The Bank of Hodlers [sic] (sigh)

  1. Blockchain: it really is a tough sell
  2. Sterling has not become an emerging market currency
  3. Jeff Ubben/ESG: flip flop
  4. Is this the nuttiest risk factor of all time?
  5. The tech start-up that wants to “validate” the female orgasm
  6. It’s a great time for conspiracy theories to thrive
  7. Let’s call Trump out, but let’s get our facts straight too
  8. Today, in efficient markets
  9. We can’t blame all the indirect health damage on the lockdown
  10. Weirdly, blockchain can’t help combat coronavirus 
  11. Leading ‘UK’ start-ups want a handout too
  12. China’s PMI print doesn’t mean much
  13. Let’s flatten the coronavirus confusion curve
  14. NMC Health: presented without comment
  15. When “commission-free trading” isn’t (really) free
  16. Michael Milken: financial innovator
  17. Oh no, the death-techers are coming
  18. Bitcoin’s “halvening” won’t boost its price 
  19. CEO of JPM, recipient of $bns in state aid, bashes socialism
  20. Trump just made a joke about negative rates
  21. The Witcher is not a freelancer
  22. The ITV M&A fantasy
  23. Blockchain, all over your face
  24. Baillie Gifford: pot kettle black
  25. Is Facebook’s status as the bête noire of political advertising justified?
  26. The Eurosystem might have a fatal flaw. But it’s not this
  27. Venture capital for the ‘forgotten’
  28. The troublesome Trump inside trading claim
  29. The US economy is not recession-proof
  30. Hedge fund bro gonna hedge fund bro
  31. What do women want? Some crypto flavoured mansplaining, apparently.
  32. The Fed’s wishful thinking on inflation
  33. Dalio and Diddy: when genius collides
  34. State-backed crypto is a contradiction
  35. Rejoice! Venture capital wants to pay for your holiday
  36. Are electric vehicles more damaging than diesel? 
  37. The £3bn hole in the Tory manifesto
  38. ArtGo loses its marbles
  39. Are banks really magic money trees?
  40. Will Lagarde’s sneaky tweet change much? 
  41. Can we all calm down about Apple Card’s “gender bias”
  42. UBS’ billionaire boondoggle 
  43. When fast fashion jumps on the eco-wagon
  44. GenX will set central banks’ climate response
  45. The stablecoin anathema 
  46. Masters of the universe, don’t be scared of Elizabeth Warren
  47. Missing: the GE short report
  48. The average lifespan of a fiat currency isn’t 27 years
  49. Lord King: Brexit is no big deal
  50. No inflation? Tell that to my landlord  
  51. Today, in fintech marketing
  52. YouGov’s “blockchain-based” sell-your-own data platform makes no sense (*update) 
  53. Presented without comment
  54. Block.one headed
  55. Ride-sharing apps can’t save the planet (obv)
  56. The WeWork bull case
  57. WeWrite-down
  58. No deal Brexit is not a hedge fund conspiracy
  59. Europe’s digital infrastructure issue
  60. Let’s give a helping hand to Andrew Yang
  61. Anatomy of a malware scam
  62. ARK Invest’s Tesla model gathers dust
  63. A delirious defence of Uber
  64. WeLiquid: Adam Neumann pockets $700m
  65. Yesterday, in efficient markets
  66. The warm fuzzy feeling of indirectly owning Tencent
  67. The best of Morgan Stanley's Adam Jonas
  68. Apple/Tesla: M&A and heartbreak
  69. Did Beyonce make $300m from Uber's IPO?
  70. Bitcoin is the 10-year Treasury of our time
  71. High resolution music is a solution looking for a problem
  72. Amazon is furious about this negative review
  73. Missing: $500bn of American savings
  74. Blockchain for Brexit: a wonderfully terrible idea
  75. Behind the curtain at China Ding Yi Feng
  76. An answer to Mark Cuban's question
  77. Crumbs! It's CRYPTO: the movie!
  78. National Beverage Corp loses its fizz, and its mind
