Blockchain and Crypto Updates

Courtesy of Techemy and Brave New Coin, I’ve just been on another whistle-stop global tour: 5 cities, 4 countries, 3 continents in two and a half weeks….. Along the way, I caught up on some of the latest market and regulatory developments in Blockchain and cryptocurrency.

Giant billboard in Tokyo’s Ginza district

First, there was no hiding the fact that the past six-month “correction” in crypto markets has had an impact on trading volumes, investor appetite and institutional enthusiasm – as well as generating some regulatory noises. More on the latter below. At the same time, many of the first wave of Blockchain projects that attracted funding over the past 4 years are still at the development or test net stage, or only just launching their MVPs. Hence some investor caution on new token issuance.

Second, there are probably far too many Blockchain and crypto conferences – or rather, volume is diluting the quality of content, meaning too many sub-par events. There is no shortage of interesting topics and informed speakers, but the format and delivery of so many panel discussions and plenary sessions end up sounding tired and lacklustre.

Third, expect a crypto-backed ETF to be listed on a major exchange very soon. I even think it will come out of Europe, rather than the US, but that’s just a personal view. Such a product is going to help with investor diversification and will eventually enable retail investors to get exposure to this new asset class, even within their personal pension plans, without the same level of risk and volatility than direct holdings or spot trading.

Fourth, institutional investors are still looking for institutional products and services: proper custody solutions, robust benchmarks, hedging instruments, portfolio tools and risk analytics. One challenge is that the market is still trying to define crypto fundamentals – the sorts of analysis we take for granted in other asset classes (earnings per share, p/e ratio, yields, Sharp ratio, credit risk, etc.).

Fifth, Japan feels like a case of “two steps forward, one step back”. Just over a year ago, cryptocurrencies were formally recognised as a legal form of payment. Then in late 2017, the FSA issued the first batch of crypto licenses to qualifying exchanges. Japan continues to represent a significant portion of crypto trading (partly a legacy of retail FX trading, partly a result of regulatory restriction in other markets). But yet another exchange hack earlier this year prompted the regulator to put the industry on notice to smarten up, or face the consequences. Exchanges are subject to monthly monitoring, and the self-regulating industry body is undergoing a few changes. Plus, exchanges are no longer able to list privacy coins.

Finally, with the lack of legal clarity or regulatory detail around initial coin offerings (aside from blanket statements that “all ICOs are securities until proven otherwise”), there is still a lot of regulatory arbitrage. Certain jurisdictions are actively attracting new issuance projects to their shores, and positioning themselves as being “ICO friendly”. Ironically, even though the SEC in the USA has been particularly vocal about ICOs that may actually be deemed securities, it has not defined what constitutes a utility token (or made any announcement on the new category of security tokens). However, there have been some recent announcements out of the SEC suggesting that neither Ethereum nor Bitcoin are in fact securities. More interestingly, the State of Wyoming is looking to make Blockchain and associated crypto assets a major pillar of its economy.

NOTE: The comments above are made in a purely personal capacity, and do not purport to represent the views of Techemy or Brave New Coin, their clients or any other organisation I work with. These comments are intended as opinion only and should not be construed as financial advice.

Next week: Bad sports

The Soundtracks of My Life…

This week’s musical interlude (#2 of 3) takes its cue from the world of film soundtracks. The first soundtrack album that made an impression on me was “Chariots of the Gods”, from 1972. It revealed that music can be mysterious, melodic and moody. It comprised elements of exotica, jazz, music concrete, electronic, muzak. It also started my life-long interest in this particular art form.

Image sourced from Discogs

The following list represents a selection of my favourite soundtracks (in no particular order):

Chariots of the Gods (Peter Thomas Sound Orchestra)

A Clockwork Orange (Wendy Carlos)

Morvern Callar (Various)

Get Carter (Roy Budd)

Le Samourai (François De Roubaix)

Le Mepris (Georges Delerue)

Ascenseur Pour L’Échafaud (Miles Davis)

Heat (Various)

The Insider (Various)

Somersault (Decoder Ring)

Mysterious Skin (Harold Budd & Robin Guthrie)

Virgin Suicides (Various)

Lost in Translation (Various)

The Piano (Michael Nyman)

The End of the Affair (Michael Nyman)

The Draughtsman’s Contract (Michael Nyman)

In The Mood For Love (Various)

Code 46 (The Free Association)

2046 (Various)

Death in Venice (Various)

Broken Flowers (Various)

The Limits of Control (Various)

Only Lovers Left Alive (Jozef Van Wissem /  SQÜRL)

Inner Space (Sven Libaek)

Next week: Singles Going Steady

 

The first of three musical interludes….The Album Trilogy

Content in Context is on the road again, so over the next three weeks, instead of the usual stuff, please enjoy a series of musical interludes. And in keeping with that trio theme, the first addresses the the notion of “the album trilogy”.

