Christian Catalini @ccatalini Twitter profile

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Christian Catalini

@ccatalini

2 months

1/ When @GaryGensler joined @MIT as a senior advisor to @Joi , he stopped a few times by my office. Since I was possibly the only professor at MIT deeply interested in crypto back then, I thought he had a genuine interest in learning about the tech & how it could improve finance.

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Christian Catalini

@ccatalini

2 months

3/ We need regulators and policymakers that care about the United States leading in innovation, not protecting incumbents.

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Christian Catalini

@ccatalini

1 year

1/ Excited to unveil to the world! Over the past year, we've been working hard to enhance Lightning — making it simpler to use, smarter, and highly scalable.

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Christian Catalini

@ccatalini

11 days

1/ I’m thrilled that @nubank has selected @Lightspark to bring the Bitcoin Lightning Network ⚡️ and Universal Money Addresses via the @umastandard 🌐 to its platform and customers.

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Christian Catalini

@ccatalini

3 months

1/ Coinbase has consistently been at the forefront of crypto innovation, playing a crucial role in driving us towards mainstream adoption. It has been a pleasure collaborating with Coinbase’s engineering, product, and business teams to bring Lightning ⚡️ to @Coinbase in the near

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Christian Catalini

@ccatalini

2 months

2/ I was surprised back then — and I am still surprised to this day — by how firm his conviction was about what constitutes a security versus not at a time where he did not know much about crypto or blockchain at all.

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Christian Catalini

@ccatalini

2 months

1/ Big news! 🚀 Coinbase is now rolling out #bitcoin Lightning, powered by @lightspark . 8 years ago, Lightning was just a white paper. Today it's truly going mainstream. 🔥

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Christian Catalini

@ccatalini

2 years

1/13 Four years ago we came together as the founding team of ≋Libra to use crypto to democratize access to the financial system. As the last person from the original ≋ founding team involved in this phase of Diem, here are some personal thoughts and reflections on the journey.

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Christian Catalini

@ccatalini

2 years

Excited to co-found Lightspark and build on the Lightning network #BTC – especially with this team! ( @davidmarcus , @smedleyus , @JaiMassari , @jevering , @kphur , Tomer Barel). More at !

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Christian Catalini

@ccatalini

2 years

New @federalreserve @FedResearch on stablecoins by @gordonliao and Caramichael borrows heavily from work we released last year... misses a few citations! ;) — November: December: and

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Christian Catalini

@ccatalini

1 year

1/ The US risks squandering its technological leadership in the crypto domain. The @WhiteHouse 's economic report exemplifies the insufficient research conducted to offer a balanced perspective on its underlying economics:

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Christian Catalini

@ccatalini

5 years

Thanks @tylercowen for the post! Great questions, here are replies to some of them. All the issues you raise, and especially those we have not addressed directly, will be formalized by the Libra Association @Libra_ after gathering feedback from everyone in the ecosystem. 1/15

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Christian Catalini

@ccatalini

2 years

The crypto "idea factory" is finally here! Congrats @Tim_Roughgarden @danboneh @benediktbuenz @skominers @lera_banda @AriannaSimpson @alive_eth @cdixon @sriramk ! The talent this team will bring under the same roof...

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Christian Catalini

@ccatalini

6 years

Looking forward to presenting our research on ICOs at the SEC this morning! #cryptoeconomics @SEC_DERA @SEC_News @MIT_Cryptoecon @MITSloan

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Christian Catalini

@ccatalini

1 year

Today @lightspark welcomes @xapoprivatebank to the Lightning network! ⚡️ We're excited to work together towards a future where value can move without friction on a truly open network.

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Christian Catalini

@ccatalini

1 year

None of this would be possible without a vibrant ecosystem✨of amazing customers & partners! Announcing today: the largest crypto-assets platform in the Middle East: @rain ; merchant support: @FlexaHQ ; risk management & compliance: @chainalysis @notabene_id @trmlabs . More soon!

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Christian Catalini

@ccatalini

3 years

1/5 Exciting day @DiemAssociation ! We are pleased to announce a partnership with @silvergatebank . @silvergatebank will become the exclusive issuer of the ≋USD stablecoin and will manage the ≋USD reserve.

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Christian Catalini

@ccatalini

1 year

Today we’re releasing the @lightspark Wallet SDK — now it’s extremely easy to build a delightful payments experience into your product!