  79. Amazon won't spin-off Amazon Web Services
  80. Mensch! Dan McCrum is innocent, ok?
  81. Europe's $1 trillion tax gap
  82. Why online propaganda mobs are an investment red flag
  83. Davos has produced an amazing new guide on precisely how not to think about risk
  84. When the public relations industry does PR for itself
  85. Who wants to be crippled by student debt?
  86. The bitcoin price is wrong
  87. The warm fuzzy feeling of Goldman debt
  88. “Cryptoassets” are crashing again. Is it time to start calling them cryptoliabilities instead?
  89. Puff the tragic cryptowagon smokes out the Mumsnet demographic
  90. Don't write off the public sector
  91. Initiative Q: an elementary pyramid scheme with grandiose ideas [Update]
  92. Moral investments aren't outperforming
  93. No one is killing it in crypto (not even Woz)
  94. Too smooth: the red flag at Patisserie Valerie which was missed
  95. No, the housing crisis will not be solved by building more homes
  96. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  97. 'Short-termism' isn't a thing, say Fed economists
  98. Coinbase wants to be “too big to fail”, lol
  99. Regulation and innovation don't have to be enemies
  100. Retailers get so lonely around the holidays
  101. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  102. The new green evangelism
  103. Tilray, how low can it go?
  104. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  105. Beware the Hindenburg Omen?
  106. The broken conversation about financial regulation
  107. The improbably profitable, loss-making Blue Prism
  108. The EM rout is not made in America
  109. Wages and growth and honestly we just give up
  110. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  111. There is a FIRE that never goes out
  112. The WeWork Garden of Eden
  113. IQE: lumpy 'Apple' sauce at the pricey Cardiff chip shop
  114. There's only so much a central bank can do alone
  115. Eight questions every first-time buyer should ask
  116. MiFID II: not all doom and gloom
  117. Tesla: getting to Q3 profitability
  118. Turkey contagion fears are overblown [Update]
  119. The chance of an inflation shock may be higher than you think
  120. Sorry Tim, the humanity is not being drained out of music
  121. Digital crop circles
  122. What could go wrong here?
  123. Sirius Minerals: money for a hole in the ground
  124. The Bank of England has a strange idea of what QE achieved
  125. One for the ladies...
  126. 'Of course, many ridiculous papers appeared'
  127. Is a change goin' to come?
  128. The capacity's not there yet (and probably never will be)
  129. Musk and Tesla are not inseparable
  130. Libraries, from Carnegie to Bezos
  131. Crypto & government: from anarchy to amity in the USA
  132. 'I'm sorry Dave, I'm afraid I cannot sanction this Series B round'
  133. RBC, through the FANG barrier
  134. Self-help to buy
  135. CFA: Chartered crypto analysts -- updated
  136. The Netflix dilemma -- updated
  137. Fujitsu's new blockchain offering: really cheap or really expensive?
  138. Nothing But the Shirt on Your Back
  139. Universities of Britain: cosying up to crypto is a bad look
  140. How to make a living in the cult of meritocracy
  141. Spotify: Drake-oil salesmen
  142. Oh, the digital humanity
  143. Sports are not markets, predictions ain't investment
  144. Spot the difference, Steinhoff edition
  145. Larry Robbins, a cautionary tale
  146. The node to serfdom
  147. Carney is down with the crypto kids
  148. Samsonite: inventory, excess baggage, and unresolved questions
  149. It might be a long wait for “the equivalent alternative to ICOs”
  150. Don't blame it on the sunshine
  151. In corporate America, brands develop you
