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“I’ve long modeled the crypto trading world as a very complicated Heath-Robinson (UK) or Rube Goldberg (US) machine for funneling actual dollars from retail suckers to about twenty guys — where the only difference is how elaborate the street-corner shell game is. In the case of DeFi, instead of three shells and one pea, you have thousands of shells and fractions of a pea — but the game is the same.”
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European Central Bank policy maker Jens Weidmann called on banks to come up with cheaper and faster systems for transferring money to combat alternatives such as Facebook Inc.’s Libra, and said there’s no pressing reason yet for the ECB to develop its own digital currency.
Kiffmeister’s Fintech Daily Digest 01/05/2020
