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, by Erik Townsend
Download Ebook , by Erik Townsend
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Product details
File Size: 4613 KB
Print Length: 256 pages
Page Numbers Source ISBN: 172917728X
Simultaneous Device Usage: Unlimited
Publication Date: November 15, 2018
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B07JXSRG5J
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Amazon Best Sellers Rank:
#81,464 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Without repeating what all the other reviewers have said, I recommend this book. Erik Townsend was a pioneer in what ultimately became known as service-oriented architecture in the software community and then after selling the software company that he founded in the 90’s became a hedge fund manager. Since leaving the hedge fund business, he now narrates a weekly podcast at macrovoices.com where he interviews the brightest and best folks from all facets of the financial world (it is free and all are welcome). His background and experiences are an excellent match for the concepts discussed in the book. The book is easy to follow and does a great job at summarizing the current fractional banking system in place today, the US dollar as the worlds reserve currency, for now, the origins and hurdles needed to overcome the creation of the blockchain technology and Bitcoin, the differences among several of the more notable cryptocurrencies, and then finally how Erik believes the end-game will ultimately be a government or governments endorsed digital currency (the book explains the differences between a distributed ledger and a permissioned distributed ledger). Erik specifically states that the concept of the book was not to get into the weeds of how everything works, or present any conspiracy theories, but to give the reader a sense of how it might (might being the operative) all work, and open the readers mind as to the possibilities that will exist, when not if, a digital currency replaces the worlds paper fiat currencies. Erik describes what he sees as advantages of a digital currency in society and more notable the disadvantages and potentially Orwellian attributes that a government could pursue which could potentially put our freedoms and liberty at risk, if we the people are not aware of the transition that is bound to take place.I would also highly recommend that in addition to reading this book, go to his website, www.macrovoices.com and under the Timeless Series tab watch both the Anatomy of the US Dollar End Game and the Eurodollar University (it is all free no catch). This is mentioned in the book but I wanted to throw it out there. Both are excellent presentations by extremely knowledgeable people. They both add to the historical background of the book.There are 2 historical topics I would have added a point to each. The issues discussed were accurate and added to the theme of the book but were not the main topics. The first point related to Nixon and the closing of the gold window on August 15, 1971. Although Erik discusses Bretton Woods in 1944 and the gold convertibility for other nations and events that led to ending this convertibility, the reader might come away with the idea that it was Nixon’s fault for eliminating the gold standard and turning the US dollar along with all the world currencies into the paper fiat currencies backed by nothing. These are the fiat currencies we use today. Although the manner in which Nixon may have handled the explanation to the American people on prime time television may have been “sleezyâ€, which I do not disagree, it should be understood that the handwriting was already on the wall before Nixon was elected. He just happened to be the one without a seat when the music stopped. He had no choice but to shut the gold window down, otherwise the U.S.’s gold reserves would have been depleted at $35 an ounce. This could not happen, Nixon acted. Sure there were other more responsible actions that could or should have been taken at the time, but the world had already been enjoying the massive explosion of the money supply over the prior decade and a half. There was no putting that genie back in the bottle.The second point relates to the GFC (great financial crisis) in 2008. Although there were many causal factors leading to the GFC in 2008. In my opinion, no conversation of the GFC should be made without a mention of the 1977 CRA (Community Reinvestment Act) signed by Carter and expanded upon by Clinton. In my opinion, it was the 1977 CRA that created the seed leading to the housing bust of 2008. It was the CRA that in many ways forced the big banks to take actions that they otherwise might not have taken. Naturally, once directed, the banks seem to invent all kinds of ways to benefit and profit at the expense of the little guy. (As an aside, I believe as part of the Eurodollar University, J Snider goes through the actual details of the straw that broke the camel’s back causing the GFC).The reason I give this book a 5-star rating is that the 2 points above were not the main point of the book, they did add to the main theme and they were not inaccurate, just not complete in my opinion. Otherwise, the book is informative and thought provoking, you will not be disappointed. I look forward to the sequel.
Beyond Blockchain follows along the trajectory of Erik's podcast Macrovoices, giving you a wide-eye lens of the world events and making predictions where we might reasonably end up in the near-future; focusing on topics such as the monetary system, the nature of money, Blockchain technology, cryptocurrency, and much more. Erik's writing is rife with details, anecdotes, and historic notes. It's good.You should read this book if you're interested in monetary matters.
Enormous respect to Erik Townsend, who has read the macro-political tea leaves and predicts a future in which USD hegemony is threatened by a new, yet to be invented, digital reserve currency. In the same way that John Perkins' classic Confessions of an Economic Hitman laid down the circumstances under which the USD's role as the global reserve currency was established, Townsend's book lays down how the monetary system works and how USD's reserve status is poised to be replaced.
The author constructs a very interesting thesis on the future of digital money and its counterpart: a digital bond market and a digital central bank. Whether this comes to fruition or not, the thesis is thought stimulating. Erik's description of small countries, such as the Philippines, being early adopters would seems to make sense given the pain felt this year in the emerging markets due to receding dollar liquidity. Certainly Iran, China, and Russia would welcome throwing off the yoke of the US dollar. Together with their gold accumulations, it would be prudent for US monetary authorities to read this book.
While I see some holes in Mr. Townsend’s logic, this book is critical reading for anyone who is interested in blockchain and monetary policy. Erik does a great job giving a peek into where money is headed. A must read.
Very good book to explain the future of money.After reading this book, I understand the advantages of digital currencies on a holistic level.I was surprised by the detail of this book, but material is very easy to comprehend.
very informative interesting perspective
I’m a conservative-libertarian former state legislator and fan of bitcoin.Townsend has absolutely nailed the future in this book. There is no way in the world governments will allow crypto currencies to continue to exist outside of their control.Erik gives a great and easy to understand tutorial on how money, banking and central banking works in the world. He then explains why and how governments will never allow privatization of money creation and exchange to happen (they can’t, otherwise they lose control and the ability to raise money). Erik fully acknowledges that a government run digital currrency could lead to tyranny and he sketches out an alternative route that would, hopefully, bestow the benefits of a digital, non-fiat currency without the tyranny one would expect from complete government control.Read the book. I think government backed and controlled digital currency it is inevitable; let’s hope that enough of the people involved in creating it have libertarian tendencies or we will find that Satoshi created the tool that will lead to tyranny instead of the libertarian utopia he (they) envisioned.Macrovoices listeners will especially enjoy that acknowledgements and “about the author†sections at the end of the book. I bought the digital version through Erik’s website. Will buy the Kindle version now that it is available for the reference of bookmarks.Follow me @senatorbrophy on Twitter.
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