Blockchain and Financial Inclusion: the Role Blockchain Technology Can Play in Accelerating Financial Inclusion
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Moneylab Reader: an Intervention in Digital Economy
READER A N INTERVENTION IN DIGITAL ECONOMY FOREWORD BY SASKIA SASSEN EDITED BY GEERT LOVINK NATHANIEL TKACZ PATRICIA DE VRIES INC READER #10 MoneyLab Reader: An Intervention in Digital Economy Editors: Geert Lovink, Nathaniel Tkacz and Patricia de Vries Copy editing: Annie Goodner, Jess van Zyl, Matt Beros, Miriam Rasch and Morgan Currie Cover design: Content Context Design: Katja van Stiphout EPUB development: André Castro Printer: Drukkerij Tuijtel, Hardinxveld-Giessendam Publisher: Institute of Network Cultures, Amsterdam, 2015 ISBN: 978-90-822345-5-8 Contact Institute of Network Cultures phone: +31205951865 email: [email protected] web: www.networkcultures.org Order a copy or download this publication freely at: www.networkcultures.org/publications Join the MoneyLab mailing list at: http://listcultures.org/mailman/listinfo/moneylab_listcultures.org Supported by: Amsterdam University of Applied Sciences (Hogeschool van Amster- dam), Amsterdam Creative Industries Publishing and the University of Warwick Thanks to everyone at INC, to all of the authors for their contributions, Annie Goodner and Morgan Currie for their copy editing, and to Amsterdam Creative Industries Publishing for their financial support. This publication is licensed under Creative Commons Attribution NonCommercial ShareAlike 4.0 Unported (CC BY-NC-SA 4.0). To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/4.0/. EDITED BY GEERT LOVINK, NATHANIEL TKACZ AND PATRICIA DE VRIES INC READER #10 Previously published INC Readers The INC Reader series is derived from conference contributions and produced by the Institute of Network Cultures. They are available in print, EPUB, and PDF form. The MoneyLab Reader is the tenth publication in the series. -
Security Tokens a Primer
SECURITY TOKENS A PRIMER JANUARY 2019 Table of Contents Executive Summary & Disclaimer 1 1. Background 2 2. Evolution of the Narrative Around Security Tokens 3 3. The Problems Security Tokens Are Trying to Solve 4 4. The Security Token Market Landscape 6 4.1 Select Geographies & Regulations 6 4.2 Security Token Ecosystem 8 4.3 Fundraising Via STOs Thus Far 11 4.4 Fundraising Announced Via STOs Thus Far 13 5. Open Finance Primitives and The Security Token Stack 14 5.1 Debt Tokens 14 5.2 Hybrid/Convertible Tokens 16 5.3 Dual Token Issuance 17 5.4 Derivative Tokens 18 5.5 Compliance Layers & Token Standards 19 5.6 Developing Regulatory Standards 20 6. STO Process & Timeline 20 7. Concerns & Areas Still To Be Proven 21 8. Conclusion 22 9. Authors 23 10. Contributors 23 11. Bibliography 24 11.1 Summaries & Overviews 24 11.2 State of The Security Token Market 24 11.3 Regulatory Landscape 24 11.4 Venue 25 11.5 Security Token Stack & Applications 25 11.6 Challenges 25 12. Appendix: Security Token Case Studies 26 12.1 Debt Security Token Case Study: A Debt Security Token Protocol 27 12.2 Hybrid Security Tokens Case Study: Two Token Waterfall Proposal 27 12.3 Case Study: Potential Future Security Token Designs 29 EXECUTIVE SUMMARY Security Token Offerings (STOs) are a novel fundraising mechanism birthed from increased regulatory oversight on Initial Coin Offerings (ICOs). This document provides: an overview of the problems Security Tokens are attempting to address; an overview of the Security Token ecosystem; select geographies and their developing regulations; a brief breakdown of the Security Token stack; a rough timeline of the STO process; concerns and caveats around Security Tokens and an appendix of select Security Token case studies. -
“P2P Lending As an Alternative to Bank Lending in Ukraine”