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Christian Catalini

@ccatalini

3 years

1/8 The word stablecoin has become somewhat of a misnomer, as it is currently being used for a range of coins with drastically different economic properties. We discuss robust economic design w/ @alonsodegortari :

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Christian Catalini

@ccatalini

3 months

2/ Bitcoin was the very first asset listed on @Coinbase more than a decade ago. With⚡️Lightning, #Bitcoin transactions will be soon real-time and low-cost, a much-needed upgrade given the recent surge in interest in Bitcoin. Discover more here:

Coinbase Selects Lightspark for Lightning - News - Lightspark

Coinbase selects Lightspark to integrate the Bitcoin Lightning Network, offering customers instant, cost-effective transactions. Coinbase customers will benefit from instant, cheaper transfers....

www.lightspark.com

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Christian Catalini

@ccatalini

7 years

@gavinandresen Isn't there a trade-off between the two? Store of value can live with high variable costs (transact more rarely), but benefits from high decentralization (high fixed cost). Medium of exchange needs low variable costs, but that comes at the cost of more centralization?

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Christian Catalini

@ccatalini

3 years

1/ What should stablecoin reserves look like? The President's Working Group solution limits innovation to incumbents. With the amazing @theshah39 we offer a solution that can protect consumer and financial stability without stifling competition and innovation!

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Christian Catalini

@ccatalini

3 years

1/ Following yesterday's @SenateBanking hearing on #stablecoins , here's a summary of the opportunities and challenges (w/ @alonsodegortari & @theshah39 ):

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Christian Catalini

@ccatalini

1 year

2/ Lightning can become the open protocol for money that the Internet has long needed. It's massively scalable, low-cost, offers instant settlement and full interoperability for all participants. All of this is built on the most secure and decentralized blockchain: #Bitcoin .

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Christian Catalini

@ccatalini

7 years

Blockstream's ambitious attempt to use satellites to beam bitcoin nearly anywhere in the world.

Blockstream Is Using Satellites to Beam Bitcoin Down to Earth

Blockstream says people most in need of bitcoin aren't getting it because of their lack of internet, but its satellite – yes, satellite – can help.

www.coindesk.com

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Christian Catalini

@ccatalini

8 months

@trev @AGoToGuy321 @lightspark @FlexaHQ @davidmarcus @smedleyus Feeling is mutual! @trev & team are incredibly talented. More to come! ⚡️🔥

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Christian Catalini

@ccatalini

3 years

1/13 "For competition to thrive, a truly interoperable payment system is needed [...] Today, consumers and merchants are locked into "walled gardens". Moving money between banks is expensive, and moving it between digital wallets is often impossible."

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Christian Catalini

@ccatalini

7 years

When do you actually need a blockchain? It all comes down to some simple economics #blockchain #cryptoeconomics

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Christian Catalini

@ccatalini

9 months

Universal Money Addresses (UMAs) — an open source standard for money movement💲 to look and feel like sending an email 📨. Today it’s yours to develop on. Excited about what developers, wallets and platforms will build & invent with it. Discover more at:

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Christian Catalini

@ccatalini

1 year

3/ The beauty of Lightning lies in its foundation on #Bitcoin 's safety and security principles. There's no sidechain, no need to trust a new set of validators, and no sequencer requiring future decentralization.

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Christian Catalini

@ccatalini

6 years

Initial Coin Offerings and the Value of Crypto Tokens w/ @joshgans now available for download!

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Christian Catalini

@ccatalini

5 years

Economics of @Libra_ : 1) reserve and stability 2) transition to permissionless 3) market design

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Christian Catalini

@ccatalini

5 years

Introducing Libra

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Christian Catalini

@ccatalini

2 months

Join us tomorrow at 8:30 AM PT for a live discussion with @coinbase , @lightspark , and @bitcoinmagazine . I’ll be joined by @viktorbunin and Hannah Springwater of Coinbase, @frankcorva of @bitcoinmagazine , and @kphur . We’ll discuss Coinbase's recent decision to choose Lightspark to

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Christian Catalini

@ccatalini

2 years

13/13 My hope is that the Libra/Diem journey, research papers, and open source code will be useful for entrepreneurs and developers writing the next chapter of crypto — Nunc pede libero pulsanda tellus! 🚀🌕

Diem Association

@DiemAssociation

2 years

1/7 From the statement by the CEO Stuart Levey on the sale of the Diem group's assets to Silvergate — “From the outset, the Diem project has been focused on leveraging the benefits of blockchain technology to design a better and more inclusive payment system.

