Most recent Articles

The roots of the tragedy of Genoa, and how Blockchain and token-economics can help in the future

Published 22nd August, 2018 on also in Italian and


and (Italian)


Collapsing infrastructures


The dramatic collapse of the "Morandi" highway bridge in Genoa has deeply shaken me.  I was taken by a deep sense of sadness as well as by a growing rage.


How could this happen?


I started searching for information about Atlantia SpA, the private company which holds the concession to the Italian highways which  ....


Why Tokenization is still a Chimera

Published 31st July, 2018 on and and and Italian translation


Tokenization is nothing new


The term "tokenization" is mainly associated with securities, equities and real assets and indicates the creation of a digital token which represents ownership rights to the underlying assets and which is issued on a Blockchain.

But tokenization is per se nothing new. It is an evolution of derivative instruments and securitized assets such ABS.

For instance, the CDOs and MBS at the heart of the 2009 financial crisis were substantially tokens representing debt. The first examples of securitizations go back to the 17th and 18th century.

Despite the promises that I also share about the potential of STOs and ...


Will Bitcoin vindicate Hayek?

Published 29th May, 2018 on and

and by Andrea Bianconi


The creation of money has been effectively in private hands since … well forever. Looking at the modern times — after the creation of the US federal reserve system in 1913 — one of the greatest misconceptions instilled in the masses is the belief that public institutions, such as the US Fed or the ECB, are only expression of public interest and that money creation is the exclusive prerogative of sovereign “nation states”. Although it is so widely purported — or simply conveniently led to believe — the truth is rather different.

Indeed, in addition to the fractional-reserve banking — which enables commercial banks to create...

Why We Shouldn’t Listen To Warren Buffet

Published 9th May, 2018 on and and

and by Andrea Bianconi


There has been a time when a saying was popular on Wall Street: “when Warren Buffet speaks, you listen.” Now Wall Street is better not to listen, if they do not want to become history faster than Kodak or Blockbuster.

The media are going mad reporting the latest senseless rants from Warren Buffet, Munger and Bill Gates, just to name the last few. The usual barrage of senseless observations, wrong assumptions, popular, but wrong and ignorant distinctions between....

The calm before the storm

Published 8th May, 2018 on and

by Andrea Bianconi


The coming crackdown on ICOs


In the last two weeks there have been a couple of events worth noticing.  The first went by almost unnoticed and did not spark the interest and comments that it should have.  The second just happened on May 3rd and will probably start raising some attention in the next few days if and when people will digest its implications.


The first event is the speech made by former CFTC Chairman Gary Gensler at the MIT Technology Review Business of Blockchain on April 23.  Gensler backed the SEC stance on ICOs saying that .....


The future of ICOs

Published 3rd April, 2018 on and

by Andrea Bianconi

It is less than five years since in July 2013 J.R. Willet did the first ever ICO (Initial Coin Offering) for the Mastercoin. Since then ICOs have raised cumulatively more than 3,7 US$ billion until December 2017.  The year 2017 saw the explosion of the funds raised with this new funding technique. It is interesting to note that the historical high of deals closed by traditional Venture Capital (VC) - approx. 19.000 - is coincident with the beginnings of the ICOs in 2014.  Since then the quantity of VC deals has dropped by almost 50% to approx. 10.000 deals in 2017.  Moreover,...

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