Wall Street Firms to Move Trillions to Blockchains in 2018 | IEEE Spectrum

Wall Street Firms to Move Trillions to Blockchains in 2018; Amy Nordrum; In IEEE Spectrum; 2017-09-29.
Teaser: The finance industry is eagerly adopting the blockchain, a technology that early fans hoped would obliterate the finance industry

tl;dr → Depository Trust and Clearing Corporation (DTCC) will trial something with a blockchain in the title.

Mentions

Institutions

The Old Money Managers

Startups

The New Money Managers

Promoters

Boosting

  • Consensus 2017, the booster conference
  • Hype Cycle, Gartner Group.
    The metaphor of the Trough of Disillusionment of underdamped an control system, comprehending the social process of the diffusion of innovation.

Organizations

The Boosterists

The Products

Open

  • The canon is recited
  • Depository Trust and Clearing Corporation (DTCC)
  • permissioned blockchain
  • Hyperledger
  • J.P. Morgan
  • Axoni
  • Axcore
  • Consensus, a conference
  • Bloomberg
  • Thompson Reuters
  • Chain
  • IBM
  • Microsoft
  • Goldman Sachs
  • DApps
  • Go, a programming language
  • Hyperledger Fabric
  • Ethereum
  • public chain
  • Citibank
  • Proof of Concept (PoC)
    Proof of Work (PoW)
    Proof of Stake (PoS)
  • Enterprise Ethereum Alliance
  • World Economic Forum, (WEF)
  • Guernsey
  • Unigestion
  • Goldman Sachs
  • Northern Trust
  • R3
  • Corda

Pantheon

“Satoshi Nakamoto,” The Prophet.
An archetype figure: a Santa Claus or Moses or even a Jesus-type figure. “He” came, gave us a gift (and behold! it was perfect in every way!); upon the Redemption, he was Assumed and thus disappeared. No one is sure who “he” was or if “he” really existed. Whether “he” existed at all is not important to those of The Faith. “He” has no childhood friends or contemporaries who knew “him.” All we have are “his” writings, enshrined in the Wayback Machine and conspiracy theory discussion forums. Maybe “he” really was from The Future; maybe “he” really was sent by our descendants to prevent a Greater Evil, as was foretold in multi-part Hollywood hit movie, The Terminator. Maybe The Blockchain is itself “The Skynet” as was prophesied. No one knows. But, HURRY, INVEST NOW!

Quoted

For color, background & verisimilitude…

Referenced

Previously

In IEEE Spectrum

Previously filled.

Is Silicon Valley in Another Bubble … and What Could Burst It? | Vanity Fair

Is Silicon Valley in Another Bubble … and What Could Burst It?; In Vanity Fair; 2015-09-01.
Teaser: With the tech industry awash in cash and 100 “unicorn” start-ups now valued at $1 billion or more, Silicon Valley can’t escape the question. Nick Bilton [opines]

tl;dr → yes, anything or nothing

  • yes it is a bubble
  • it could pop at any time
    • cessation of QE could pop it
    • or anything else at all
    • or it could deflate slowly

only time will tell.

Mentions

  • Written for an east-coast audience.
  • Cares
    Silicon Valley vs Rest of Country

    • Silicon Valley
      • is it a bubble?
    • Elsewhere
      • Deflategate
      • Obamacare
  • Nick Bilton
    • New York Times
    • Moves to San Francisco (“the bay area”) in 2011

Sources

  • tweets
  • press releases
  • cocktail party conversations
  • hearsay
  • prudent judgement
  • books; e.g. Boombustology, 2011

Diagnosis

  • Too much money
Cause
  • Federal Reserve
  • Quantitative Easing
Quoted

For color, background & verisimilitude

  • Christopher Thornberg
    • Christopher Thornberg, Founding Partner of Beacon Economics, LLC, a research boutique.
    • claim: predicted 2007 (subprime mortgage) crash.
    • <quote>The whole world is awash with money</quote>
  • An unnamed CEO
    • vignette about deriving the $1B out of thin air (making it up).
    • <quote>One successful venture capitalist told me that he recently met with a unicorn that was seeking a new round of funding.</quote>, three levels of unsourced anonymity.
  • Instacart
    • vignette about restricting access to the prospectus & financials
    • unsourced.
  • Noah Smith
    • assistant professor, finance, Stony Brook University.
    • Noah Smith, Bloomberg
    • Noahpinion, a blog
    • <quote>the danger is not that we’re in a tech bubble but rather that we’re in an “everything bubble,” in which any one of these events could be the domino that makes it all fall down.</quote>, attributed from comments in 2015-07.

