A Quote by Chris Larsen
2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as an experiment.
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The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's nothing to capture. It's consensus based. It's stateless.
Right now, you've got three days between a trade and a settlement, with hundreds of millions in settlement risk tied up in that time. That all goes away in a blockchain system because you've reunited the trade with the settlement. They're not two separate processes.
With private chains, you can have a completely known universe of transaction processors. That appeals to financial institutions that are wary of the bitcoin blockchain.
We need to come up with use cases for this technology that drive clear benefits for individuals and institutions - these are our customers. Too often we see bitcoin and blockchain technologies as solutions in search of a problem. We don't just need these systems to be technically better than the alternatives - we need them to be more user-friendly.
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
Digital Asset has a talented team and technology that is uniquely positioned to solve challenging settlement issues facing global financial institutions.
For many Americans, 2016 will be remembered as a terrible year. It was a year in which the lack of faith in our institutions was laid bare.
The blockchain concept was pioneered within the context of crypto-currency Bitcoin, but engineers have imagined many other ways for distributed ledger technology to streamline the world. Stock exchanges and big banks, for example, are looking at blockchain-type systems as trading settlement platforms.
If blockchain technologies ignore the eventuality of standards, we are going to see less adoption. Maybe we should think of the blockchain as a public-good utility and encourage an evolution that is not unlike the Internet's in terms of openness and neutrality of access.
None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."
Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.
Rather than following through on the proven crime and violence prevention techniques that work, we are back to tough-talking sound byte policies that have been proven to not only fail to reduce crime but actually increase crime, waste taxpayers' money and discriminate against minorities.
We believe digital payments are making financial services more universally affordable, accessible and, therefore, have the opportunity to drive financial inclusion and financial health for billions worldwide.
Although the Ethereum blockchain is a public blockchain, it is great to see private and consortium blockchains using the Ethereum code base actively under development.
My 2016 New Year's resolution is basically to stop using profanity.
The generals have a saying: "Rather than make the first move it is better to wait and see. Rather than advance an inch it is better to retreat a yard." This is called going forward without advancing, pushing back without using weapons. There is no greater misfortune than underestimating your enemy. Underestimating your enemy means thinking that he is evil. Thus you destroy your three treasures and become an enemy yourself. When two great forces oppose each other, the victory will go to the one that knows how to yield.
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