“P2P lending as an alternative to bank lending in Ukraine” AUTHORS Alexander Lavryk Alexander Lavryk (2016). P2P lending as an alternative to bank lending in ARTICLE INFO Ukraine . Banks and Bank Systems, 11(4), 20-30. doi:10.21511/bbs.11(4).2016.02 DOI http://dx.doi.org/10.21511/bbs.11(4).2016.02 RELEASED ON Friday, 09 December 2016 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 11, Issue 4, 2016 Alexander Lavryk (Ukraine) P2P lending as an alternative to bank lending in Ukraine Abstract The goal of the article is to consider peer-to-peer lending and its interaction with bank lending that creates an aggregate hybrid lending. The article’s objective is the research of development of P2P lending on the financial market and beyond, which is particularly relevant today. This goal is achieved by using the methods of evaluation and comparative analysis of different principles, which makes it possible to structure the general scientific understanding of P2P lending with the help of statistical methods. The study of the dynamics and structure of peer-to-peer lending in various coun- tries for the period 2005-2016 led to the conclusion that in Ukraine, there is a decline in the share of bank lending in favor of peer-to-peer lending in the total amount of loans with an increasing role of non-bank and hybrid forms of len- ding in ensuring economic growth. -
Ex-Commonwealth PM Set to Launch $500M Macro Fund LAUNCH
The long and the short of it www.hfmweek.com ISSUE 497 3 MAY 2018 INFRAHEDGE CEO BRUCE KEITH DEPARTS AFTER 7 YEARS HFM EUROPEAN 2018 $30bn MAP co-founder to be replaced by Andrew Allright PEOPLE MOVES 03 PERFORMANCE AWARDS DEUTSCHE PUTS PRIME FINANCE BUSINESS UNDER REVIEW HF head Tarun Nagpal to leave bank after 15 years PRIME BROKERAGE 07 EX-GRUSS CAPITAL PROS PREP EVENT-DRIVEN FUND HFMWEEK REVEALS ALL Indar Capital expected to launch later this year LAUNCHES 10 THE WINNERS AWARDS 23 Ex-CommonWealth PM set to launch $500m macro fund Christopher Wheeler readies between 2013 and 2016. London-based CJW Capital CommonWealth closed BY SAM MACDONALD down last year as Fisher depart- ed to join $26bn Soros Fund FORMER CITADEL AND Management. CommonWealth Opportunity From November 2016 until Capital portfolio manager Chris- March this year, Wheeler is topher Wheeler is set to launch a understood to have traded a sub- LAUNCH macro fund with at least $500m stantial macro sleeve for Citadel. initial investment, HFMWeek He previously spent five years has learned. with London-based liquid multi- ANALYSIS Wheeler is starting London- asset business Talisman Global NUMBERS SURGE IN 2017 based CJW Capital Management Asset Management. He earlier with backing from a large asset worked at Morgan Stanley. manager and is looking to begin CJW Capital could become trading this year, HFMWeek one of this year’s largest HFM Global’s annual survey shows understands. European start-ups, amid a num- He registered the firm with ber of prominent macro hedge equity strategies remained most in UK Companies House on 23 fund launches. -
Економічний Форум 4/2017 248 Удк 347.336.004 Поліщук В.Г., К.Е.Н
Економічний форум 4/2017 УДК 347.336.004 Поліщук В.Г., к.е.н. Луцький національний технічний університет ЗАБЕЗПЕЧЕННЯ ФІНАНСОВОЇ БЕЗПЕКИ ПРИ ВИКОРИСТАННІ ІННОВАЦІЙНОЇ КРИПТОВАЛЮТИ BITCOIN У публікації досліджуються передумови виникнення криптовалют, визначено їх основні види. Проаналізовано складності функціонування криптовалют на території України. Визначено ризики, що впливають на фінансову безпеку країни. Ключові слова: криптовалюта, біткойн, біткойн гаманець, фінансова безпека. Polishchuk V. ENSURE FINANCIAL SECURITY BY USING INNOVATIVE CRYPTOCURRENCY BITCOIN In the publication, the premise of the emergence of cryptocurrencies are being investigated, their main types are determined. The complexity of the operation of cryptocurrencies in the territory of Ukraine is analyzed. The risks affecting the financial security of the country are determined. Key words: cryptocurrency, bitcoin, bitcoin wallet, financial security. Полищук В.Г. ОБЕСПЕЧЕНИЕ ФИНАНСОВОЙ БЕЗОПАСНОСТИ ПРИ ИСПОЛЬЗОВАНИИ ИННОВАЦИОННОЙ КРИПТОВАЛЮТЫ BITCOIN В публикации исследуются предпосылки возникновения криптовалют, определены их основные виды. Проанализированы сложности функционирования криптовалют на территории Украины. Определены риски, влияющие на финансовую безопасность страны. Ключевые слова: криптовалюта, биткойн, биткойн кошелек, финансовая безопасность. Постановка проблеми у загальному вигляді і її зв’язок з важливими науковими та практичними завданнями. Криптографія з метою конфіденційних платежів почала використовуватися з 1990 року в системі DigiCash Девіда -