  152. One in ten dollars of US housing were anonymous
  153. Should AT&T worry more about its debt?
  154. Who cares if Elon is incinerating capital?
  155. Let’s not try make 'crypto chicks' a thing
  156. Tokens all the way down
  157. Eight-dimensional chess with Elon Musk
  158. A lopsided trade is a good trade, Italian inflation edition
  159. How to buy Italian fire insurance
  160. Atlas bugged
  161. Inflating inflation
  162. Crypto's most devout believers are suffering a crisis of faith
  163. Plus500: past performance is no guide to the future
  164. Noble rot in a shrinking Harbour
  165. In defence of ticket touts
  166. Please don't tell individual investors to buy leveraged loans
  167. RIB Software: the unicorn rainy-day fund
  168. Retail is not dead
  169. Did Soros really give Tesla a “vote of confidence”?
  170. At a crypto conference in New York, it feels like 2017 all over again
  171. Egregious expectations - Intelsat edition
  172. Bitcoin cash is expanding into the void
  173. Stop getting The Flintstones wrong
  174. Bond investors do not care if Argentina is solvent in 100 years
  175. Ubiquiti Networks: of cash and borrowed time
  176. “We're very disappointed in you, Spotify”
  177. 'Sex redistribution' and the means of reproduction
  178. Tesla probably needs to raise capital this year
  179. No entitlement crisis in America
  180. Free cash flow to whom?
  181. Hey crypto bros! Journalism ≠ advertising
  182. Human capital and the jobs guarantee
  183. This is a tech bubble, when's the crash?
  184. The magic of adjustments: ebitla-dee-da
  185. FUD, inglorious FUD
  186. A complex analysis reaches same conclusion as simple one: hedge funds suck
  187. The jobs guarantee and human-capital “nationalisation”
  188. These hedge fund numbers can't be right
  189. The Vomiting Camel has escaped from Bitcoin zoo
  190. Lies, damn lies, and charticles
  191. The world doesn't need more Elon Musks
  192. No, Facebook should not become a nonprofit
  193. Sell all crypto and abandon all blockchain
  194. Immutable ledgers meet European data protection
  195. Amazon is not a bubble
  196. Japan's economic miracle
  197. Have you ever meta crypto joke you didn't like?
  198. Delaware should change its rules to let the light in
  199. Who needs the labels anyway?
  200. Baby Boomers want your family to finance a larger share of their retirement
  201. No, America would not benefit from authoritarian central planning
  202. No one needs to buy Tesla
  203. How to win a debate in the cult of meritocracy
  204. Steinhoff International and the case of Pepkor Global Sourcing
  205. Sorry Jack, Bitcoin will not become the global currency
  206. The “academic’s cryptocurrency” is an elegant waste of time
  207. Cigarettes are the vice America needs
  208. Well that’s one reason to buy yen…
  209. Musicians, don't just blame the labels for your lack of dough
  210. Giving stock away to staff doesn't absolve share buybacks
  211. A penny for Macpherson’s thoughts on the nominal anchor
  212. Monopoly and its discontents
  213. A State of Mind
  214. America is not the least protectionist country in the world
  215. This is nuts, when does Netflix crash?
  216. No Bloomberg, the world's richest people did not lose $114bn...
  217. Someone is wrong on the internet, government employee pensions and passive investing edition
  218. Someone is wrong on the internet, possibly fragile
  219. Someone is wrong on the internet, consumer financial regulation edition
  220. Someone is wrong on the internet: tontine tokens [Update]
  221. Someone is wrong on the internet, road economics edition
  222. Someone is wrong on the internet, wages and the stock market edition