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Christian Catalini

@ccatalini

2 months

1/ Imagine a world where you can send and receive messages irrespective of the messaging app you use. Same with sending and receiving money, reading updates from your social or news feed, finding the right product or service, or interacting with an AI agent.

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Christian Catalini

@ccatalini

3 years

Looking forward to discussing robust stablecoin design and how Diem can contribute to financial inclusion, competition, and innovation in payments and financial services at the Digital Euro Summit @bitkom_block @bitkom_finance

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Christian Catalini

@ccatalini

1 year

15/ This is why we're thrilled about the convergence of Lightning and AI. AI will exponentially increase the velocity of money on the Lightning network while delivering low latency and high reliability.

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Christian Catalini

@ccatalini

1 month

Venice once ruled the seas, its dominance in trade unmatched—until regulatory capture eroded its leadership. The US must avoid the same fate. We need @SECGov leadership who truly grasps and is committed to 🇺🇸’s financial future. The Presidential veto proves we’re off course.

Christian Catalini

@ccatalini

2 months

1/ When @GaryGensler joined @MIT as a senior advisor to @Joi , he stopped a few times by my office. Since I was possibly the only professor at MIT deeply interested in crypto back then, I thought he had a genuine interest in learning about the tech & how it could improve finance.

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Christian Catalini

@ccatalini

6 years

"The Blockchain Effect: Network Effects without Market Power Costs" @cgbarrera 's insights on research w/ @joshgans on the economics of blockchain #cryptoeconomics @MIT_Cryptoecon @MITSloan

The Blockchain Effect

Network Effects without Market Power Costs

medium.com

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Christian Catalini

@ccatalini

3 years

Diem says it will ‘fade out’ stablecoin if Fed issues CBDC

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Christian Catalini

@ccatalini

1 year

11/ We introduced a novel metric: "conductivity." Drawing from physics, where conductivity measures a material's ability to conduct electric current, @lightspark 's conductivity metric quantifies a Lightning node's capacity to effectively transfer value across the network.

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Christian Catalini

@ccatalini

6 years

"Slack Time and Innovation" paper has been accepted for publication in Organization Science! w/ @ajayrotman @avicgoldfarb Hong Luo

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Christian Catalini

@ccatalini

3 years

Diem is designed to complement public sector innovation in payments and CBDCs, increase competition in payments, and reduce costs and frictions for consumers and businesses @DiemAssociation

Mediobanca RegEvents - CARPE DIEM - The next big thing in digital...

Andrea Filtri, Co-Head of European Equity Research Mediobanca hosted Christian Catalini, Chief Economist Diem (aka Libra, better known as Facebook's digital ...

www.youtube.com

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Christian Catalini

@ccatalini

4 years

We're looking for extremely talented economists to expand an already exceptional team working on the economics of Libra @Libra_ @alonsodegortari @andrewlilley_au @asadliaqat @RobDonnelly47

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Christian Catalini

@ccatalini

3 years

1/6 Three non-mutually exclusive paths to "upgrading" money to achieve more competition, inclusion and innovation in financial services: (1) True Stablecoins, (2) Deposit (Stable)coins, (3) CBDCs on multiple rails

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Christian Catalini

@ccatalini

2 months

1/ Back in the early design days of Libra, it was clear that the hardest scaling problem wasn’t the tech, it was governance. In trying to quickly distribute control away from Meta, we ended up with none of the benefits of a truly decentralized system, but all of the costs!

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Christian Catalini

@ccatalini

7 months

We're looking for an extremely talented and driven Senior Data Engineer to join our team of AI, econ and data science super nerds! @lightspark

Lightspark is hiring - Lightspark

Join the Lightspark Team

www.lightspark.com

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Christian Catalini

@ccatalini

1 year

19/ Since the archive came out today: "Simple can be harder than complex: you have to work hard to get your thinking clean to make it simple. But it's worth it in the end because once you get there, you can move mountains." — Steve Jobs

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Christian Catalini

@ccatalini

1 year

4/ Of course, this comes with a trade-off: liquidity is locked in pairwise channels, and you need to efficiently transfer value through a network graph. If you encounter a path lacking sufficient liquidity, the payment fails.