Pantera Digital Asset Fund Lp
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM PANTERA DIGITAL ASSET FUND LP a Delaware Limited Partnership March 2018 PANTERA DIGITAL ASSET FUND LP DIRECTORY Please direct investor inquiries to the Investment Manager (Telephone No.: 650-854-7000; E-mail: [email protected]). Fund Administrator Pantera Digital Asset Fund LP SEI Global Services, Inc. 3000 Sand Hill Road, Suite 1-235 1 Freedom Valley Drive Menlo Park, California 94025 Oaks, Pennsylvania 19456 General Partner Auditors to the Fund Pantera Digital Asset GP LLC BDO USA, LLP 3000 Sand Hill Road, Suite 1-235 One Bush Street, Suite 1800 Menlo Park, California 94025 San Francisco, CA 94104 Investment Manager Legal Counsel to the Fund Pantera Advisors LLC Schulte Roth & Zabel LLP 3000 Sand Hill Road, Suite 1-235 919 Third Avenue Menlo Park, California 94025 New York, New York 10022 CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM PANTERA DIGITAL ASSET FUND LP Pantera Digital Asset Fund LP (the "Fund") is currently offering the Interests described in this Confidential Private Placement Memorandum (this "Memorandum") to certain qualified investors that, if accepted, will become limited partners of the Fund (the "Limited Partners"). Prospective investors should carefully read this Memorandum in its entirety. However, the contents of this Memorandum should not be considered to be investment, legal or tax advice, and each prospective investor should consult with its own counsel and advisers as to all matters concerning an investment in the Fund. There will be no public offering of the Interests. No offer to sell (or solicitation of an offer to buy) is being made in any jurisdiction in which such offer or solicitation would be unlawful. -
Barclay Managed Funds Report Barclay Managed Funds Report 3Rd Quarter 2019
Barclay Managed Funds Report BARCLAY MANAGED FUNDS REPORT 3rd Quarter 2019 3rd Quarter 2019 TOP 20 CTA PERFORMERS PAST FIVE YEARS For period from 10/01/2014 to 09/30/2019. Includes only CTAs managing at least $10 million as of 09/30/2019 5-Yr Comp. Largest % Best Worst Assets Annual Sharpe Draw Winning 12-Mo. 12-Mo. Under Trading Advisors Return Ratio Down Months Period Period Mgmt. ($) 1 Pantera Capital Mgmt (Bitcoin) 83.34% 0.95 77.89% 55.00% 1564% -76% 124.4M 2 Altana Wealth (Digital Currency) 76.86% 0.87 80.67% 56.67% 1496% -79% 17.5M 3 GAIA Capital Mgmt (GAIA FX+) 47.41% 2.58 19.42% 78.33% 126% -9% 44.6M 4 Alpha Z (Futures Fund) 43.76% 1.48 28.57% 81.67% 115% -11% 10.1M 5 QQFund.com (Alpha Beta) 36.44% 0.87 34.95% 55.00% 101% -21% 11.1M 6 Geosol Capital (Onshore I) 32.23% 0.66 33.85% 55.00% 89% -19% 30.6M 7 CenturionFx Ltd (6X) 29.29% 2.90 4.65% 86.67% 91% 11% 159.2M 8 MDC Trading (MDLC) 26.22% 1.61 11.21% 75.00% 84% -5% 17.4M 9 Blue Bar Futures (Prime Ag) 23.04% 0.84 42.26% 70.00% 107% -9% 11.9M 10 AG Capital (Discretionary GM) 22.31% 0.70 25.27% 50.00% 75% -23% 16.8M 11 Taaffeite Capital (Global Index LP A) 19.32% 1.42 15.28% 63.33% 72% -15% 14.8M 12 Integra Capital (Investment Fund A) 16.91% 0.77 28.25% 85.00% 51% -19% 20.4M 13 Shepherd Energy Portfolio 2X 16.51% 1.30 12.83% 68.33% 47% -4% 20.3M 14 Ortus Capital Mgmt (Currency Aggr) 15.72% 1.07 11.74% 61.67% 38% -4% 207.0M 15 Tianyou Fund LP 15.00% 1.12 25.46% 96.67% 33% -12% 125.2M 16 P/E Investments (FX Aggressive) 12.50% 0.47 35.45% 56.67% 48% -28% 7500.0M 17 Polar Star Mgmt (Polar Star SNN) 12.12% 1.13 8.29% 61.67% 33% -5% 32.6M 18 John Street Capital (Vantage) 12.04% 0.82 10.85% 61.67% 35% -2% 2092.1M 19 Pan Capital (Energy Fund LP) 11.71% 0.79 10.45% 53.33% 48% -9% 130.0M 20 TrueAlpha (PMC Managed Futures SP) 11.71% 1.42 4.08% 65.00% 43% -2% 96.0M Number of Eligible Funds: 406Not for Reprint Disclaimer Past results are not necessarily indicative of future results. -
The Anatomy of a Money-Like Informational Commodity: a Study of Bitcoin by Tim Swanson