Back in the late nineties, free-marketeers reckoned that by opening markets up to the point of total decentralisation, away from the overarching domination of rent-seeking monopolies (especially those supported by governments) and overly powerful middlemen, consumers would be hugely advantaged.

There was no better example of this doctrine in action than the liberalisation of the California power markets, beginning in 1996.

And yet, as is often the case, things didn't turn out as expected. Rather than encouraging prices to fall as larger numbers of smaller-scale middlemen competed for business (encouraging producers to respond to higher prices with more production), deregulation instead encouraged providers to withhold supply until prices got even higher. All this was exacerbated by the fact that many entities were still committed to fulfilling retail contracts at fixed prices, even as daily prices began to fluctuate enormously, allowing them to be ruthlessly gouged by new entrants.

One of the key lobbyists for this sort of deregulation — and a new entrant into the market when it was opened up — was Enron. At the time, the group was becoming extremely well-known for its innovative financial thinking, especially with respect to the creation of new and abstract markets like weather securities and other wholesale risk products. But Enron was also becoming well-known for gaming markets for its own benefit, especially the newly liberalised Californian market, which it began to ruthlessly exploit at the cost of the state as a whole. In the end, Enron became a powerful rent-seeking middleman in its own right, making a mockery of the dream of decentralisation.

The group, of course, went bankrupt in 2002, following the revelation of mass accounting fraud. The inquiries into the rolling blackouts at the peak of the Californian energy crisis that followed concluded that a market approach for certain utility services like electricity would always be inherently gameable and vulnerable to exploitation by new types of rent-seekers and middlemen.

Bear that story in mind when looking at the following perceptual map:

It's from the “introduction deck” of a crypto company called the “Bank of Hodlers”, which depicts itself as getting top marks for ease of use — leaving traditional banks in the dust, as you can see — and also for decentralisation.

But this, we'd argue, is contradictory. How can something calling itself a bank — the primary purpose of which is to be a trusted entity that can look after people's money for them — call itself decentralised? It may exist within a decentralised network of banks, but with respect to its own structure, a bank by definition exists as a centralised go-between, not a headless decentralised organism.

Its whole raison d'être is to be a middleman.

The crypto sphere, however, is convinced that decentralisation can rid the world of such middlemen forever. And yet, in order to function, so-called “decentralised assets” such as bitcoin or other digital tokens rely on countless points of centralisation in order to be usable, like wallet-providers, exchanges and specialist crypto-custodians. The idea of the decentralised “trustless” network is thus proving a fallacy. Blockchain does not eliminate trust; it just shifts it about and grants it to entities that have no history of being trustworthy, often with disastrous consequences.

But far be it from us to pour scorn on the idea of a decentralised bank — which actually isn't actually a bank at all, as we will see — without getting the perspective of the Bank of Hodlers first. So we called up Naveen Mishra, the company's “head of partnerships”, who told us the following:

We believe decentralisation is not an end-game in itself. It’s a spectrum — companies can be all the way from fully centralised like a normal entity, to fully decentralised, like what the DAO attempted to do. We’re somewhere in the middle but we say we’re decentralised because we look at decentralised assets and hopefully our infrastructure will be on a decentralised back-end.

The above implies two assumptions by Mishra. One, that by removing executive function and human oversight from an entity the said entity magically becomes decentralised. Two, that core banking is so centralised that the positioning of any new entity even slightly further up the decentralisation spectrum is a win for customers and consumers.

What the view ignores, however, is that conventional banking, just like the power market, is no stranger to liberalisation and decentralisation efforts. These have been going on for generations. As have, for that matter, efforts to automate the industry and make it increasingly headless — to the point, today, that algorithmic black boxes have replaced human traders and robo-signers have in the past even replaced human credit evaluators.

The problem is, just like with the California example, every time deregulation, decentralisation and automation has taken foot in the financial world, bad things have tended to follow. Most of the time what is revealed is that middlemen or rent-seekers weren't actually eliminated or disempowered, but rather regenerated into new forms. Meanwhile, where algos took on the responsibility for human judgments, they were easily gamed, and introduced all sorts of new risks into the system. Those bad things then justified the return of regulation and the effective reformulation of human-overseen processes that “recentralise” the industry.

Banking, in other words, has always sat on a centralisation spectrum. Currently, with initiatives like “open banking”, the spectrum is veering back towards decentralisation. It's also veering towards the build-up of wholesale systems serviced by competing entities within a structure that still commits incumbent utility-type banks to certain restrictive regulations. Even as these new competitors — free of many of these restrictions — aggressively eat their lunch, potentially putting the core utility infrastructure at risk.