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Christian Catalini

@ccatalini

2 years

Not all stablecoins are created equal... and sadly if you're at risk of a death spiral you will eventually see one (w/ @alonsodegortari ):

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Christian Catalini

@ccatalini

8 years

Thanks for including "Some Simple Economics of the Blockchain" on the @a16z reading list! @MITSloan @rotmanschool

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Christian Catalini

@ccatalini

7 months

Early preview 🚧 of what Universal Money Addresses (UMAs) will unlock. Transactions traveling across 4 continents, 4 wallets (🇺🇸🇬🇭🇦🇷🇵🇭), 5 currencies (USD, PHP, GHS, USDC, #btc ). Money movement as simple and interoperable as email. Lots of work ahead, but we’ve ignited⚡️a spark!

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Christian Catalini

@ccatalini

3 years

Lifting stablecoins' quality standards for consumer protection, financial stability and compliance will require a public-private partnership. Which is why we've committed to phasing out ≋USD when a CBDC becomes available @DiemAssociation @Luohan_Academy

Technology and New Finance in the Digital Era | Frontier Dialogue #5

Digitalization is transforming financial systems. Corporate leaders, academic researchers and policy makers tend to be cautious when considering the essence ...

www.youtube.com

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Christian Catalini

@ccatalini

1 year

18/ We invite you to test our product and help us refine and improve it. Only with the support of the entire community we’ll be able to simplify and scale Lightning so that it can become the Internet's open protocol for money.

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Christian Catalini

@ccatalini

1 year

6/ So how do we navigate this trade-off? Scaling Lightning hinges on capital efficiency, and achieving that means ensuring liquidity is available where ⚡️and when⚡️it is needed.

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Christian Catalini

@ccatalini

3 years

1/4 Why is the United States Lagging Behind in Payments? With @andrewlilley_au , we argue that while the US plays a key role in the global financial system, its payments system lags behind the global frontier.

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Christian Catalini

@ccatalini

2 months

No transaction is too small! — and crypto X never fails to discover an Easter egg 🥚⚡️ #bitcoin

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Christian Catalini

@ccatalini

1 year

8/ As a new participant joins the network, @lightspark optimizes its connections. This is a network theory problem: you are adding a node to the graph, and want to ensure that it is positioned for maximum performance.

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Christian Catalini

@ccatalini

7 months

Bitcoin fees are rapidly increasing. Integrate Lightning ⚡️ today with @lightspark before it's too late. No monthly fee for startups and developers. Integration takes hours, not days 🔥

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Christian Catalini

@ccatalini

1 year

17/ Today we're showcasing an example of what is possible: streaming money from users to creators in real-time, in tiny increments. Applications range from global, business-to-business transactions to completely new content monetization models.

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Christian Catalini

@ccatalini

1 year

5/ While you may be tempted to throw liquidity at the problem, this quickly becomes costly and undermines one of Lightning's core advantages: low fees!

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Christian Catalini

@ccatalini

1 year

7/ When framed as a prediction problem, AI's potential to help Lightning scale becomes clear. But before we get there, there are few intermediate steps.

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Christian Catalini

@ccatalini

6 years

"Blockchain Adoption and Digital Privacy" @cgbarrera 's advice for entrepreneurs in the #blockchain space w/insights from our work on digital privacy w/ @ce_tucker & @Susan_Athey @MIT_Cryptoecon @MITSloan

Blockchain Adoption and Digital Privacy

A new study shows seemingly small effort costs have a big impact on consumer behavior. To achieve mass adoption, technologists must consider consumers’ preferences.

medium.com

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Christian Catalini

@ccatalini

1 year

The most important part to restore confidence: “Circle, as required by law under stored-value money transmission regulation, will stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.”

Jeremy Allaire - jda.eth

@jerallaire

1 year

Sharing an Update on USDC and Silicon Valley Bank.

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Christian Catalini

@ccatalini

1 month

1/ It was truly special to see so many friends at the @coincenter dinner tonight. More than a decade into this crazy but essential experiment, we have still so much work ahead of us.

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Christian Catalini

@ccatalini

4 months

A Log scale puts everything in perspective. #Bitcoin 's steady rise as a network and the foundation of the digital asset economy is undeniable.

