Excited to announce that my
#DeFi
overview paper will be published in the
@stlouisfed
Review! The pre-print is already online. The Journal version will be available in Q2.
Centralized exchanges are not
#DeFi
. They are traditional financial intermediaries and must be regulated & supervised accordingly. Stop blaming transparent infrastructure and neutral protocols for the failures of a centralized service provider. True DeFi can mitigate this issue.
I completely disagree. Public ledgers are a key infrastructure to defend our democracy and freedom. You shouldn't be afraid of decentralization, you should be afraid of excessive centralization. Happy to invite you to the
@UniBasel_en
and host a public debate on this topic.
Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain.
U.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets.
Who could have imagined that
@TheEconomist
will publish an issue about
#DeFi
. To be clear: We are not talking about a short article in the magazine's finance section. DeFi is the cover story. This is extremely exciting. The future of finance is decentralized!
Why do people buy virtual land? Read our new working paper on the price determinants of land parcels in the
#metaverse
. This is joint work with
@golmit_crypto
and Peter Kugler!
Link to the working paper:
1/4
Interesting... I am looking forward to the Bank for International Settlements' proposal on how to issue a permissionless, self-custodial, privacy-preserving, and immutable
#CBDC
that does not require a middleman... 🤓😉
Why are so many policy makers afraid of decentralization, when the real danger is excessive centralization?
Imagine CBDC, tokenized assets, identities and "smart contracts" on a centralized ledger under the exclusive control of one entity. What could possibly go wrong? 🤡
A journalist from a large tv network invited me to a live interview. A few hours later, he called and said: "Unfortunately,
#crypto
is going up again, so we don't have a good story for tonight. No interview! We'll call you again when there is news."
Thanks for sharing our paper
@TuurDemeester
. It is important to highlight the differences between centralized and decentralized payment systems and to use the correct terms. Unfortunately, central banks usually refer to centralized systems when they say "cb cryptocurrency".
Centralized exchanges are not
#DeFi
. They are traditional financial intermediaries and must be regulated & supervised accordingly. Stop blaming transparent infrastructure and neutral protocols for the failures of a centralized service provider. True DeFi can mitigate this issue.
A banker told me in a meeting that
#DeFi
is "purely academic", and has "no practical relevance." Felt like going back to 2014. Not sure what bothers me more, the arrogance in the statement, the lack of knowledge or the fact that this person used "academic" in a derogatory way 1/2
While
@SenWarren
claims that "cryptocurrencies" are being used by Russian officials to undermine sanctions,
@Ukraine
embraces public ledgers, raises significant amounts in cryptoassets and even announces a symbolic token airdrop.
Open Access undergrad university course on
#Bitcoin
,
#Blockchain
, and
#Cryptoassets
- with videos, slides, problem sets, and end-of-chapter questions. Enjoy and help us share with the world!
@cifunibas
What are decentralized exchanges? How do they work and integrate in the
#DeFi
ecosystem? Watch our new video, which is part of the University of Basel's open Crypto Lectures series. Enjoy and subscribe!
@cifunibas
@UniBasel_en
1/5
Sometimes the phrase "regulation must be technology agnostic" seems to serve as an excuse for being ignorant. If a technology solves some existing problems and introduces new challenges, it might be worthwhile trying to understand that technology before regulating it.
New
#DeFi
protocol! We propose a fully decentralized insurance solution.
* No governance tokens.
* No admin keys.
* No oracles.
* No claim assessors.
Joint-work with
@mat_nadler
and
@felixbkmr
.
Curious? Paper:
A University lecture that covers
#DeFi
lending protocols and
#FlashLoans
?
Watch this video, which is part of the University of Basel's open Crypto Lectures series. It's open access and completely free. Enjoy and subscribe!
@cifunibas
@UniBasel_en
1/5
Just a few days after launch, there are already well over 500 students from 47 different nations enrolled in our open access class! Thank you to everyone who helped us spread the word and share public
#blockchain
education with everyone who is interested.
We are looking for additional
#Goerli
testnet Eth for our open crypto lecture series. Any help in the form of testnet funds or retweets is much appreciated.
Goerli Address: 0xD65B325CF959E615d57c2BC7846Cabbc8F4DdDe4
Info on open crypto lectures project:
Decentralized Finance (
#DeFi
): On Blockchain- and Smart Contract-Based Financial Markets.