Antecdotes

  • The Nouveau Riche 250 (TNR250)
    • Facebook IPO winners
  • Buildings
    • Apple headquarters, “The Spaceship”
    • Google campus, update
    • Salesforce tower, 415 Mission Street, San Francisco; 1,070 feet.
  • Vikram Mansharamani; Boombustology: Spotting Financial Bubbles Before They Burst; Wiley, 1st edition; 2011-03-08; 272 pages.; kindle: $16, paper: $20+SHT.
    Vikram Mansharamani, lecturer, Yale
  • Compensation
    • Stories of improbable pay packages are recited.
    • Quoted, for color, background & verisimilitude
      • Jana Rich, founder of Rich Talent Group.
  • Burning Man
    • Stories of improbable conspicuous luxury are recited
    • The Celebrity CEOs go to Burning Man
      • “Billionaires’ Row”
      • “Sherpas”
        • wait staff
        • <quote>waiting on tech elite at a three-to-one ratio.</quote>
    • Names dropped
      [employees from the companies now attend Burning Man]

      • Airbnb
      • Dropbox
      • Facebook
      • Google
      • Twitter
      • Uber
  • Celebrity Meet & Greet Events
    • recruiting invites for workers (“entrepreneurs”)
    • Exemplars
      • Richard Branson’s Necker Island
      • Four Seasons in Punta Mita, Mexico
      • a pub crawl through Dublin with Bono.

Quotes

colorful & biting.

<quote>And then, toward the end of his reassuring soliloquy, the ANDREESSEN HOROWITZ sign fell from the wall and landed on the floor with an ominous thud. As the investors looked on, some partners in the Rosewood ballroom laughed awkwardly. Others did not seem so amused.</quote>, attributed to Nick Bilton, who represents that he experienced this.

<quote>“The biggest of all losers will be anyone who has borrowed money to invest in private companies, You were stupid. You blew it. You lost. That simple.”</quote>, attributed to Mark Cuban.

<quote>There’s also a precocious indicator some economists refer to as the Prostitute Bubble, where the filles de joie flock to increasingly frothy markets.</quote>, attributed to Nick Bilton [which economists?]

<quote>“You know there’s a bubble, when the pretty people show up.”</quote>, attributed to General Cultural Knowledge.

<quote> “SF tech culture is focused on solving one problem: What is my mother no longer doing for me?”</qoute>, attributed to a tweet.

Names Dropped

For color, background & verisimilitude

Architects
  • Sir Norman Foster, Apple campus
  • Bjarke Ingels & Thomas Heatherwick, Google campus
Cars
  • Bentley
  • Tesla
Companiies
sellers
  • Caviar
  • DoorDash
  • Instacart
  • Luxe
  • Lyft
  • Munchery
  • Postmates
  • Shyp
  • Sidecar
  • Slack
  • SpoonRocket
  • Sprig
  • Square
  • TaskRabbit
  • Tinder
  • Uber
  • Washio
buyers
  • Amazon
    • Amazon Fresh
  • Apple
  • Facebook
  • Google
    • Google Express
  • LinkedIn
Venture Capital
  • Andreessen Horowitz (A16z)
  • Draper Fisher Jurvetson
  • Greylock Partners
  • Sequoia Capital
  • Singapore Investment Corporation
  • Tiger Global Management, NY
[Industry] Market Research Boutiques
  • Bloomberg
  • Capital IQ
  • CB Insights
  • McKinsey & Co.
  • National Venture Capital Association.
Persons
  • Michael Arrington, <quote>once a nexus of power in Silicon Valley</quote>
  • Mark Cuban, internet personality, sold Broadcast.com to Yahoo, $5.7 billion, 2001.
  • Bill Gurley, a partner, Benchmark Capital.
  • Aileen Lee, founder, Cowboy Ventures, coined “unicorn,” “unicorpse.”
  • Scott Kupor, managing partner, A16z
  • Roger McNamee, co-founder, Elevation Partners
  • Mitt Romney, ex-Governor, MA
Places
  • Sand Hill Road, Menlo Park.
  • Rosewood Hotel, Menlo Park.

Via: backfill.