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Christian Catalini

@ccatalini

6 years

“What Blockchain Can’t Do” w/ @ce_tucker @MITSloan @MIT_Cryptoecon

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Christian Catalini

@ccatalini

1 year

10/ "If you can't measure it, you can't improve it," as Peter Drucker supposedly said. In the context of the Lightning Network, many aspects were not well measured. Before we could optimize a node's position, we first needed to go back to basics and develop better measurement.

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Christian Catalini

@ccatalini

1 year

12/ By optimizing conductivity and dynamically adjusting our customers' connections, we ensure they are key players on the Lightning network.

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Christian Catalini

@ccatalini

3 years

"The goal of private money is to be accepted at par with no questions asked" - while Gorton and Zhang's WP gets some of the facts about #stablecoins wrong, their solutions are very consistent with how we've been designing Diem all along, including replacing ≋USD with a CBDC.

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Christian Catalini

@ccatalini

3 years

What would it take to make stablecoins... actually stable? w/ @alonsodegortari . Plus talks by @DuffieDarrell , @glenweyl , Civelli, Schilling, Veneris... @ Workshop on Distributed Ledger & Economics organized by @silviomicali & J. Chen @SBUeconomics

Christian Catalini - From Cryptocurrencies, Stablecoins and Diem to...

Workshop on Distributed Ledger and Economics (Part of the 32nd International Summer Festival on Game Theory at Stony Brook). Christian Catalini (MIT) present...

www.youtube.com

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Christian Catalini

@ccatalini

5 months

1/2 Is Crypto's Killer App Finally Here?

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Christian Catalini

@ccatalini

1 year

My conversation with @scottmelker on why now is the time to build interoperable payments on the only open protocol for money we have: the #bitcoin network! @lightspark

Unlocking the Potential of Bitcoin: Building Lightspark with Christ...

Join Christian Catalini, co-founder of Facebook's Diem (formerly Libra) and MIT Crypto Economics Lab, as he introduces Lightspark, his groundbreaking project...

www.youtube.com

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Christian Catalini

@ccatalini

6 years

How should a utility token issuance be valued, and how does it compare to the value of an equity offering? by @shurder #cryptoeconomics

Utility token market cap and equity market cap are not comparable

How should a utility token issuance be valued, and how does it compare to the value of an equity offering?

medium.com

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Christian Catalini

@ccatalini

29 days

1/ There's a parallel to Moore's law observable in Bitcoin transactions: as Layer 1 fees rise, economically, it makes sense to shift transactions to the Lightning Network. Yet, this only tells half the story...

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Christian Catalini

@ccatalini

1 year

14/ Better measurement not only enhances your conductivity but also ensures high payment success rates, regardless of the network region you're trying to reach.

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Christian Catalini

@ccatalini

1 year

16/ Bitcoin won't remain idle in Lightning channels; it will be put to work as developers worldwide explore what's possible with a truly open and interoperable protocol for money.

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Christian Catalini

@ccatalini

6 years

Top 5 papers on @SSRN include two on blockchain and tokens: and both w/ @joshgans @MITSloan @rotmanschool

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Christian Catalini

@ccatalini

2 years

If you wanted to drastically accelerate progress towards a CBDC you could take the Diem codebase and use it as the base for programmable, public sector payment rails. It’s open source, supports most features you’ll need, and was built by top engineers

GitHub - diem/diem: Diem’s mission is to build a trusted and innovative financial network that...

Diem’s mission is to build a trusted and innovative financial network that empowers people and businesses around the world. - diem/diem

github.com

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Christian Catalini

@ccatalini

1 year

9/ What performance really means depends on your business objectives — factors like the ratio of sent to received payments, average transaction size, and a lot more.

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Christian Catalini

@ccatalini

1 year

13/ But connection optimization alone isn't enough. We also need an accurate, relevant, and real-time view of network liquidity. Otherwise, payments may hit a route lacking liquidity and fail.

