jerryking + virtual_currencies   15

How Financial Products Drive Today’s Art World
July 20, 2018 | The New York Times | By Scott Reyburn.

How does one invest in art without going through the complications of buying and owning an actual artwork?

That is the question behind financial products for investors attracted by soaring art prices but intimidated by the complexity and opacity of the market..... entrepreneurs are trying to iron out the archaic inefficiencies of the art world with new types of financial products, particularly the secure ledgers of blockchain...... “More transparency equals more trust, more trust equals more transactions, more transactions equals stronger markets,” Anne Bracegirdle, a specialist in the photographs department at Christie’s, said on Tuesday at the auction house’s first Art & Tech Summit, dedicated to exploring blockchain......blockchain’s decentralized record-keeping could create a “more welcoming art ecosystem” in which collectors and professionals routinely verify the authenticity, provenance and ownership of artworks on an industrywide registry securely situated in the cloud...... blockchain has already proved to be a game-changer in one important area of growth, according to those at the Christie’s event: art in digital forms.

“Digital art is a computer file that can be reproduced and redistributed infinitely. Where’s the resale value?”.....For other art and technology experts, “tokenization” — using the value of an artwork to underpin tradable digital tokens — is the way forward. “Blockchain represents a huge opportunity for the size of the market,” said Niccolò Filippo Veneri Savoia, founder of Look Lateral, a start-up looking to generate cryptocurrency trading in fractions of artworks.

“I see more transactions,” added Mr. Savoia, who pointed out that tokens representing a percentage of an artwork could be sold several times a year. “The crypto world will bring huge liquidity.”......the challenge for tokenization ventures such as Look Lateral is finding works of art of sufficient quality to hold their value after being exposed to fractional trading. The art market puts a premium on “blue chip” works that have not been overtraded, and these tend to be bought by wealthy individuals, not by fintech start-ups.....UTA Brant Fine Art Fund, devised by the seasoned New York collector Peter Brant and the United Talent Agency in Los Angeles.

The fund aims to invest $250 million in “best-in-class” postwar and contemporary works,...Noah Horowitz, in his 2011 primer, “Art of the Deal: Contemporary Art in a Global Financial Market,”.... funds, tokenization and even digital art are all investments that don’t give investors anything to hang on their walls.

“We should never forget that in the center of it all is artists,”
art  artists  art_advisory  art_authentication  art_finance  auctions  authenticity  best_of  blockchain  blue-chips  books  Christie's  collectors  conferences  contemporary_art  digital_artifacts  end_of_ownership  fin-tech  fractional_ownership  game-changing  investing  investors  opacity  post-WWII  provenance  scarcity  tokenization  collectibles  replication  alternative_investments  crypto-currencies  digital_currencies  currencies  virtual_currencies  metacurrencies  art_market 
8 weeks ago by jerryking
A Sidelined Wall Street Legend Bets on Bitcoin
April 16, 2018 Issue | The New Yorker | By Gary Shteyngart.
A Sidelined Wall Street Legend Bets on Bitcoin
Michael Novogratz is searching for redemption in cryptocurrencies.
Wall_Street  Bitcoin  Goldman_Sachs  digital_currencies  currencies  virtual_currencies  metacurrencies  crypto-currencies 
april 2018 by jerryking
Tech Thinks It Has a Fix for the Problems It Created: Blockchain
March 30, 2018 | The New York Times | By DREW JORDAN and SARAH STEIN KERR

Blockchain allows information to be stored and exchanged by a network of computers without any central authority. In theory, this egalitarian arrangement also makes it harder for data to be altered or hacked.....“Everything is moving toward people saying, ‘I want all the benefits of the internet, but I want to protect my privacy and my security,’” he said. “The only thing I know that can reconcile those things is the blockchain.”.....Blockchains assemble data into so-called blocks that are chained together using complicated math. Since each block is built off the last one and includes information like time stamps, any attempt to go back and alter existing data would be highly complicated. In the original Bitcoin blockchain, the data in the blocks is information about Bitcoin wallets and transactions. The blocks of data in the Bitcoin blockchain — and most of its imitators — are kept by a peer-to-peer computer network.

