Money Ideas 17/11/2021
Fellow of IPA.
1989 First accounting job while at Uni. Hand written journals via cashbooks handed to one person with the PC.
1994 Connected to the Internet at 56Kbs and found Libertarian sites like Deoxy.org.
1995 Started a video streaming company – too early – low b band, YouTube
2004 Bought into an accounting firm and deploayed a Windows terminal services
2006 Xero is started – Cloud
2008 Outsource Company – Accsource – World is flat. 300 person indian company.Sold
2010 Started LodgeiT – interest in SBR & XBRL. Today LodgeiT is sold by Intuit as Quickbooks Tax. 100% Bootstrapped.
2017 Blockchain – Linkedin articles
2021 EY Blockchain – Xero Knowledge Proofs – Triple Ledger – Baseline & EY Nightfall for transactions.
Doing things in the tech space opens up the adjacent possible opens up. Exponential change. Future is increasingly uncertain.
Blockchain technology engenders an interest in Fiat + it’s business model
– IOU debt-based system with an interesting feature – fractional reserve.
Money synthesised with debt obligations. Government bonds.
Risk-based on ability to repay – requires risk assessment forecast. 2008 Crisis, 2019 Repo market crisis. COVID.
Fiat business model – lending & earn interest.
Backed by the government.
No management. 1 trillion market cap
Machine running on electricity to prevent hacks.
Network for shifting value without intermediaries.
a new business model. No dividends. Owner-marketing, Price Go Up. HODL.
Regulate it. KYC AML.
Senate proposed 10% tax back rebate for Crypto mining.
CBDC’s & Stablecoins
Fiat wrapped in tech. Spying. Controlling.
Stablecoins the way forward.
Method to force adoption.
Things the government makes – Lada.
Financial Stability risk – GDP global 85 Trillion. Global bond market – 140 trillion. Volatile asset class.
Systemic risk comes from loss of trust/loss of users – Zimbabwe
Inflation gets out of hand.
Deflation – more with less.
Future of money
Rethink life on planet Earth.
Rethinking value – broken ecosystems. ESG models. Carbon-taxing. Repair vs. replacement. New human – aware.
Human capital markets – fiat survival social credit scores – CBDC’s – surveillence. Sickness instead of health, propoganda instead of education.
Linear cause and effect
Cybernetics – feedback loops & information, non linear acausal.
Real measurable things humans cannot get their politics into the loop of.
Units of energy – Watts.
Bitcoin value will stabilise relative to energy. Falling production costs vs. rising hash complexity.
April 2016 – Bought tokens in the initial DAO.
Trends are not as important as you’d imagine – adjacent possible
Technology as a lever
Auditchain team – logic programming, logical English, SBRM –
Maxim – make a plan. execute.
Extras not in the presentation –
Government definition via Digital Transformation Agency – freely available & easily discoverable.
Wikipedia Where data is given well-defined meaning for humans and machines – Semantic Web 3.0.
ASIC – company extract. Public company financial statements. US GAAP
Fellow of Institute of Public Accountants and a tax agent. Today I operate a tax lodgement platform called LodgeiT and spend time researching and building Blockchain technology solutions that I hope to introduce to the accounting space.
Transitioning to a Web 3.0 world. Custodial services. Internal controls.
Business models – Bitcoin, no CEO, no committees, no marketing department.
Open-source money built on cryptography. In code we trust.
Global decentralised machine. Incentive structure.
Network states are surplanted by crypto-claves.
Platforms vs. protocols. Digital serfdom
Accountants become bankers.
Federal Reserve Promisory notes.
Accounting 3.0. Opensource. Standard Business Reporting Model. Logical model.
Automation – Resolve the first mile. Triple ledger + internal control audits.
Improves ESG outcomes.
Web 3.0 – private money, semantics –
Not my keys, not my coins – My data, my keys, my coins. Sovereign individual.