In the BoH case, the pitch is to “create a decentralised bank”, which apparently will one day have some infrastructure that runs on “a decentralised back-end”. But what does that actually mean? And why is it supposed to make banking services better?

Historically, one could argue, decentralisation always failed when entities forgot that the successful provision of core utility services was as much about reliability and accountability as price. People expect their core infrastructure providers to be robust and dependable. If and when they fail, they also expect processes to exist that can hold people within the organisation to account.

A DAO, or Decentralised Autonomous Organisation (made famous by the blow-up of an entity of the same name on the Ethereum blockchain in June 2016) does exactly the opposite. It obscures both responsibility and accountability, due to its lack of executive (centralised) leadership, like a zombie body without a brain.

But that doesn't stop Mishra being a believer about the potential of a DAO system:

I don’t think the legal structures exist for us to become a DAO (decentralised autonomous organisation) but as soon as they exist we will look at going down that route.

So what BoH currently amounts to is an enterprise (can you even call it that?) that oversees decentralised assets, but which eventually wants to become a decentralised autonomous entity when the "legal structures" are put in place. But how can it? A decentralised company is an oxymoron. In order for the BoH to become one it would have to cease to exist.

Back to basics on funding

BoH's original plan, as laid out in the white paper as well as the introduction deck, was to raise money for the project via an initial coin offering (ICO). But they've decided not to do an ICO for the time being because they'd rather take the now apparently innovative step of building a product first. (That nobody can make any money that way any more or because concerns are mounting that the SEC may come down on them like a ton of bricks is, allegedly, not a factor.)

Apart from the ICO and a magically “dividend paying utility token”, many of the other ideas laid out in the white paper and on the company's website have also been dropped, such as insurance against crypto theft. (Too difficult to do, for now, apparently — they would have to “solve further technical problems” first.)

The only thing the BoH is actually going to do, for the time being, is to allow HODLers of Ether (Ethereum's native cryptocurrency) to use their HODLings as collateral for loans, at a leverage rate of 1.5 per cent, to borrow from other BoH users in a kind of crypto peer-to-peer lending system. The HODLers can borrow either in crypto, or in the lovely centralised stuff that is real, spendable, fiat money — if they want to pay a 7.5 per cent fee for the privilege of doing so (on top of the borrowing fee set by the lender). The BoH says it won't take any fees for now (though it website says it will), because like all for good modern companies, market share is more important than profitability.

So how do you raise money for a crypto project these days if not by ICO? Apparently it's back to old school methods like “the equity route”. Mishra says the company has managed to raise $500,000 so far from angel investors in India. But given that the introduction deck and white paper (both of which include a “road map” featuring the ICO and the crypto insurance stuff) was the only documentation available to review the offering, we wondered what information these investors had been given before they gave their money to the company.

Mishra says the content shown to investors was being updated, and that he “would like to reconfirm that we have pivoted and are building a financial services product for digital assets starting with crypto assets”.

So as it stands BoH has raised money for a decentralised bank that is nothing like a bank, and is not doing anything remotely decentralised beyond allowing people to use “decentralised assets” as collateral on P2P loans. (As we all know, P2P lenders mostly mutate into more centralised banking structures eventually due to scaling forces endmic in the industry ). But they do say they're “democratising access to capital”.

As regards to who they are targeting?

Our target users are people who are crypto rich but maybe not yet fiat rich. If you want to take a loan there are very limited options for you. We’re just providing financial services if you’re crypto rich.

On that basis, we can assume the revolution will be decentralised, but only for as long as it's expedient for it be so. Given regulatory attention and growing investor scrutiny, it's arguably ever less so.

So maybe the lessons of Enron and the attempted decentralisation of energy markets weren't completely wasted. The fact that the Bank of Hodlers has been forced to “pivot” away from the original “Hey, we're building a decentralised bank, give us your money for magical tokens” idea suggests that the actions of regulators — namely the SEC — are having some effect.

