Igor Makarova,∗, Antoinette Schoarb,∗ aLondon School of Economics bMIT Sloan, NBER, CEPR Abstract Cryptocurrency markets exhibit periods of large, recurrent arbitrage opportunities across exchanges. These price deviations are much larger across than within countries, and smaller between cryptocurrencies, highlighting the importance of capital controls for the movement of arbitrage capital. Price deviations across countries co-move and open up in times of large bitcoin appreciation. Countries with higher bitcoin premia over the US bitcoin price see widening arbitrage deviations when bitcoin appreciates. Finally, we decompose signed volume on each exchange into a common and an id- iosyncratic component. The common component explains 80% of bitcoin returns. The idiosyncratic components help explain arbitrage spreads between exchanges. -
Benefits of Sharepoint 2010 As a Product Platform
Benefits of SharePoint 2010 as a Product Platform For Independent Software Vendors and Enterprises Date published: November 2010 Authors: Owen Allen – Principal, SharePoint Directions Eric Bowden – Senior Consultant, ThreeWill Kirk Liemohn – Principal Software Engineer, ThreeWill Danny Ryan – Principal, ThreeWill Tommy Ryan – Principal, ThreeWill Pete Skelly – Principal Consultant, ThreeWill John Underwood - Technical Evangelist, ThreeWill Contributors: Geoffrey Edge – Senior Technology Specialist, Microsoft Corporation Kirk Evans – Developer and Platform Evangelism for Communications Sector, Microsoft Corporation Chris Mitchell – Technology Architect for Microsoft Technology Center, Microsoft Corporation Reviewers: Bill Arconati – Product Marketing Manager, Atlassian Software Systems Tony Clark – Director, Enterprise Architecture, Cox Enterprises Geoffrey Edge – Senior Technology Specialist, Microsoft Corporation Bo George – Senior Application Developer, Aflac Murray Gordon – ISV Architect Evangelist, Microsoft Corporation Adam P. Morgan - Enterprise Sales, Digital Marketing Platform Group, Microsoft Corporation Aaron Rafus – Technology Evangelist, McKesson Corporation William Rogers – Chief Workplace Architect, CorasWorks Corporation Scott Schemmel - VP, Global Information Technology at PGi Brendon Schwartz – Senior Platform Engineer, JackBe Corporation Cole Shiflett – Solutions Architect, Equifax Dr. Todd Stephens – Senior Technical Architect, AT&T Matt Waltz – Chief Technology Officer, NextDocs Michael Wilson – Solution Specialist -
The Long Tail / Chris Anderson
THE LONG TAIL Why the Future of Business Is Selling Less of More Enter CHRIS ANDERSON To Anne CONTENTS Acknowledgments v Introduction 1 1. The Long Tail 15 2. The Rise and Fall of the Hit 27 3. A Short History of the Long Tail 41 4. The Three Forces of the Long Tail 52 5. The New Producers 58 6. The New Markets 85 7. The New Tastemakers 98 8. Long Tail Economics 125 9. The Short Head 147 iv | CONTENTS 10. The Paradise of Choice 168 11. Niche Culture 177 12. The Infinite Screen 192 13. Beyond Entertainment 201 14. Long Tail Rules 217 15. The Long Tail of Marketing 225 Coda: Tomorrow’s Tail 247 Epilogue 249 Notes on Sources and Further Reading 255 Index 259 About the Author Praise Credits Cover Copyright ACKNOWLEDGMENTS This book has benefited from the help and collaboration of literally thousands of people, thanks to the relatively open process of having it start as a widely read article and continue in public as a blog of work in progress. The result is that there are many people to thank, both here and in the chapter notes at the end of the book. First, the person other than me who worked the hardest, my wife, Anne. No project like this could be done without a strong partner. Anne was all that and more. Her constant support and understanding made this possible, and the price was significant, from all the Sundays taking care of the kids while I worked at Starbucks to the lost evenings, absent vacations, nights out not taken, and other costs of an all-consuming project.