The Anatomy of a Money-like Informational Commodity: A Study of Bitcoin By Tim Swanson 1 © Copyright 2014 by Tim Swanson Cover art credit: Matt Thomas and Invisible Order This manuscript is released under the Creative Commons - Attribution 4.0 International license: to copy, transmit, share, adapt, remix, make commercial use of and freely distribute this work. 2 Table of Contents Preface .......................................................................................................................................................... 4 Acknowledgements ...................................................................................................................................... 5 Introduction .................................................................................................................................................. 6 Chapter 1: Bitcoin in theory and practice .................................................................................................... 9 Chapter 2: Public goods.............................................................................................................................. 24 Chapter 3: The Red Queen of Mining ........................................................................................................ 40 Chapter 4: A Bitcoin Gap ............................................................................................................................ 78 Chapter 5: Bitcoins made in China ............................................................................................................ -
Informe De Inteligencia Global BLOCKCHAIN
Informe de inteligencia global BLOCKCHAIN OPERA: VTSAS CRÉDITOS EDITORIALES Concepción y dirección general: Ministerio de Tecnologías de la Información • Víctor Tamayo Bustamante y las Comunicaciones - MINTIC: Dirección técnica: Subdirección de Digitalización Sectorial • Óscar Eduardo Quintero Osorio • Giovany Gómez Molina . Subdirector Coordinación equipo de vigilancia: • Hernando Sarmiento Guerrero. Especialista Temático • Alvaro Agudelo Arredondo • Germán Ricardo Rodríguez. Especialista Temático Vigías: Subdirección de Comercio Electrónico • Santiago Quevedo Upegui • Juliana Gómez Puentes . Especialista Temático • Ana María Osorio • Santiago Montoya Gallón • Catalina Campo Herrera Dirección de diseño y diagramación: • Santiago Córdoba Vasco Apoyo en diseño: • Luisa Fernanda González • Juan David Vargas Torres Corrección de estilo: • Carlos Mauricio Botero Rico 2 INFORME DE TENDENCIAS TECNOLÓGICAS TABLA DE CONTENIDO elementos tecn mer regu 01 elementos 02 tendencias 03 tendencias 04 tendencias TECNOLÓGICAS de mercado de regulación preliminarespreliminares ológicascado lación Elementos preliminares Tendencias Tecnológicas En BC Tendencias de mercado Tendencias De Regulación En BC de la tecnología 1.1. Introducción 2.1. Ficha de la tecnología 3.1. Retos para la industria 4.1. Resumen 2.2. ¿Qué es Blockchain? 3.2. Impacto de la tecnología 4.2. Marco normativo para la tecnología 1.2 Tecnologías priorizadas 2.3. Características fundamentales 3.3. en el mercado 4.3. Impacto de la normatividad 2.4. Relevancia del zBlockchain 3.4. Casos y ejemplos en la tecnología 1.3. Como se relacionan las tecnologías 2.5. Focos de investigación y desarrollo 3.5. Principales actores 4.4. Barreras y desafíos en la regulación 2.6. Generación de conocimiento Los ODS como drivers de 4.5. Estrategias o iniciativas nacionales 1.4. -
Cryptocurrencies and Cryptocurrency Funds
CRYPTOCURRENCIES AND CRYPTOCURRENCY FUNDS May 2018 1 CRYPTOCURRENCIES AND CRYPTOCURRENCY FUNDS CONTENTS 1. BACKGROUND .................................................................................................... 3 2. THE TECHNOLOGY AND HOW IT WORKS ....................................................... 3 3. CRYPTOCURRENCY FUNDS ............................................................................. 4 4. RISKS OF CRYPTOCURRENCIES AND ICOs ................................................... 6 5. GLOBAL REGULATORY RESPONSES .............................................................. 7 6. TAXATION OF CRYPTOCURRENCIES ............................................................ 