PODCAST · business
The Short STOry
by Stefan Loesch
It is hard to navigate the fast-paced developments in STOs. The topic is at the intersection of regulated finance and blockchain technology, and understanding both is required. Stefan Loesch is the author of a popular book on Fintech regulation, a financial services veteran at JPMorgan and McKinsey, and a thought leader on STOs. In his daily podcasts he provides concise expert commentary on one topic of interest arising from the news.If you are an expert yourself, someone aspiring to become an expert, or are just interested in the topic, this is the podcast for you.
Episodes
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Introducing the TheShortSTOry Botcast
I was having a bit of a hiatus, but I think I've quite a decent excuse, because I was extremely busy. Apart from my other project I was working on the Bancor release v2.1 where I was retained to write the economic analysis paper. This was actually very exciting, and I _will_ make a podcast or two...
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Uniswap Papers ep. 2: The Reckoning
Today we will be discussing the second part of the Uniswap paper [1]. If you found yesterday's episode a bit dry, worry not. This one is more fun and economics, the mathematics stuff is mostly over. We are now moving on to the economics implications, and those are very interesting. Also honorable...
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The Uniswap papers
I am currently working quite heavily on formalising my understanding of Uniswap and Uniswap-style pools like the infamous Sushiswap pool that provided a fair amount of drama over the weekend. So instead of a news podcast today a short podcast on those two papers. The first one is simply a...
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The new SEC rules for accredited investors (with Jeff Bandman)
Today's podcast is with Jeff Bandman [1], principal at Bandman Advisors [2,3] and an esteemed colleague at University of Nicosia where he is teaching a course on blockchain regulations [4]. He is an expert on regulations, in particular in the US, and today we will be talking about SEC's exciting...
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Japanese messaging giant LINE in massive new push into crypto
The Japanse messaging giant LINE, creator of the Line friends, launches a blockchain development platform called LINE Blockchain Developers, and a crypto wallet called BITMAX. 1. https://www.coindesk.com/line-launches-digital-asset-wallet-and-blockchain-development-platform 2....
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Man bites dog; also: Korea's ICON blockchain offers ID services to established banks
In a true man-bites-dog story [1], Korea's largest blockchain firm ICON [2] now offers KYC services to Shinhan Bank, Korea's second largest bank [3] as Coin Telegraph reports. 1. https://cointelegraph.com/news/icon-app-offers-remote-kyc-for-south-koreas-second-largest-bank 2....
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Ethereum is a Dark Forest
Today's podcast is on @danrobinson's [4] medium post "Ethereum is a dark forest" [1] (the reference being of course the famous book from the Three Body Problem series [2,3]) where he describes how in Ethereum's mempool everyone raising the head gets sniped. 1....
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What color does Uniswap bleed?
I started writing a paper on the Uniswap protocol, and in particularly how it imposes a _bleed_ on its liquidity providers, akin to the bleed option traders with negative Gamma experience. The full paper is here paper but below is the non-technical summary and conclusion. 1....
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Thomas Naegele's assessment of EU and Liechtenstein securities law with respect to security tokens
Today's podcast is about Thomas Naegele's assessment of EU law, and Liechtenstein law in particular, with respect to security tokens and their (in)ability to be traded on regulated trading venues. Warning: my pdf of the post clocks in at 67 pages plus 40 pages of references. 1....
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Ethereum Classic 51% attack nets 5.6m
A few days ago we had the reorganisation of the Ethereum Classic chain that was initially attributed to the mistake of a miner who has been disconnected from the network for 12 hours. Turns out it was an attack, and he or she made $5.6m out of it. Interestingly the playbook followed is well known...
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The Exordium aka Infinite Fleet STO
In our series on interesting deals in the STO space, today a particular gem because of the unusual asset class and the people involved. Asset class first: this is a security token [1,2,3] giving the investors economic interest in an online game called Infinite Fleet. This security token is not to...
