Discover how blockchain will facilitate a new currency that will transcend space and time Largely inspired by The Denationalization of Money by Fredrich Hayek, Money Without Boundaries' ideological foundation is also inspired by economists and thought leaders like Milton Friedman and Irving Fisher, advancements in capital markets over the past 50 years, and the convergence of old and new technologies. Author Thomas J. Anderson explains how blockchain acts as the filter and the glue, making it all possible. Compared with other currencies, blockchain-managed money markets are more straightforward and transparent. It is easier to monitor, understand, and assess the quality of their "full-faith and credit." Money Without Boundaries shows how not only money, but also the process of borrowing and lending, will evolve to be conducted in a 100% trusted, secure, transparent, open architecture environment. Anderson begins with a history of money and discusses the rise of cryptocurrency, concluding with a comparison of decentralized money markets to all other alternatives. Money without Boundaries: * Demonstrates how blockchain technology allows full transparency * Explains how blockchain makes it possible for money to be fully commoditized * Explains how this fully market-based, decentralized, self-regulating system has vast implications throughout the global financial system * Shows how everyone will benefit when they have the opportunity to compete on "full faith in credit" If you are interested in cryptocurrency, money, monetary theory, or understanding how the applied uses of blockchain technology will change your everyday life, this is essential reading.
Autorentext
THOMAS J. ANDERSON is the founder and chairman of both Anasova and Supernova Lending. Before he founded Supernova, Tom worked in investment banking and wealth management for Wells Fargo, Deutsche Bank, Merrill Lynch, and Morgan Stanley, where he served as executive director of Morgan Stanley Wealth Management. He is a New York Times bestselling author and acclaimed financial planning expert. Tom's books have been featured in numerous media outlets around the world.
Klappentext
DISCOVER HOW BLOCKCHAIN TECHNOLOGY WILL ESTABLISH A NEW GLOBAL CURRENCY THAT TRANSCENDS SPACE AND TIME
We typically categorize "money" into earnings, such as income from a job, and as a store of value, like cash in the bank, to use for purchasing goods and services. Money Without Boundaries separates income and store of value to create a decentralized perfect store of value, the risk-free asset.
Blockchain technology digitally secures the ownership and full history of an item, making it far more transparent and straightforward than other currencies. This revolutionary technology enables money to be fully commoditized in a market-based, decentralized, and self-regulating system. Blockchain levels the playing fieldeveryone can make secure, anonymous financial transactions without any gaps in trust. Large central banks and governments are not necessary to monitor and assess the "full faith and credit" of blockchain-managed money markets, to the great benefit of the average person.
Money Without Boundaries is a must-have resource for anyone interested in understanding how cryptocurrency and the applied uses of blockchain technology will change the financial system and enhance the lives of billions of people around the world. Author Thomas Anderson explains how blockchain will create a new currency guided by the market forces of supply and demand, transforming the process of buying, borrowing, and lending forever. From the history of money and the rise of cryptocurrency to how decentralized money markets compare to all other alternatives, this straightforward, reader-friendly book provides the information you need to connect old ideas of money to the new reality of blockchain technology.
Inhalt
Preface xi
Acknowledgments xxi
Introduction 1
What is Money? 2
Money as a Store of Value 5
Demise of the Gold Standard 6
Planting the Seed for the Denationalization of Money 9
Part One: The Foundation 11
Chapter 1: Money Through Time A Different Perspective 13
The Holy Gift of Free Gold 17
National Debt, National Blessing? 18
Following the Yellow Brick Road 21
Breaking of the Gold Fetters 24
Let Me Lay to Rest the Bugaboo 27
Chapter 2: The Fundamentals of Money 31
Narrow Money versus Broad Money 33
The Theory of Money and Credit 35
Full Faith and Credit: Money is the Government's Debt 37
Chapter 3: Banking An Overview 41
A System That Multiplies Money 43
Money is Credit, and Credit is Money 45
Not for Profit, Not for Charity, but for Service 45
Chapter 4: The Denationalization of Money 47
Irving Fisher: Abolish Fractional Reserve Banking 48
Milton Friedman and Setting the Nominal Interest Rate to Zero 50
Friedrich Hayek: Denationalize Money 51
Chapter 5: The Rise of Cryptocurrency 55
Coins and Tokens 57
Is it a Security or a Utility? The Howey Test 60
Stablecoin: Establishing Trust and Stability 62
How Should We Value Coins and Tokens? 63
Chapter 6: The Role Model 69
Everything the Banking System is Not 71
Part Two: The Four Pillars Our Building Blocks 77
Chapter 7: Pillar 1 Modern Portfolio Theory and the Risk-Free Asset 79
Evolving Modern Portfolio Theory and the Risk-Free Asset 83
Summary of Pillar 1 84
Chapter 8: Pillar 2 The Credit Theory of Money 87
Creating Money Under the Credit Theory of Money 88
Creating a Medium of Exchange 91
Summary of Pillar 2 93
Chapter 9: Pillar 3 Solving the Trust Gap = Blockchain 95
It All Started with the Cloud 98
What, Exactly, is Blockchain? 100
Why Should We Care? 103
How Does Blockchain Work? 103
Why Would Anybody Do This? 106
Who Maintains the Network? 107
Blockchain Components and Ecosystem 108
Protocol Tokens and App Coins/Tokens: Working Together 112
The Other Layers 114
Summary of Pillar 3 115
Chapter 10: Pillar 4 Capital Markets as a Technology 117
What are Capital Markets? 118
What are Money Market Accounts? 119
What's in a Money Market Fund? 121
How Efficient is the Repurchase Market? 123
How Does This Relate to Our Third Pillar, Blockchain? 124
What is Securitization, and Why the Prejudice Against It? 125
How Securitization Works 126
How Subordination Works 128
Slicing and Dicing Our Way to Risk-Free 129
Summary of Pillar 4 130
Part Three: The Concept 133
Chapter 11: Transcending Space and Time 135
From Star Trek to the Death Star 136
Copper, Beads, and Such Like Trash as Money 138
A Store of Value that Transcends Space and Time 140
Chapter 12: Bringing the Building Blocks Together 141
A Known Store of Value: The Blockchain Revolution 143
A Different Objective: Zero Risk 144
Weight, Mass, and the Risk-Free Rate 144
The Kilogram and the Specimen 145
An Elastic Definition of the Specimen 149
A Sample Specimen 151
Convergence Checklist 154
Chapter 13: A Neural Network Begins 155
A Perspective on a Decentralized Market in Money 156
The Other Sides of Zero 159
The Paradigm Begins to Shift 160