I wrote a short history of stablecoins for the prospective Libra book, but decided it was a bit of a digression. So I’ve posted it to the blog for your amusement instead.
Markets are completely screwed, nobody knows what anything is worth, and the hard problem is keeping everyone in basic food and shelter. Nobody cares about your novelty crypto collectibles.
And so this is Christmas — and it turns out that banking commissioners take allegations of sanctions violations seriously.
And I’m doing another Intelligence Squared on Thursday 5 December — and this one’s free!
Crypto in general is a complicated machine to funnel decreasing supplies of actual-money from retail suckers to about twenty guys.
FINMA published their guidance on stablecoins today — answering a request from Libra, but covering the stablecoin area more broadly.