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tZero updates their investors -- and it's not all a happy update
tZero [1] -- the subsidiary of Overstock who is one of the most active players in the STO market -- just updated their investors, and whilst this do not make a particularly happy reading it provides good insights into what is, and is not, happening in the STO market at the moment [2,3]. This…
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New Shore Invest - yet another German shipping token
After the podcast on German ship finance I made two weeks ago [1] I have come across another German platform because of an pretty extensive interview in BTC Echo [2] and some other news in German media [5]. It turns out that those guys have been around for a while, there was a very good article…
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What is Ampleforth?
In this article [1] I want to discuss the dynamics of Ampleforth [2,3], which is a crypto currency with its twist. Instead of issuing a fixed number of units, Ampleforth monetary supply expands and contracts dynamically to keep one Ampleforth valued at around 1 USD. The expansion and contraction…
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Banque de France selected companies for CBDC trial, and related news
Banque de France selected the firms for its announced CBDC trial [1]. Four out of the eight companies chosen are old economy giants who are venturing into the brave new world, but the remaining four are more recent upstarts: Iznes, LiquidShare, ProsperUS, and SEBA Bank. 1....
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Cloudcoin and the old school way of transferring value
It is interesting how technology gives a new lease to old principles. The medieval banking systems relied heavily on bearer instruments to assert ownership of financial assets, and this has over time be replaced with centralised registers. Now we see the rise of a new class of bearer instruments,...
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The Green Ship Security Token Offering
Before we start: this is not a financial promotion, I am in no way related to this token offering, and I have no views whatsoever of whether or not this token is a good investment. With this out of the way, I am excited that there is another major security token offering coming out of Germany, a...
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Binance issues Swipe-powered debit card against crypto balances
After its acquisition of Swipe [5], Binance now announced details of the debit card it will be offering first in the EEA and later in the UK [1,2]. And Binance's CEO is amongst the beta testers [3,4]. 1. https://www.coindesk.com/binances-crypto-card-goes-live-for-eu-uk-markets-today 2....
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How Public Key Infrastructure Will Revolutionize Custody and Fund Management
I published an article on public key infrastructure and how it will impact custody and fund management today [1]. I thought I might as well read it for you on my podcast. 1. https://www.coindesk.com/how-public-key-infrastructure-will-revolutionize-custody-and-fund-management 2....
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Did someone really just pay a few million dollars in fees? Twice? Or was this money laundering?
In the last days there were two Ethereum transactions [3] that paid about $2.6m in transaction fees each, which even for Ethereum is a bit on the high side [1]. After the first transaction there were two major theories: fat fingers, and money laundering [2]. Now a third one has been added [4]. So...
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Securitize pays out dividend-like payment on-chain
Securitize -- the tokenisation platform -- has announced that they effectuated the first dividend-like payment on-chain, as Cointelegraph reports [1]. The payment was for the Lottery.com security token about which unfortunately apparently not much is in the public domain [2]. So whilst the…
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Are CBDCs a threat to commercial banking? The Philedelphia Fed weighs in
Cointelegraph has a very good article [1] that discusses a recent paper published by the Phildelphia Fed [2] on CBDCs and whether they are a threat to the commercial banking system. The article refers to a number of differing views on this topic, including that of Marshall Hayner, CEO of Metal…
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Commit / reveal, hashes, and how to play "Rock, Paper, Scissors" over Slack
Last week my course *Security Token Strategy* at University of Nicosia's IFF started for real, and this has kept me pretty busy. Today I recorded a number of videos for the course assignments, so I did not get around recording anything for the podcast. Instead I will be sharing one of the videos...
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Blockchain voting, corporate governance and liquid democracy (with Dr Mark van Rijmenam)
In today's episode I am talking with Dr Mark van Rijmenam the author of the Organisation of Tomorrow [1] and who is a leading expert in the blockchain space and how it changes the future of work. In today's episode based on a recent blog post of Mark [2] we are discussing how blockchain voting...
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How public / private keys will change the world of financial services and custody
In line with the custody theme in the podcast I am discussing here the profound changes the use of a public key infrastructure will have on the world of financial services, in particular in the area of custody. Note that this is the audio portion of a video lecture.