Images sources from various public websites

I don’t mean triple albums (i.e., no bloated live collections, or multi-disc greatest hits…) but three individual studio albums, released sequentially, by a single artist or band. They weren’t necessarily conceived as a trilogy, but somehow they have come to form a self-contained, mini-canon. Either they reflect a key period in the artist’s career, and/or they represent a significant shift in style and content.

Few artists are capable of sustaining seismic shifts in their output. Sure, plenty of artists can turn out reasonable runs of “consistent” albums (read: same again, or “why mess with a winning formula?), but few have created a truly unique and memorable sequence of three albums, that can also each individually hold their own in lists of all-time great records.

Even a band like the Beatles failed to create such a trilogy: yes, Sergeant Pepper and Abbey Road are both great albums, but however you cut it, the albums either side of those releases were either patchy (inside the double White Album lies an amazing single album…), compilations (Magical Mystery Tour, Yellow Submarine), or released out of sequence (Let It Be). And their contemporaries and friendly rivals, the Beach Boys, could not match the genius of Pet Sounds – neither Wild Honey nor Smiley Smile (as good as they may be in parts) managed to sustain that level of quality, especially in light of the subsequent reworked/reissued “lost” albums that lurked within their 1967-1968 recording sessions.

So, with no other criteria, here is a list of my favourite album trilogies (and like any other music list, the selections are highly subjective):

David Bowie: Low, “Heroes”, Lodger (The Berlin Trilogy) – A pivotal time in Bowie’s career, reflecting his European exile (following his US meltdown), helped by Brian Eno, and largely inspired by the city it references (where much of the material was produced). Plus, after his folk, glam and plastic soul periods, these albums include some of his most enduring songs. Aside from 1980’s Scary Monsters (something of a related coda to the Berlin albums), Bowie would never quite reach the same critical success until his final two albums, The Next Day and Black Star.

Talking Heads: More Songs About Buildings and Food, Fear of Music, Remain in Light – also helped by Eno, these albums showed the band shift in style, sentiment and subject matter. The albums that followed featured a few great songs, but nothing of the sustained output of the trilogy.

Bob Dylan: Highway 61 Revisited, Bringing It All Back Home, Blonde on Blonde – Dylan goes electric, finds his groove, and writes some of his best material, before going “country”…. He could have had a further trilogy incorporating Blood on the Tracks and Desire, but the previous album, Planet Waves is a poor effort, and after Desire, Dylan found sanctimony, religion and reggae.

Wire: Pink Flag, Chairs Missing, 154 – Rather like the punk era they emerged from, Wire’s first three albums are a 1,2,3 assault on your musical senses. Despite being closely identified with punk, taken together these albums totally outclassed most of their contemporaries.

Magazine: Real Life, Secondhand Daylight, The Correct Use of Soap – Like Wire, Magazine emerged from the ashes of punk, and like Wire, with their first three albums, they defined much of what has become to be known as post-punk (and also transcended most of their contemporaries). Plus, they came from Manchester.

Bjork: Debut, Post, Homogenic – Across her first three solo releases, Bjork established and defined a musical individuality that continues to this day: choosing to work with interesting combinations of producers and musicians, exploring different song-writing and composition styles, and developing a distinct narrative arc across each album.

Madonna: Bedtime Stories, Ray of Light, Music – This sequence of albums probably represents Madonna’s critical peak (not necessarily the height of her commercial success). Certainly they present a more mature and sophisticated sound, and draw on Madonna’s knack for choosing songwriters and producers that are in tune with (and even define) the zeitgeist – a trait she shares with Bjork.

