The disintermediation of finance


Why (in italian perch√©) has always been my favorite word.  Why, in my opinion, is the most powerful word we have, as it allows us to uncover the real essence of things. It is the key to understanding causality, one of the pillars of the scientific method. The goal of this post is to ignore buzzwords and a blind deterministic approach, which permeates crypto, and try and understand why DeFi...

Beyonce and Monet: the first mass market app for DeFi


Over the last few months, the Decentralized Finance ecosystem has grown at an impressive pace: every single metric you can look at shows double digits growth on a month by month basis. DeFi Users over time – source: Dune Analytics This is a great achievement, but it is a fact that so far speculation or high risk financial incentives have been the main adoption drivers for Defi (and the...

Bitcoin and the hierarchy of money


Over this quarantine, I’ve decided to invest some time in a renowned Coursera course on Banking. The course is great and one of the core concepts of the class is the Hierarchy of Money. Being myself very interested in cryptocurrency, I’d like to explore in this post where Bitcoin sits in this hierarchy. First of all, what is the hierarchy of money? Even though every dollar looks the...