Federal Reserve Bank of St. Louis Review, Second Quarter 2021, pp. 153-74.
📑Journal version freely available as pdf (open access):
The Swiss Gambling Supervisory Authority has blocked the citizens of Switzerland from accessing the
@CryptoKitties
and
@SorareHQ
front-ends. Some interesting observations: (1/4)
“Centralized systems rest on a very strong assumption: trust in intermediaries and institutions that are largely opaque. But such trust should not be taken for granted. History provides countless examples of corruption and errors within institutions.”
Regarding the privacy & illicit activity debate: Bad actors may exist on both sides, citizens & govt. Unfortunately the latter is mostly ignored. History has a tendency to repeat itself. Heavily centralized infrastructure may lead to a dystopian future. That’s why crypto matters!
Luckily, this is the exception. It's great to see how many finance professionals are starting to understand the advantages of public
#blockchain
platforms and the fact that it is possible to offer additional services on top of an open, transparent, and permissionless system. 2/2
Welcome to the class and to a new semester at the University of Basel
@UniBasel_en
! Join our students on their quest to learn about Smart Contracts and
#DeFi
. Open access, open source, completely free. Enjoy!
Getting a professorship in the field I am so passionate about is a dream come true! I am very grateful for this fantastic opportunity!
@UniBasel_en
@UniBasel
Fabian Schär zum neuen Stiftungsprofessor für innovative Finanztechnologien ernannt. Mehr über seine Forschung erfahren Sie aus erster Hand unter
@chainomics
:
#Blockchain
#Fintech
#DLT
This is incredibly disrespectful and proof that some politicians neither care about facts nor really try to understand the topic. He couldn't even finish a single sentence. Why would you invite an expert if you are not willing to listen?
The "I can just copy your
#NFT
and become an owner" argument is ridiculous. Yes, there are many reasons to be skeptical of NFTs. But this argument is not one of them and demonstrates a lack of understanding, what NFTs are all about.
Two open
#blockchain
PhD positions
@cifunibas
@UniBasel_en
! Great opportunity to research blockchain and
#crypto
related topics and to work in a highly dynamic field. Please share with your network.
In spring 2017 we started to teach Blockchain classes
@UniBasel
. I can't believe it's already yr 6. Looking forward to another exciting course w/ ~200 students officially enrolled through the University of Basel and >2000 people on our open access platform
#DeFi
talk at a conference organized by the
@BIS_org
and
@SNB_BNS
. Spoiler warning -> 16:46. I provide an answer to the conference question before the first panel even starts... ;-)
Anyone else worried about the complexity creep in systems like
@MakerDao
? On-Chain collateralized stablecoins are a great innovation and Maker contributors are doing a fantastic job, but the complexity is problematic and the unintuitive naming conventions make things worse.
Backing an on-chain collateralized stablecoin with $USDC, has always been a strange concept. It combines the worst of two worlds: the complexity of on-chain and the centralized dependencies of off-chain collateralized SCs. Recent developments show just how big the risk really is.
Don't miss the keynote lecture by digital cash pioneer and cryptographer David Chaum
@chaumdotcom
! This Friday, May 31st at the SNB-CIF conference on
#cryptoassets
and financial innovation in Zürich, Switzerland. Hosted by
@SNB_BNS
and
@cifunibas
/
@UniBasel_en
.
In a recent
#DeFi
research paper,
@mat_nadler
and myself have proposed a new measure to quantify dependencies in the Decentralized Finance ecosystem: The «Wrapping Complexity».
Full paper available here:
It is alarming how confidently some journalists suggest causal relationships that are anything but clear. The third statement was on public transport screens all over Switzerland.
@nau_live
#econtwitter
Breaking:
@YahooFinance
proposes a new inflation protection model. Simply make your token non-fungible and let the value converge to zero. Problem solved! Also, I'd like to take this opportunity to mention that we offer free public Blockchain courses:
@kryptik_ta
@stlouisfed
@defipulse
When I have published the first version of the working paper on SSRN it was < 1 billion. But it doesn’t matter. TVL is somewhat arbitrary. The general concepts are here to stay.
