🏦  FIXING FIAT

Bitcoin Is Venice: Client/Server Fiat Finance.
By Allen Farrington And Sacha Meyers

This is an article in a series of adapted excerpts from “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers. In this chapter, the centralization of the global financial system, or fiat system, is brought into discussion to demonstrate how it has become a “client/server” model where a central organization (server) gets to make all the decisions indiscriminately and everyone else (clients) are forced to bear the consequences. 

Client/server models of any kind of social organization are typically objectionable on the basis of fragility, single points of failure, lack of feedback and simple unfairness. In our case, the server wants us to believe that “finance” is deeply scientific, needs to be conducted by a professional managerial elite and needs to be culturally and politically integrated with institutions, when in reality, finance is simple. As simple as Bitcoin.

Majority Of Financial Advisors Want To Increase Bitcoin Exposure: Nasdaq Survey
By Shawn Amick

In a Nasdaq survey of 500 financial advisors whom are already allocated or considering an allocation towards bitcoin and other cryptocurrency based products, 72% would invest more heavily into the space if a spot exchange-traded fund (ETF) was approved.

This statistic is on par with a survey executed by Bitwise, one of the largest cryptocurrency managers in the world, where financial professionals portfolio exposure to bitcoin and other digital assets had risen to15%, up from 9% in the previous year.

Additionally, Nasdaq found that 86% of the advisors who pre-allocated to bitcoin, plan to increase allocation over the next 12 months, while none of them intend on subtracting from their portfolio.

Financial advisors, both retail and institutional, are taking a broader interest in Bitcoin, and perhaps an ETF could be what legitimizes the investing thesis for the larger unallocated group of the financial world.

📰 THE DAILY BITS

✈️ ALTCOINS VS. AIRLINE MILES

Bitcoin Songsheet: Airline Miles Are The Original Altcoins
By Jimmy Song

Printing cash and quantitative easing is not the only way to create money out of nothing. Credit is one of the oldest schemes that allow financial organizations to create “value."

Other organizations that have found that loophole in the system are airlines. They have the capacity of creating airline miles out of nothingness and providing them as credit. Miles are a form of debt; they are redeemable for future flights, hence, airlines can bank revenue now for flights that haven’t occurred yet. 

The author of this article explains how there are various ways of creating unbacked but somehow “valuable” money, such as credit, airline miles and altcoins. 

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