A library of snippets
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Losses through cryptocurrency speculation are now leading to personal insolvencies in the UK, says international audit, tax, and advisory firm Mazars.
From London advisory firm explores the financial risks of cryptocurrency investment | Bdaily:
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He explained that he kept the private keys for some of his crypto in offline wallets that were stored outside the house—or “off site,” as he put it. That way, if a thief broke in and demanded them, he wouldn’t be able to hand them over.
From Half a Billion in Bitcoin, Lost in the Dump | The New Yorker:
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The tbDEX protocol facilitates
decentralized networks of exchange between assets by providing a framework for
establishing social trust, utilizing decentralized identity (DID) and verifiable credentials
(VCs) to establish the provenance of identity in the real world.From : tbDEX White Paper
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The fees collected by cryptocurrency miners for processing transactions on the ethereum network have rocketed more than tenfold in just five months, according to data firm CryptoCompare.
Total monthly fees rose from $166m in June to $1.822bn in November, said CryptoCompare.
The average ethereum transaction fee also rose by a factor of more than ten, said the firm, from $4.73 in June to $48.33 in November.
From Ethereum fees up tenfold in five months – New Money Review:
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As innovation in fintech continues to accelerate, it is important to understand the needs and expectations of consumers, how the evolution of technologies may improve financial access and health, and the conditions and requirements for responsible and equitable innovation. How will current approaches and frameworks evolve as the speed, infrastructure and providers of financial services rapidly change? Usman Ahmed, head of global public policy and research at PayPal, and Ivy Lau, lead manager of global public policy and research at PayPal, join Patricia Haas Cleveland, US president of OMFIF, to discuss the future of fintech innovation.
Ivy was talking about a recent PayPal consumer survey and mentioned in passing what I thought was a rather interesting finding, which is that around three-quarters of American want digital money and are happy to leave paper money at home, but around three-quarters of American don’t want digital identity and are happy to carry their paper driving licences around with them.
What do these figures mean? They could mean that most people don’t really understand what digital money is or what digital identity is and therefore it’s pointless asking the public what they think about them. But they could also mean that there are deep-seated cultural issues around identity that need to be addressed if we (ie, fintech) is going to deliver the safe and secure services essential to financial health.
Digital money
Digital identity
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The pandemic also conditioned consumers to enjoy—and expect—a breadth of payments options. “There’s actually some data to suggest that if a merchant isn’t offering their consumers a contactless payment experience, there are some consumers that just won’t shop there anymore. I’m actually one of those consumers myself,” admitted Roffey.
From Digital Wallets Are in Store for In-Store Shopping – PaymentsJournal:
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When it comes to non-fungible tokens, or NFTs, survey respondents were most bullish on their use in the metaverse, a three-dimensional immersive version of the internet, and in gaming. Other uses scored much lower, such as using NFTs as tickets to access events and as proof of membership in exclusive groups.
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Or, as the sociologist Ruha Benjamin has powerfully articulated, “Most people are forced to live inside someone else’s imagination. And one of the things we have to come to grips with is how the nightmares that many people are forced to endure are the underside of an elite fantasy about efficiency, profit, and social control.”
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However, I disagree with the notion that stablecoin issuance can or should only be conducted by banks, simply because of the nature of the liability. I understand the attraction of forcing a new product into an old, familiar structure. But that approach and mindset would eliminate a key benefit of a stablecoin arrangement—that it serves as a viable competitor to banking organizations in their role as payment providers. The Federal Reserve and the Congress have long recognized the value in a vibrant, diverse payment system, which benefits from private-sector innovation. That innovation can come from outside the banking sector, and we should not be surprised when it crops up in a commercial context, particularly in Silicon Valley. When it does, we should give those innovations the chance to compete with other systems and providers—including banks—on a clear and level playing field.
From Speech by Governor Waller on thoughts on stablecoins – Federal Reserve Board:
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To do so, the regulatory and supervisory framework for payment stablecoins should address the specific risks that these arrangements pose—directly, fully, and narrowly. This means establishing safeguards around all of the key functions and activities of a stablecoin arrangement, including measures to ensure the stablecoin “reserve” is maintained as advertised. But it does not necessarily mean imposing the full banking rulebook, which is geared in part toward lending activities, not payments.
From Speech by Governor Waller on thoughts on stablecoins – Federal Reserve Board:
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Not my words. Philip Rosedale’s words. And he invented Second Life.
The other thing we need is a digital currency so people can engage in trade. To get metaverse systems where one person can make a car and sell it to a lot of other people requires that you have some currency system that spans multiple local currencies.
From What Can the Metaverse Learn From Second Life? – IEEE Spectrum:
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Snippings