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Christian Catalini

@ccatalini

6 years

Excited to see our research on ICOs cited in the opening remarks of the chairman of the House Subcommittee on Capital Markets, Securities, and Investment @MITSloan

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Christian Catalini

@ccatalini

6 years

The 2018 Joint Economic Report by Congress () calls 2017 "the year of cryptocurrencies", and references our work on the economics of the blockchain w/ @joshgans

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Christian Catalini

@ccatalini

4 years

Key economic updates in @Libra_ 's new WP: (1) Single-currency stablecoins, e.g. ≋USD, ≋EUR, ≋GBP; (2) a redefined multi-currency ≋LBR based on fixed nominal weights; (3) more protections for the Libra Reserve under extreme market conditions, including a capital buffer;

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Christian Catalini

@ccatalini

5 years

1/8 Key misunderstandings in @JosephEStiglitz ’s piece on @Libra_ : the reserve is designed to build on the progress central banks have made in ensuring stability and value preservation. Libra is a complement to their monetary policies, not a substitute.

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Christian Catalini

@ccatalini

7 years

Readings, slides, research and a live demo of a blockchain at #blockchain #cryptocurrency #economics @MIT @MITSloan

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Christian Catalini

@ccatalini

7 years

When early adopters don't adopt

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Christian Catalini

@ccatalini

2 months

The @SECGov has long decided that surprise enforcement is better than thoughtful rule-making in crypto. It grabs the headlines, it’s less work, and it’s friendly to incumbents.

Christian Catalini

@ccatalini

3 months

3/ The excuse, at least from the SEC, is that rules written in 1933 and a framework for financial markets designed when we relied on open outcry trading, physical stock certificates and prices rolled out on ticker tape do not need any updating.

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Christian Catalini

@ccatalini

2 years

11/13 Today we pass the baton to Silvergate. They have been one of the first Federal Reserve member banks to understand the potential of crypto, and are now in a great position to bring a stablecoin to market that follows the PWG framework.

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Christian Catalini

@ccatalini

5 years

“The main beneficiaries at least in the U.S. could be low-income Americans shut out of the banking system” @WSJ ’s editorial board on @Libra_

Opinion | Cryptocurrency to the Rescue

Facebook’s Libra could help the poor who lost credit after Dodd-Frank.

www.wsj.com

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Christian Catalini

@ccatalini

3 years

As part of the economic design of Diem, we've been pushing for better reserve quality standards for years. Great to see the market responding with more transparency and higher quality backing. - Paper on robust stablecoin design:

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Christian Catalini

@ccatalini

1 year

1/ Unfortunately, the Terra/Luna collapse was entirely preventable. Our analysis, circulated among regulators, policymakers, and academics many months before the crash, exposed the design's inherent weaknesses. #DoKwon #terraluna

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Christian Catalini

@ccatalini

3 years

1/12 More than a decade in, most economists still fundamentally misunderstand #Bitcoin , cryptocurrencies, #DeFi and #NFTs . In a piece for @ProSyn with @skominers and Ravi Jagadeesan, we write that:

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Christian Catalini

@ccatalini

3 years

1/ What are the key economic building blocks of Diem? @DiemAssociation : similar dynamics to a standard setting organization. Coordinates investment in shared infrastructure and tech, avoids tragedy of the commons, supports financial inclusion projects.

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Christian Catalini

@ccatalini

1 year

1/4 Do Crypto Prices Actually Mean Anything? — @wu_jane and I discuss in @HarvardBiz how a focus on the wrong metrics has led crypto astray... and what can be done to fix it! @uclaanderson @MITSloan

Do Crypto Prices Actually Mean Anything?

After each high-profile crypto meltdown, there have been renewed calls for greater oversight of the space. The idea here is that if we regulated crypto players like traditional financial institutio...

hbr.org

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Christian Catalini

@ccatalini

3 years

1/3 One more piece for our stablecoin series, this time focused on why the public sector should see stablecoins as an opportunity rather than a threat. — With @wanyidaili , @alonsodegortari , @andrewlilley_au

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Christian Catalini

@ccatalini

1 year

5/ In the internet's early days, France had a state-run service called Minitel, offering news, directories, and e-commerce. Consequently, it was slow to adopt the internet — Minitel was sufficient, and no new infrastructure was needed! Does this sound familiar?

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Christian Catalini

@ccatalini

2 years

12/13 I'm extremely excited to jump back into the crypto 🐇🕳️. This space is as exciting as it has ever been, and we are very far from realizing its potential when it comes to unbanked segments of society and increasing competition in digital platforms.

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Christian Catalini

@ccatalini

1 year

1/3 One step closer to Satoshi’s vision: experience seamless value streaming from viewer to creator.

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