Dusty Springfield: Where Am I Going, Dusty … Definitely, Dusty in Memphis – I’m not sure if this classifies as a guilty pleasure, but this sequence of late ’60s releases saw Dusty Springfield transition from her previous albums of pop, standards and show-tunes to more focused, classic soul and r’n’b – but still including her choice of key ballads by Bacharach & David (a constant factor in her repertoire).

Kraftwerk: Trans-Europe Express, Man Machine, Computer World – The albums that defined electronica and modern dance music. Sure, Autobahn was a breakthrough album, but compared to that huge success, Radioactivity was something of a curious follow-up (although it seems to have gotten better with time). And afterwards, it largely seems that Kraftwerk have been content to keep re-cycling/re-working/re-visiting their earlier work.

Massive Attack: Blue Lines, Protection, Mezzanine – The “Sound of Bristol”, that helped trigger the genre known as trip-hop (now something of blighted category). OK, purists may argue that No Protection came between Protection and Mezzanine, but I see it as a remix album (albeit a very good one). Each album is also built around key female guest vocalists, that unlike many other “featuring” collaborations do not feel like gimmicks or marketing ploys.

Nick Drake: Five Leaves Left, Bryter Later, Pink Moon – By sad fate, this is the entire output of Nick Drake’s short recording career. Not much more I can say, other than he achieved far more with these three albums than most singer-songwriters have managed with much larger output. Less is definitely more.

Close calls: Other artists that nearly made the cult of the trilogy include: Elvis Costello, Flaming Lips, OMD, John Cale, Radiohead, Brian Eno, Pink Floyd, New Order, Beck, Cocteau Twins, Sonic Youth, Echo & the Bunnymen…

Next week: The Soundtracks of My Life…

 

 

 

 

 

 

The new productivity tools

With every new app I download, install or have to use, I keep asking myself: “Do I feel more productive than I did before I downloaded it?” Comparing notes with a business associate the other week, I realised that the arsenal of daily tools I use continues to expand since I last blogged about this topic. At times, I feel like Charlie Chaplin in “Modern Times” trying to keep on top of this digital production line.

Image sourced from Wikimedia Commons

In particular, the number of communication tools (instant messaging and conferencing) keeps growing; document and file management continues to be a battle largely between operating systems; and most collaboration tools struggle to make the UI as seamless as it should be – so that the UX is all about the “process” for creating, updating and maintaining projects, and not the quality of outcomes.

So, as an update to my previous blog, here’s a few thoughts on recent experiences:

Meetings/Chat

Added to my regular list are Telegram, WeChat, UberConference, BlueJean and RingCentral. Meanwhile, Microsoft (Skype), Google (Hangouts) and Apple (FaceTime) all compete for our communications. (Even Amazon has its own conferencing app, Chime.) One of the biggest challenges I find is browser compatibility (when using via a desktop or laptop) – presumably because vendors want to tie you into their proprietary software eco-systems.

Project Management/Collaboration

Still looking for the perfect solution…. Products are either so hard-coded that they are inflexible, or so customisable that they can lack structure. I suspect that part of the problem is projects are still seen as linear (which makes sense from a progress and completion perspective), but we collaborate at multiple levels and tasks (with corresponding inter-dependencies), which don’t fit into a neat project timeline.

Document/File Management

I seem to spend most of my day in Google Drive (largely thanks to Gmail and Drive) and Dropbox (which continues to improve). I find Dropbox more robust than Google Drive for file management and document sharing, and it continues to expand the types of files it supports and other functionality. Whereas, with Drive, version control is a bit clunky, unless the document was first created in Google Docs.

Productivity

Overall, Google Docs is still not as good as MS Office (but does anyone use OneDrive, let alone iCloud/iWorks, for document sharing or collaboration?)

One thing I have noticed is that my use of native iOS productivity tools has dropped off completely – if anything, I am now using more MS Office iOS apps (e.g., Lens, OneNote), and some Google Docs apps for iOS. Plus the DropboxPaper iOS app.

CRM

I’m starting to use Zoho (having outgrown Streak) – and I’ve heard that there is even a Zoho plug-in that connects with LinkedIn, which I shall soon be exploring. But as with Collaboration tools, getting the right balance between rigidity and flexibility is not easy.

Next week: The first of three musical interludes….