Excited and worried at the same time. A very interesting move by
@MakerDAO
, considering the regulatory pressure
#DeFi
is currently facing. Getting my popcorn ready. 🍿
Excited to share a new article, published by the International Monetary Fund
@IMFNews
Finance & Dev. In this article, I discuss opportunities and challenges of
#DeFi
and argue that public blockchains are a valuable tool to counter excessive centralization.
Does location matter in the
#metaverse
? In this research paper we find strong evidence that it does and there is a simple economic explanation. Joint-work with Mitchell Goldberg (
@golmit_crypto
) and Peter Kugler.
Unfortunately, there have been various reports of scam accounts impersonating me. Quick reminder: I will never promote “investment opportunities”, “giveaways” or other shady things. Thanks to all of you who have reported the scammers and brought this to my attention.
We decided to publish our smart contracts and DeFi lectures in an open access format. Public Blockchain education should be free and open to anyone!
4/5
There is no such thing as a "flash loan attack". Can we please start using more accurate names. Let me suggest "naïve governance attack" or "upgradability attack".
"As a byproduct of per-LP custom price curves, liquidity positions are no longer fungible and are not represented as ERC20 tokens in the core protocol. Instead, LP positions will be represented by non-fungible tokens (NFTs)."
Well played
@Uniswap
😎🦇
In theory, Web3 Apps are robust against bans. People could use alternative front-ends, or interact with the contract directly. However, it depends on the implementation of the token. In some cases, the interpretation of the tokens' attributes is heavily centralized. (4/4)
Many thanks to
#CFCon19
for giving me the opportunity to talk about crypto mass adoption and show how a public
#blockchain
can be used to secure sensitive information. What a great conference and another sign that the industry is growing up and becoming more professional!
There is no such thing as a 1.0, 2.0 or 3.0
#Blockchain
. In the case of
#Bitcoin
, the lack of Turing completeness and the simplicity of its consensus protocol are deliberate design choices!
#Metaverse
and DAO governance: Our new paper provides some empirical insights into DAO voting behavior using Decentraland as an example. Published in the Journal of Business Research. This is joint-work with
@golmit_crypto
Media group Tamedia defines
#fintech
as new growth area in its venture sector and invests in
#blockchain
start-up Lykke | The Swiss Startup News channel
.
@opensea
, a student of mine has contacted you a while ago to get API access for his bachelor's thesis. Unfortunately, he has not received a response yet. Any help would be much appreciated.
I am slightly confused by
@AaveAave
's naming conventions. 😅 Can someone please submit an ARC (Aave Request for Comment) to add an "alternative risk check" to the "Arc"-market? So basically an "arc Arc ARC."
A governance/security model that relies on capital limitations on the side of the attacker and allows this person to sell voting rights before the consequences of the vote are in effect, is a bad idea. Flash Loans do not cause these issues, they merely point out design flaws.
"According to administration officials across multiple agencies, there is simply no evidence of cryptocurrencies being used by Russia to evade sanctions in any significant way."
While there has been virtually no evidence of Russia meaningfully using crypto to evade sanctions, Ukraine has been actively utilizing crypto to do tremendous good.
Crypto donations for Ukraine have reached roughly $100M, helping Ukrainians defend against Russia’s invasion.
Blockchain privacy is an important topic. Read our article, published in the Federal Reserve Bank of St. Louis Review. We study
#TornadoCash
and the pros and cons of privacy enhancing protocols. Joint-work w/
@mat_nadler
The Swiss Nationalbank (
@SNB_BNS_en
) and Center for Innovative Finance (
@cifunibas
) conference on
#Cryptoassets
and Financial Innovation. We are looking forward to your paper submission.
Call for papers: SNB-CIF Conference on Cryptoassets and Financial Innovation, to be held on June 3, 2022 in Zurich (greek letters permitting) ->
@cifunibas
@chainomics
@aleksanderbere
This is about to change -- In our paper, we explore data from a Blockchain-based virtual world called
@Decentraland
. Its transparent nature has allowed us to compile a comprehensive data set to study the economics of blockchain-based virtual property. 3/4
If you are using
#R
or
#Sweave
#LaTeX
and looking for an easy way to download and visualize
#crypto
token data, you should check out version 0.1.2 of my opensource rCoinInterface package.
@cifunibas