The mythical allure of decentralisation is not dead yet — Enron executives after all are reportedly looking at blockchain closely — but it's clearly dawning on the Bank of Hodlers at least that it's more of a pipe dream than they realised. (Not that they will tell you that in any marketing material.)

Related links:
Coinbase wants to be “too big to fail”, lol — FT Alphaville
A failed ICO is trying to flog itself on eBay — FT Alphaville
Enron's Jeff Skilling: out of jail and on the crypto trail — FT Alphaville
More decentralised autonomous organisation (DAO) mysticism — FT Alphaville

  1. Blockchain: it really is a tough sell
  2. Sterling has not become an emerging market currency
  3. Jeff Ubben/ESG: flip flop
  4. Is this the nuttiest risk factor of all time?
  5. The tech start-up that wants to “validate” the female orgasm
  6. It’s a great time for conspiracy theories to thrive
  7. Let’s call Trump out, but let’s get our facts straight too
  8. Today, in efficient markets
  9. We can’t blame all the indirect health damage on the lockdown
  10. Weirdly, blockchain can’t help combat coronavirus 
  11. Leading ‘UK’ start-ups want a handout too
  12. China’s PMI print doesn’t mean much
  13. Let’s flatten the coronavirus confusion curve
  14. NMC Health: presented without comment
  15. When “commission-free trading” isn’t (really) free
  16. Michael Milken: financial innovator
  17. Oh no, the death-techers are coming
  18. Bitcoin’s “halvening” won’t boost its price 
  19. CEO of JPM, recipient of $bns in state aid, bashes socialism
  20. Trump just made a joke about negative rates
  21. The Witcher is not a freelancer
  22. The ITV M&A fantasy
  23. Blockchain, all over your face
  24. Baillie Gifford: pot kettle black
  25. Is Facebook’s status as the bête noire of political advertising justified?
  26. The Eurosystem might have a fatal flaw. But it’s not this
  27. Venture capital for the ‘forgotten’
  28. The troublesome Trump inside trading claim
  29. The US economy is not recession-proof
  30. Hedge fund bro gonna hedge fund bro
  31. What do women want? Some crypto flavoured mansplaining, apparently.
  32. The Fed’s wishful thinking on inflation
  33. Dalio and Diddy: when genius collides
  34. State-backed crypto is a contradiction
  35. Rejoice! Venture capital wants to pay for your holiday
  36. Are electric vehicles more damaging than diesel? 
  37. The £3bn hole in the Tory manifesto
  38. ArtGo loses its marbles
  39. Are banks really magic money trees?
  40. Will Lagarde’s sneaky tweet change much? 
  41. Can we all calm down about Apple Card’s “gender bias”
  42. UBS’ billionaire boondoggle 
  43. When fast fashion jumps on the eco-wagon
  44. GenX will set central banks’ climate response
  45. The stablecoin anathema 
  46. Masters of the universe, don’t be scared of Elizabeth Warren
  47. Missing: the GE short report
  48. The average lifespan of a fiat currency isn’t 27 years
  49. Lord King: Brexit is no big deal
  50. No inflation? Tell that to my landlord  
  51. Today, in fintech marketing
  52. YouGov’s “blockchain-based” sell-your-own data platform makes no sense (*update) 
  53. Presented without comment
  54. Block.one headed
  55. Ride-sharing apps can’t save the planet (obv)
  56. The WeWork bull case
  57. WeWrite-down
  58. No deal Brexit is not a hedge fund conspiracy
  59. Europe’s digital infrastructure issue
  60. Let’s give a helping hand to Andrew Yang
  61. Anatomy of a malware scam
  62. ARK Invest’s Tesla model gathers dust
  63. A delirious defence of Uber
  64. WeLiquid: Adam Neumann pockets $700m
  65. Yesterday, in efficient markets
  66. The warm fuzzy feeling of indirectly owning Tencent
  67. The best of Morgan Stanley's Adam Jonas
  68. Apple/Tesla: M&A and heartbreak
  69. Did Beyonce make $300m from Uber's IPO?
  70. Bitcoin is the 10-year Treasury of our time
  71. High resolution music is a solution looking for a problem
  72. Amazon is furious about this negative review