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Gemini exchange platform integrates with Samsung mobile phone wallets
Another piece of news fitting into the custody theme I am currently developing. As BeInCrypto reports [1], Gemini exchange integrates with the wallets on Samsung phones, increasing end customer security. See also the podcast I made with Dr Ken Tindell on the Samsung hardware [2]. 1....
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Ethereum's aggregate market cap now 50% in ERC20 tokens
As BeInCrypto reports [1] based on a report by Ryan Watkins of Messari [2,3] now about half of the total Ethereum market cap is in ERC20 tokens. That can have security implications for that eco system. 1. https://beincrypto.com/nearly-half-of-ethereum-total-value-comprised-of-erc-20-tokens/ 2....
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Samsung’s new mobile crypto chip (with Ken Tindell)
As MPT [1] reports, Samsung just announced a new security chip for mobile phones [3], or -- as Cointelegraph refers to it [2] -- a "new chip to secure crypto transactions". In this episode I am talking with Ken Tindell about what this chip does and why it matters for (security) tokens and their...
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Italian banking reconciliation platform Spunta adds another 23 members
Yesterday Finextra reported that another 23 banks have joined Italian's Spunta platform [1], on top of the 32 that have been present at the launch of the system a month ago [2]. The project's goal is to simplify the reconciliation of interbank transfers, which for the time being is a pain-staking...
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On (Ca)Libra the next shoe drops
As widely reported today, Facebook's Calibra wallet today rebranded to Novi. Less widely reported however is the most important piece, then link-up with WhatsApp and Facebook messenger [1]. In related news, after having hired a regulatory-savy CEO [2] the Libra Association (which is independent…
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Consensus interviews - Part 2
This episode is the second of my Consensus interview episodes where I am discussing with some of the people I met at the excellent networking event what they got out of the conference, and what they thought of the virtual format. In today's episode we have Brian Nistler from Lowenstein Sandler,...
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Hyperledger Cactus grows up (with Thomas Barker)
Today's episode is with Thomas Barker, a software engineer and my goto person for everything blockchain technology, with whom I'll discuss Hyperledger Cactus that recently graduated from Hyperledger's Lab to the Greenhouse [1]. Hyperledger Cactus is the old "Blockchain Integration Framework" [2]...
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BLOG: Putting the “Fun“ back in Fractionalisation
After the long post on my future vision and tokenisation, and after a number of good conversations of twitter today a more focused post on what the value proposition of fractionalisation has to be for investors so that fractionalisation will take off. 1....
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Consensus interviews - Part 1
This episode is the first of my Consensus interview episodes where I am discussing with some of the people I met at the excellent networking event what they got out of the conference, and what they thought of the virtual format. In today's episode we have Lourdes Miranda from Miranda Fintel...
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The EU non-paper on crypto regulation
Apparently there is a "non-paper" circulating by the European Union that addresses future crypto regulations. I haven't seen it yet (please send it my way if you have it) but there are some details in CityAM [1]. 1....
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Sequioa Capital is investing in AI investment platform Vise
As Business Insider reports [1], Sequioa Capital just closed a $14m funding round in the AI-based stockpicker, aka roboadvisor Vise [2]. This ties in nicely with my 10 year vision for fractionalisation blog from Saturday [3], and it is in some ways _the other shoe dropping from the Charles Schwab...
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The dangers of sending crypto funds to the wrong address
Today's story [1] is about a Reddit user who claims to have lost 40 ETH ($8,000) by sending it to the wrong address [2]. This is unusual because in principle addresses should have a checksum [3,4,5] but it is a real problem with the ill-designed ENS [6]. This leads us to a discussion of Prof...
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BLOG: Tokenisation and fractionalisation -- A ten year vision
I am reading out the blog post on tokenisation and fractionalisation I wrote after Consensus 2020. If you want to read along -- or just read it -- you can find it here: https://theshortstory-podcast.com/2020/05/tokenisation-and-fractionalisation-a-ten-year-vision/
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ANNOUNCEMENT: I am setting up a virtual networking corner. Please drop in!
