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a better question is to look at how people use it, the frictions they encounter, and who works on solving those frictions just saying “speculation” as if thats

a better question is to look at how people use it, the frictions they encounter, and who works on solving those frictions just saying “speculation” as if thats not a use case misses that “financial services” are our biggest industry on the planet and thats mirrored in the blockchain space, many people solve frictions and compete with each other. it willfully ignores that all currencies are 99% held as stores of value and the M0 money supply is a tiny fraction used as cash and for merchant transactions, a distribution also mirrored in the blockchain space but ignorantly used to discredit it despite ironically showing how well it works as a parallel economy. additionally due to the structure of blockchains as a pay to write database, most use cases that aren't related to stores of value or trading are intrinsically tied to something financial which makes the standard impossible

FactKnower69 3y ago
>just saying “speculation” as if thats not a use case misses that “financial services” are our biggest industry on the planet and thats mirrored in the blockchain space This is such a great comparison! Crypto and "financial services" are both a massive waste of labor that produces zero material wealth and mainly exist to facilitate money laundering and further upward siphoning of wealth. This is why Janet Yellen is currently throwing a tantrum that those big meanies in China aren't playing fair by using their labor to actually manufacture things instead of shuffle fake money back and forth between different buckets until more money appears out of thin air: https://www.reuters.com/business/energy/yellen-intends-warn-china-clean-energy-subsidies-excess-production-capacity-2024-03-27/ https://www.reuters.com/business/energy/yellen-intends-warn-...
mand1575 3y ago
Given that we are now entering another crypto hype cycle and blockchain technology, discussions often veer towards crypto and the allure of embedded tokens. I’m going to stick to the realty and opportunity: utilizing blockchain in fixed income finance. Having spent two decades navigating the complexities of Wall Street, I know the critical problem plaguing the fixed income market: the overwhelming amount of data generated during the origination of debt instruments and the subsequent challenges in reconciliation during clearing and settlement. Night cycles, calling Bloomberg to fix security master. Calling DTCC to settle trades. Blockchain is the best technology to solve this. Only if applied correctly. Otherwise, it’s a waste. We started with a fundamental goal: to debunk the myths and misconceptions surrounding blockchain in the securities space. Despite the pervasive FUD propagated by the media, we have now proved to regulators that securities originated on blockchain are indeed securities – not merely speculative digital assets. At its core, we are looking to address the root cause of friction in fixed income trading: the lack of direct origination and data quality across market participants. By leveraging a permissioned network, we have proved by recording of municipal loans and securities on our blockchain. While it may not be the flashy product that garners headlines, this milestone marks a significant step forward. We also trained all of FINRA’s fixed income examiners…. Our next step is to bring brokered CDs, directly to the investors, giving them access to negotiate with the issuers. From there the goal is to extend to real-time clearing and settlement, streamlining processes and enhancing efficiency across the fixed income ecosystem. Here's how a trade moves through our system in current state…it’s a mental journey. https://www.chicagofed.org/markets/view-lasalle-street/us-reg-authority https://www.chicagofed.org/markets/view-lasalle-street/us-re...
- troupo 3y ago
  > the root cause of friction in fixed income trading: the lack of direct origination and data quality across market participants. By leveraging a permissioned network, Blockchain has nothing to do with "data quality across market participants". Bad data entered into blockchain remains bad data.
  - mand1575 3y ago
    hence origination - bad data can be fixed. try calling 30 different vendors and rely on downloading the file to run the M2M night-cycle
    - troupo 3y ago
      Basically, you're lacking a platform that brings all those things together. What blockchains may give you is a slow append-only log, which is a very minor part of that platform. And making everyone move to that platform is a much bigger challenge :)
      - mand1575 3y ago
        that's been the journey - but signed the biggest market and about to launch the brokered CD market Speed or throughput is not a challenge for origination - no one is mining a Bitcoin here!
- pa7x1 3y ago
  In case you are curious BlackRock launched last week a money market fund on Ethereum. You can see it onchain here: https://etherscan.io/token/0x7712c34205737192402172409a8f7ccef8aa2aec https://etherscan.io/token/0x7712c34205737192402172409a8f7cc... And here the press release: https://securitize.io/learn/press/blackrock-launches-first-tokenized-fund-buidl-on-the-ethereum-network https://securitize.io/learn/press/blackrock-launches-first-t...
  - mand1575 3y ago

