The siren call of T+0, or real-time settlement

The NYSE’s clearinghouse in 1898, six years after its founding Traditional financial systems often get mocked for being slow. In North America, for instance, securities markets have recently switched from…

The road to sound digital money

No, I’m not talking about sound money in the sense of having a stable value. I’m talking about money that is sound because it can survive natural disasters, human error,…

On currency

David Birch recently grumbled about people’s sloppy use of the term legal tender, and I agree with him. As Birch points out, what many of us don’t realize is that…

Evaluating my bitcoin predictions

I wrote a bunch of posts on bitcoin between 2012-2015, but they tailed off a bit in late 2015 and 2016 as my attention turned to other subjects, namely old…

The dematerialization of cash

“One dollar bill,” watercolour by Adam Lister (source) R3, a company specializing in distributed ledger technology, has just posted a paper I wrote for them entitled Fedcoin: A Central Bank-issued…

Money as layers

Source Whenever I try to come up with a metaphor for the monetary and banking system I think about the 2010 film Inception, one of my favorite films. After falling…

Dutch 10 guilder note. Holland and Lebanon are the only countries to have issued banknotes with bar codes. One of the interesting things that we’ve all learnt about Bitcoin is…