Crypto Asset Investing in the Age of Autonomy

por Ryan, Jake
Crypto Asset Investing in the Age of Autonomy
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ISBN: 978-1-119-70536-9
Editorial: Wiley & Sons Ltd.
Fecha de la edición: 2021
idioma: Ingles
Nº Pág.: 304


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Resumen del libro

Reseña: Competition, the drive for efficiency, and continuous improvement ultimately push businesses toward automation and later towards autonomy. If a business can operate without human intervention, it will minimize its operational cost. If Uber can remove the expense of a driver with an autonomous vehicle, it will provide its service cheaper than a competitor who cant. If an artificially intelligent trading company can search, find, and take advantage of some arbitrage opportunity, then it can profit where its competitors cannot. A business that can analyze and execute in real-time without needing to wait for a human to act, is a business that will be able to take advantage of brief inefficiencies from other markets or businesses. This trend following a thesis that is based on 100 years of proven economic theory. Short-wave economic cycles, those 5- to 10-year cycles, are driven by credit but the long-wave economic cycles, those 50- to 60-year cycles, are driven by technological revolution. Weve had 5 cycles over the past 200 years with the last wave, the Age of Information & Telecommunications. We've seen evidence that a new cycle has begun. Technological revolutions come by way of a cluster of new innovations. About a decade ago, you started to see AI, robotics and IoT (sensors) delivering on automation. Thats been powerful, but not transformational. It does not force businesses to fundamentally change how they do business. The last piece of the puzzle was cryptocurrency because it allows us to process and transfer economic value without human intervention. Soon, there will be a global race to build autonomous operations. Businesses and organizations without autonomous operations simply will not be able to compete with those that do because autonomy is the ultimate competitive advantage. Crypto is the mechanism that will accrue value from being the infrastructure for the next digital financial revolution. Crypto Asset Investing lays out a case that weve begun a new technological revolution similar to the Internet Age of the 1990s. Artificial intelligence, the Internet of Things, robotics and cryptocurrency are converging to deliver on a new age, what I call the Age of Autonomy. Understanding the transformation thats taken place before anyone else can yield enormous investment opportunity. In this book, youll learn how and why to invest in crypto assets.
indice: Acknowledgments Authors Note Comp: Please update folios Introduction - Why This Book and Now We Are Marching Toward Two Worlds Where We Are in the Current Economic Cycle Investing in the New Technological Revolution The Push Toward Autonomy Innovations That Make the Age of Autonomy Possible The Age of Autonomy - Welcome to the Future The Ideal Investment Profile Investing in Crypto Assets in the Age of Autonomy Putting It All Together Part I: The History of Economic Cycles and Monetary Policy Chapter 1: The Fed and You, A Brief History How It Was versus How It Is Monetary Policy - The History of the Federal Reserve The US Dollar as the Global Reserve Currency Sovereign Currencies Are Now All Fiat Currency Chapter 2: Understanding Economic Cycles Terms and Definitions The Economic Cycle Deleveraging - Understanding a Debt Crisis Where Are We in the Long-term Debt Cycle? Whats Outside the Economic Cycle Definition Current Cycle Comparison to Past Cycles Chapter 3: The Long-wave Economic Cycle The Kondratieff Cycle Spring - The Start of Inflation Summer - Runaway Inflation Autumn - Disinflation Winter - Deflation Technological Revolutions - Building on the Long-wave Cycle The Past Long-wave Cycle - The Age of the Internet Moving in Cycles Chapter 4: Safe Is the New Risky The Problem - Historical Truth, Contemporary Fallacy US Treasuries Are a 'Risk-free' Asset Owning a Stock Was Always Owning an Asset There Is No Counterparty Risk to Owning Gold Savings Accounts Are Safe The News Is News Okay, Boomer Conclusion Chapter 5: Credit and Commodity Currencies The Purpose of Money Commodity Money (Sound Money) Periods of Sound Money Policy Bi-metal Periods Credit Money (Unsound Money) Problems with Credit Money Periods of Unsound Money Policy Chapter 6: The Fall of Credit Money and the Rise of Multicurrencies The Fall of Credit-based Currencies The Ever-increasing Size of Bubbles The Federal Reserves Modern Policies and Positions Unintended Consequences Modern Global Monetary Policy - Money Printer Goes Brrrrr The Decline of the US Dollar as the Worlds Reserve Currency The End of a Sovereign Debt Cycle The Future - A Multicurrency World Part II: The Rise of Blockchain and the Age of Autonomy Chapter 7: A Digital Commodity: Bitcoin as Digital Gold A Primer on Bitcoin Whats Unique About Bitcoin Triple-Entry Accounting Bitcoin as a Hedge Against Global Monetary Policy Bitcoin as Sound Money The Bitcoin Halvening Event Scarcity Value and the Stock-to-Flow Model Other Ways to Value Bitcoin Chapter 8: Blockchains Blockchains: The Basics Blockchain Properties Primitives of Blockchain Vulnerabilities Use Cases Conclusion Chapter 9: The Age of Autonomy Long-wave Economic Cycles -?100 Years of Economic Theory Blockchain - ?The Last Piece of the Puzzle A Brief History The Age of Autonomy: Whats Possible An Example of the Future Decentralized Autonomous Corporation The Knowledge Doubling Curve The Case Against a Continuation of the Old Technological Revolution Conclusion Chapter 10: Clusters of Innovation in the Age of Autonomy Parallels to the Internet Technological Revolution Blockchain Infrastructure for the Age of Autonomy The State of Artificial Intelligence The Intersection of Blockchain and AI The Intersection of Robotics, AI, and IoT/Sensor Data Technologies Ephemeralization Chapter 11: The Case for Investing in Crypto Assets Old Fiat Money Regimes Are Dying Possession Is 9/10ths of the Law Old Investment Strategies Are Becoming Antiquated Risk Management Favors Antifragility and Ephemeralization Seizure-Resistant Assets Have a Premium Blockchain Immutability Solves Information Integrity The Gold versus Bitcoin Argument A Set of New Innovations Is Affecting Everyone Revolution in the Means of Production Invest in Scarcity Public Financial Infrastructure Innovation Creates Asymmetry Crypto Assets: A New Asset Class Part III: Crypto Investment Strategies Chapter 12: A Primer on Crypto Asset Investing What Are Crypto Assets? Crypto Classification: Security versus Commodity Passive Investing and the Crypto Index Fallacy Value Accrual - Value Creation and Value Capture Investing from First Principles Investment Vehicle Options for Crypto Investing Chapter 13: Quantitative Analysis Frameworks Fundamental Valuation Using On-chain Metrics Global Macro Risk Management Models A Model for Fundamental Analysis Interpretations of the Model Summary of Other Valuation Models Token Models and Tokenomics Token Mechanics Conclusion on Models and Frameworks Chapter 14: Understanding Crypto Asset Classes Reserve Crypto Assets Cryptocurrencies Platform Crypto Assets Utility Tokens Governance Tokens Security Tokens Asset-backed Tokens Crypto-Commodities Appcoins/DApps (Decentralized Apps) Nonfungible Tokens (NFTs) Stablecoins Other Approaches Conclusion