  73. Missing: $500bn of American savings
  74. Blockchain for Brexit: a wonderfully terrible idea
  75. Behind the curtain at China Ding Yi Feng
  76. An answer to Mark Cuban's question
  77. Crumbs! It's CRYPTO: the movie!
  78. National Beverage Corp loses its fizz, and its mind
  79. Amazon won't spin-off Amazon Web Services
  80. Mensch! Dan McCrum is innocent, ok?
  81. Europe's $1 trillion tax gap
  82. Why online propaganda mobs are an investment red flag
  83. Davos has produced an amazing new guide on precisely how not to think about risk
  84. When the public relations industry does PR for itself
  85. Who wants to be crippled by student debt?
  86. The bitcoin price is wrong
  87. The warm fuzzy feeling of Goldman debt
  88. “Cryptoassets” are crashing again. Is it time to start calling them cryptoliabilities instead?
  89. Puff the tragic cryptowagon smokes out the Mumsnet demographic
  90. Don't write off the public sector
  91. Initiative Q: an elementary pyramid scheme with grandiose ideas [Update]
  92. Moral investments aren't outperforming
  93. No one is killing it in crypto (not even Woz)
  94. Too smooth: the red flag at Patisserie Valerie which was missed
  95. No, the housing crisis will not be solved by building more homes
  96. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  97. 'Short-termism' isn't a thing, say Fed economists
  98. Coinbase wants to be “too big to fail”, lol
  99. Regulation and innovation don't have to be enemies
  100. Retailers get so lonely around the holidays
  101. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  102. The new green evangelism
  103. Tilray, how low can it go?
  104. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  105. Beware the Hindenburg Omen?
  106. The broken conversation about financial regulation
  107. The improbably profitable, loss-making Blue Prism
  108. The EM rout is not made in America
  109. Wages and growth and honestly we just give up
  110. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  111. There is a FIRE that never goes out
  112. The WeWork Garden of Eden
  113. IQE: lumpy 'Apple' sauce at the pricey Cardiff chip shop
  114. There's only so much a central bank can do alone
  115. Eight questions every first-time buyer should ask
  116. MiFID II: not all doom and gloom
  117. Tesla: getting to Q3 profitability
  118. Turkey contagion fears are overblown [Update]
  119. The chance of an inflation shock may be higher than you think
  120. Sorry Tim, the humanity is not being drained out of music
  121. Digital crop circles
  122. What could go wrong here?
  123. Sirius Minerals: money for a hole in the ground
  124. The Bank of England has a strange idea of what QE achieved
  125. One for the ladies...
  126. 'Of course, many ridiculous papers appeared'
  127. Is a change goin' to come?
  128. The capacity's not there yet (and probably never will be)
  129. Musk and Tesla are not inseparable
  130. Libraries, from Carnegie to Bezos
  131. Crypto & government: from anarchy to amity in the USA
  132. 'I'm sorry Dave, I'm afraid I cannot sanction this Series B round'
  133. RBC, through the FANG barrier
  134. Self-help to buy
  135. CFA: Chartered crypto analysts -- updated
  136. The Netflix dilemma -- updated
  137. Fujitsu's new blockchain offering: really cheap or really expensive?
  138. Nothing But the Shirt on Your Back
  139. Universities of Britain: cosying up to crypto is a bad look
  140. How to make a living in the cult of meritocracy
  141. Spotify: Drake-oil salesmen
  142. Oh, the digital humanity
  143. Sports are not markets, predictions ain't investment
  144. Spot the difference, Steinhoff edition
  145. Larry Robbins, a cautionary tale
  146. The node to serfdom
  147. Carney is down with the crypto kids
  148. Samsonite: inventory, excess baggage, and unresolved questions
  149. It might be a long wait for “the equivalent alternative to ICOs”