Consensus Distributed is over, and it was great, in particular the Zoom networking part. The networking was so good in fact that I decided to establish regular networking open hours [1]. As I was asked what "Zoom networking" is, let me briefly describe how it worked. The app (Brella; it had a few...
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Visa's patent for a blockchain currency
The US patents and trademark office today published a patent by Visa [1], the card payments network, for a digital currency issued on a blockchain [2-4]. This is not their first patent in this area [5]. 1....
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Telegram cancels TON, [probably] reimburses investors
As the Moscow Times expected [6] and everyone now reports [2,3,4,5] Telegram cancels its TON project. The reason cited is the SEC's stance on the project and the on-going court case. For the STO market this sends mixed messages. 1. https://telegra.ph/What-Was-TON-And-Why-It-Is-Over-05-12 2....
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JPMorgan now serves CoinBase and Gemini
The Block reports the JPMorgan now serves Coinbase and Gemini [1] based on a story in the Journal [2,$] This is good news, especially after Barclays no longer agreed to serve Coinbase in August ago [3]. Hopefully this is good news for other crypto firms who are finding it hard to pick up banking...
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Consensus 2020
It is Consensus [1] this week, and the conference is great (and it is free!). If anything it is more time consuming as virtual conference than as a real one, so I am not sure to which extent I can publish podcasts this week. But maybe talk to me there? Just schedule a call with me on their...
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No podcast today, but check out the links
I was a bit busy recording the "The Short STOry Academy" lecture on the economics of bitcoin mining [1] today, so there is no news podcast. Have a look though at the "The CoinDesk 50" article [2] linked in the notes, and the associated twitter thread [3]. Good intro to the good and great of…
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The Ben Elliot Token, or how to raise financing as an up and coming artist
Yesterday I covered a big news item, and today I'll cover what looks more like a curiosity for the time being but which could turn into a very interesting project in the digital assets space if it takes off. It is already a bit older but given it is a slow news day it fits right in. The Parisian...
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Paul Tudor Jones invests in Bitcoin ... futures
Today's big news in the crypto space [1][2] is that Paul Tudor Jones -- the famous hedge fund veteran -- has a published a letter to his investors where he is very open about changing his investment mandate to be allowed to invest into BTC futures because of the current unprecedented…
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Libra’s got a new CEO
Libra has a new CEO, Stuart Levey, currently Chief Legal Officer for HSBC and previously Under Secretary of the Treasury for Terrorism and Financial Intelligence under Bush and Obama [1][2][3][4]. After the whitepaper v2 [5] another sign of Libra playing in the big leagues. 1....
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Charles Schwab offers fractionalised stock trading
After Robinhood and Fidelity, now Charles Schwab allows for “fractional” stock trading in S&P 500 companies, for a minimum investment as little as $5. Another step towards asset fractionalisation and making finance available for the masses. 1....
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Malaysia eases regulations for distribution of digital securities
Malaysia’s securities regulator – the Securities Commission — now allows e-wallet providers to distribute capital markets products through their e-wallet software [1] Finextra reports [2]. The SC also makes the process of issuing securities easier. Whilst this is not necessarily targeted at…
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ECB publishes assessment of global stable coins
In this bonus episode we’ll discuss one topic close to my heart: global stable coins. The ECB just published a paper on regulatory and financial stability implications of global stable coins [1]. Whilst the results will come as surprise to noone except the author’s of last year’s v1.0 of the…
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ABOUT THIS SHOW
It is hard to navigate the fast-paced developments in STOs. The topic is at the intersection of regulated finance and blockchain technology, and understanding both is required. Stefan Loesch is the author of a popular book on Fintech regulation, a financial services veteran at JPMorgan and McKinsey, and a thought leader on STOs. In his daily podcasts he provides concise expert commentary on one topic of interest arising from the news.If you are an expert yourself, someone aspiring to become an expert, or are just interested in the topic, this is the podcast for you.
HOSTED BY
Stefan Loesch
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