10 7. OUR THOUGHTS ON WHAT THE LEGAL AND REGULATORY LANDSCAPE COULD LOOK LIKE.................................................................................................. 10 8. NEXT STEPS ..................................................................................................... 10 2 CRYPTOCURRENCIES AND CRYPTOCURRENCY FUNDS In recent years and, in particular, recent months, cryptocurrencies and cryptocurrency funds have exploded in terms of discussion and popularity. On Tuesday 28 November 2017, the value of a bitcoin reached $10,000 for the first time, marking an 850% increase from the start of 2017. Since then, there have been considerable fluctuations in the value of bitcoin, and at the date of writing the value of a bitcoin is approximately $9,200. This article will look at the history of cryptocurrencies and identify the risks associated -
Best Practice for Bitcoins Regulatory, Legal And
BEST PRACTICE FOR BITCOINS REGULATORY, LEGAL AND FINANCIAL APPROACHES TO VIRTUAL CURRENCIES IN A HESITANT, GLOBAL ENVIRONMENT KELLY MCCONNELL SUPERVISOR: DR. EMMANUEL LARYEA Best Practice For Bitcoin Thesis – Kelly McConnell DECLARATION PAGE 2 Best Practice For Bitcoin Thesis – Kelly McConnell ABSTRACT Decentralised virtual currencies may operate outside regulatory, legal and financial systems. Despite the risks that these currencies pose to stakeholders, including consumers, merchants, and investors and to the broader economy, their popularity continues to grow rapidly. Concerns regarding volatility, security and criminality can be addressed through the incorporation of virtual currencies into broader legal landscapes on a domestic and global scale. While most countries are hesitant to take the lead on virtual currency regulation, global action is required to ensure the continued effectiveness of existing regulations and provide consumer and investor protection in this new area of virtual currencies. Bitcoin, the most widely adopted decentralised virtual currency is used as a case study in this thesis for reviewing regulation strategies in relation to virtual currencies and their associated risks. A ‘best practice’ regulatory approach is recommended for domestic and global authorities regarding Bitcoin regulation. This approach recommends Bitcoin regulation be incorporated into existing legal and financial frameworks in a way that balances the benefits that virtual currencies provide with the need to preserve a stable currency and economy. -
The Hfs Blueprint Guide to Emerging Blockchain Services in Bfsi
The HfS Blueprint Guide to Emerging Blockchain | 1 THE HFS BLUEPRINT GUIDE TO EMERGING BLOCKCHAIN SERVICES IN BFSI October 2016 | Author: Christine Ferrusi Ross, Research VP, Strategy and Product Development, and Tanmoy Mondal, Knowledge Analyst, HfS Research WHAT YOU NEED TO KNOW ABOUT BLOCKCHAIN AND BLOCKCHAIN SERVICES IN BFSI Blockchain is the technology that allows companies to create, validate, and transact digital assets. More tactically, it’s a database of groups of transactions (blocks) that are linked to the previous set of transactions (the chain) and is replicated and distributed to everyone who participates in the network so that all copies of the database are identical. Blockchain records every transaction that ever happens, and no records are ever deleted. Currently, blockchain is most commonly used for financial transactions but can be used for any asset that can be digitized. Companies can use blockchain to trade digital assets with other players while instantaneously validating the identity of both parties in the peer network. The blockchain validates the asset and partner identity in seconds via this peer network of identical data sets, also referred to as distributed ledgers. The peer network can be “permissionless,” meaning anyone can join—similar to the Bitcoin network. Other networks require permission to join. In a permissioned network, every participating member is identified and validated before being allowed to join. The validation process to join a network varies based on who is leading the initiative to create the network and the network’s purpose. A common scenario is a set of banks that already work together and are known to each other.