  150. Don't blame it on the sunshine
  151. In corporate America, brands develop you
  152. One in ten dollars of US housing were anonymous
  153. Should AT&T worry more about its debt?
  154. Who cares if Elon is incinerating capital?
  155. Let’s not try make 'crypto chicks' a thing
  156. Tokens all the way down
  157. Eight-dimensional chess with Elon Musk
  158. A lopsided trade is a good trade, Italian inflation edition
  159. How to buy Italian fire insurance
  160. Atlas bugged
  161. Inflating inflation
  162. Crypto's most devout believers are suffering a crisis of faith
  163. Plus500: past performance is no guide to the future
  164. Noble rot in a shrinking Harbour
  165. In defence of ticket touts
  166. Please don't tell individual investors to buy leveraged loans
  167. RIB Software: the unicorn rainy-day fund
  168. Retail is not dead
  169. Did Soros really give Tesla a “vote of confidence”?
  170. At a crypto conference in New York, it feels like 2017 all over again
  171. Egregious expectations - Intelsat edition
  172. Bitcoin cash is expanding into the void
  173. Stop getting The Flintstones wrong
  174. Bond investors do not care if Argentina is solvent in 100 years
  175. Ubiquiti Networks: of cash and borrowed time
  176. “We're very disappointed in you, Spotify”
  177. 'Sex redistribution' and the means of reproduction
  178. Tesla probably needs to raise capital this year
  179. No entitlement crisis in America
  180. Free cash flow to whom?
  181. Hey crypto bros! Journalism ≠ advertising
  182. Human capital and the jobs guarantee
  183. This is a tech bubble, when's the crash?
  184. The magic of adjustments: ebitla-dee-da
  185. FUD, inglorious FUD
  186. A complex analysis reaches same conclusion as simple one: hedge funds suck
  187. The jobs guarantee and human-capital “nationalisation”
  188. These hedge fund numbers can't be right
  189. The Vomiting Camel has escaped from Bitcoin zoo
  190. Lies, damn lies, and charticles
  191. The world doesn't need more Elon Musks
  192. No, Facebook should not become a nonprofit
  193. Sell all crypto and abandon all blockchain
  194. Immutable ledgers meet European data protection
  195. Amazon is not a bubble
  196. Japan's economic miracle
  197. Have you ever meta crypto joke you didn't like?
  198. Delaware should change its rules to let the light in
  199. Who needs the labels anyway?
  200. Baby Boomers want your family to finance a larger share of their retirement
  201. No, America would not benefit from authoritarian central planning
  202. No one needs to buy Tesla
  203. How to win a debate in the cult of meritocracy
  204. Steinhoff International and the case of Pepkor Global Sourcing
  205. Sorry Jack, Bitcoin will not become the global currency
  206. The “academic’s cryptocurrency” is an elegant waste of time
  207. Cigarettes are the vice America needs
  208. Well that’s one reason to buy yen…
  209. Musicians, don't just blame the labels for your lack of dough
  210. Giving stock away to staff doesn't absolve share buybacks
  211. A penny for Macpherson’s thoughts on the nominal anchor
  212. Monopoly and its discontents
  213. A State of Mind
  214. America is not the least protectionist country in the world
  215. This is nuts, when does Netflix crash?
  216. No Bloomberg, the world's richest people did not lose $114bn...
  217. Someone is wrong on the internet, government employee pensions and passive investing edition
  218. Someone is wrong on the internet, possibly fragile
  219. Someone is wrong on the internet, consumer financial regulation edition
  220. Someone is wrong on the internet: tontine tokens [Update]
  221. Someone is wrong on the internet, road economics edition
  222. Someone is wrong on the internet, wages and the stock market edition
Copyright The Financial Times Limited 2020. All rights reserved. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

Read next:

Read next:

Further reading

FT Alpha Tweets