FactKnower69 3y ago

>just saying “speculation” as if thats not a use case misses that “financial services” are our biggest industry on the planet and thats mirrored in the blockchain space This is such a great comparison! Crypto and "financial services" are both a massive waste of labor that produces zero material wealth and mainly exist to facilitate money laundering and further upward siphoning of wealth. This is why Janet Yellen is currently throwing a tantrum that those big meanies in China aren't playing fair by using their labor to actually manufacture things instead of shuffle fake money back and forth between different buckets until more money appears out of thin air: https://www.reuters.com/business/energy/yellen-intends-warn-china-clean-energy-subsidies-excess-production-capacity-2024-03-27/ https://www.reuters.com/business/energy/yellen-intends-warn-...

mand1575 3y ago

Given that we are now entering another crypto hype cycle and blockchain technology, discussions often veer towards crypto and the allure of embedded tokens. I’m going to stick to the realty and opportunity: utilizing blockchain in fixed income finance. Having spent two decades navigating the complexities of Wall Street, I know the critical problem plaguing the fixed income market: the overwhelming amount of data generated during the origination of debt instruments and the subsequent challenges in reconciliation during clearing and settlement. Night cycles, calling Bloomberg to fix security master. Calling DTCC to settle trades. Blockchain is the best technology to solve this. Only if applied correctly. Otherwise, it’s a waste. We started with a fundamental goal: to debunk the myths and misconceptions surrounding blockchain in the securities space. Despite the pervasive FUD propagated by the media, we have now proved to regulators that securities originated on blockchain are indeed securities – not merely speculative digital assets. At its core, we are looking to address the root cause of friction in fixed income trading: the lack of direct origination and data quality across market participants. By leveraging a permissioned network, we have proved by recording of municipal loans and securities on our blockchain. While it may not be the flashy product that garners headlines, this milestone marks a significant step forward. We also trained all of FINRA’s fixed income examiners…. Our next step is to bring brokered CDs, directly to the investors, giving them access to negotiate with the issuers. From there the goal is to extend to real-time clearing and settlement, streamlining processes and enhancing efficiency across the fixed income ecosystem. Here's how a trade moves through our system in current state…it’s a mental journey. https://www.chicagofed.org/markets/view-lasalle-street/us-reg-authority https://www.chicagofed.org/markets/view-lasalle-street/us-re...

troupo 3y ago
> the root cause of friction in fixed income trading: the lack of direct origination and data quality across market participants. By leveraging a permissioned network, Blockchain has nothing to do with "data quality across market participants". Bad data entered into blockchain remains bad data.
- mand1575 3y ago
  hence origination - bad data can be fixed. try calling 30 different vendors and rely on downloading the file to run the M2M night-cycle
  - troupo 3y ago
    Basically, you're lacking a platform that brings all those things together. What blockchains may give you is a slow append-only log, which is a very minor part of that platform. And making everyone move to that platform is a much bigger challenge :)
    - mand1575 3y ago
      that's been the journey - but signed the biggest market and about to launch the brokered CD market Speed or throughput is not a challenge for origination - no one is mining a Bitcoin here!
pa7x1 3y ago
In case you are curious BlackRock launched last week a money market fund on Ethereum. You can see it onchain here: https://etherscan.io/token/0x7712c34205737192402172409a8f7ccef8aa2aec https://etherscan.io/token/0x7712c34205737192402172409a8f7cc... And here the press release: https://securitize.io/learn/press/blackrock-launches-first-tokenized-fund-buidl-on-the-ethereum-network https://securitize.io/learn/press/blackrock-launches-first-t...
- mand1575 3y ago