The novel structure allows people to set up online accounts that can securely hold valuable personal information without having to trust a single entity that can hoard, abuse or lose control of the data, as happened with Facebook and the consumer credit reporting agency Equifax....start-ups are using the blockchain in an attempt to pry control of all that data out of the hands of giants like Facebook, Youtube, etc.. ........Tim Berners-Lee has warned that the development of the blockchain could come with unintended consequences, like more activity from criminals operating outside the oversight of governments...... most blockchain projects are still plagued by concerns about privacy. For example, the widely used Bitcoin blockchain allows certain data — details of the transactions between users — to be seen by anyone, even if other data — the users’ identities — remains obscured.....Blockchain-based accounts also rely on users keeping their own passwords or private keys, which people are famously bad at doing......Michael Casey, a co-author of “The Truth Machine,” a new book on the blockchain.
blockchain  bitcoin  howto  crypto-currencies  books  digital_currencies  currencies  virtual_currencies  metacurrencies  Tim_Berners-Lee  unintended_consequences 
april 2018 by jerryking
Bitcoin and the Digital-Currency Revolution - WSJ
By MICHAEL J. CASEY and PAUL VIGNA
Jan. 23, 2015

Paul Vigna and Michael Casey have written a new book "The Age of Cryptocurrency"
Bitcoin  start_ups  crypto-currencies  digital_currencies  currencies  virtual_currencies  metacurrencies  books 
january 2015 by jerryking
Lunch with the FT: Marc Andreessen
January 16, 2015 | - FT.com | Caroline Daniel.

As a child, Andreessen was fascinated by technology. “I have the complete series of Tom Swift from the 1910s to 1950s in my office. That was probably the single most important thing I read,” he says of the science-fiction and adventure books featuring a teenaged inventor hero (Tom Swift and his Photo Telephone was one 1912 title). “I liked all the stuff he’s inventing.”
Marc_Andreessen  Silicon_Valley  entrepreneurship  virtual_currencies  crypto-currencies  digital_currencies  currencies  metacurrencies  Andreessen_Horowitz  Twitter 
january 2015 by jerryking
Program Offers Bitcoin Entrepreneurs Camplike Atmosphere - WSJ
By ROBIN SIDEL
Nov. 30, 2014

Boost, founded in 2012 to incubate a range of startups, is increasingly focused on bitcoin, helping to develop business plans and connect bitcoin-focused entrepreneurs with potential investors. It aims to take the virtual currency beyond the initial enthusiasts who mostly embraced libertarian philosophies and build profitable companies....Mr. Draper, who wants to fund 100 bitcoin companies within three years, said he chooses applicants to join his “tribe” based on their vision and how much they can use the money.

The younger Mr. Draper, who recently raised more than $6 million from investors to fund Boost, benefits if the companies strike bitcoin gold. Boost invests $10,000 to $20,000 for a 6% stake in each company selected for the boot camp.

The participants even bunk together at a dormlike hotel, owned by Tim Draper, across the street from the Boost offices.
Bitcoin  Silicon_Valley  venture_capital  incubators  start_ups  crypto-currencies  digital_currencies  currencies  virtual_currencies  metacurrencies 
december 2014 by jerryking
The real goods on fake currencies - The Globe and Mail
HARVEY SCHACHTER
Special to The Globe and Mail
Published Tuesday, Sep. 16 2014

Wildcat Currency
By Edward Castronova
(Yale University Press, 265 pages, $32.20)
digital_currencies  currencies  virtual_currencies  metacurrencies  Harvey_Schachter  books  book_reviews 
september 2014 by jerryking
Bitcoin is just the beginning - The Globe and Mail
IVOR TOSSELL
Special to The Globe and Mail
Published Thursday, Apr. 24 2014,
digital_currencies  Bitcoin  virtual_currencies  metacurrencies 
april 2014 by jerryking
Video - The Coming Currency Revolution
9/8/2009 | The Wall Street Journal | by Andy Jordan. A digital
currency for Microsoft Outlook? Social Networks? Jordan talks to
currency renegades tired of big-government centralized cash, and
desperate to make their own (legal) money systems. Currencies of
attention, trust, moments of authentic connection, reputation and
experience.
digital_currencies  currencies  virtual_currencies  P2P  scarcity  social_networking  video  metacurrencies 
september 2009 by jerryking

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