Tag: Bernard Fickser

Surprised African-American man in denim jacket looks at receipt total in sales check holding paper bag with products in mall

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News
Date
October 18, 2021

Categorized
Artificial Intelligence, Business and Finance, Economics

Tagged
Bernard Fickser, Elon Musk, Featured, Hyperinflation (Germany post WWI)}

A Market Analyst Explains Why You Should Take Inflation Seriously

_{Bernard Fickser looks at the tech companies that are worth astonishing amounts, unrelated to their current product lines} _{News
October 18, 2021

9

Artificial Intelligence, Business and Finance, Economics}

Readers may remember Bernard Fickser from his series on non-fungible tokens (NFTs) and how they can be made to work better. Now he looks at a more serious problem, the current (quiet) capitalization crisis: the growth in the perceived market value (market caps) of tech companies, far beyond the market value of any assets they have. He recalls the famous (and costly) Dot.com Bubble (1995–2000), when “tech and internet companies that had no actual products or prototypes or detailed plans for products were receiving enormous valuations simply on a promise and a prayer.” Many prayers went unheard and small investors suffered huge losses. Business prof Gary Smith highlights Bill’s Barber Shop in 2000, where locals had reckoned on secure prosperity Read More ›

Concept cryptographic NFT. Blockchain network, cryptographic non-fungible tokens. NFT with a network and a growing schedule, search. New technologies, financial schedule, future concept, banknotes

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News
Date
August 17, 2021

Categorized
Business and Finance, Economics

Tagged
Bernard Fickser, Featured}

How Can Non-Fungible Tokens (NFTs) Be Made To Work Better?

_{Bernard Fickser offers twelve steps to handling NFTs in a way that dispenses with cryptocurrency-based blockchains and works in ordinary online marketplaces like eBay} _{News
August 17, 2021

8

Business and Finance, Economics}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 7, we look at 12 steps to make NFTs economically viable without Ethereum. 7 A Protocol for Handling NFTs on eBay The best way to challenge an existing idea is to replace it with a better one. In this last section, I’m going to lay out a protocol for handling NFTs Read More ›

NFT Non-Fungible Tokens or NFTs are unique assets that cannot be replicated underpinned by blockchain technology

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News
Date
August 16, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, Blockchain (and NFTs), Featured, Non-fungible tokens (value), Scarcity}

What Makes NFTs Valuable? What Does It Mean To Own One?

_{In the case of non-fungible tokens (NFTs) on the Ethereum blockchain, actual ownership with legal standing is never in fact transferred for the underlying digital file} _{News
August 16, 2021

12

Business and Finance}

Introduction: At Expensivity.com, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 5, we looked at how scarcity, central to the economic value of works of art, can be created in the digital world, where copying is generally quite easy. Now, we look at what makes NFTs valuable and what it means to own them: 6 Value and Ownership of NFTs In this Read More ›

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News
Date
August 13, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, Featured}

In the Digital World, What Does “Scarcity” Mean?

_{For a digital artwork like Beeple’s Everydays, which sold for over $69 million, a number of methods are used to prevent copying, thus ensuring uniqueness} _{News
August 13, 2021

12

Business and Finance}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 5, we look at how scarcity, central to the economic value of works of art, can be created in the digital world, where copying is generally quite easy: 5 Digital Scarcity When jumping into the world of NFTs, one finds a certain breathless awe in the face of blockchain technology. One Read More ›

Crypto Art Non-fungible token (NFT). Digital art

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News
Date
August 10, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, Ethereum, Featured, Non-fungible token (NFT)}

4 NFTs: You Bought One. But Do You Really Own It? Could You Ever?

_{Right now, the non-fungible tokens markets leave a lot to be desired as a business proposition, Bernard Fickser explains why} _{News
August 10, 2021

25

Business and Finance}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 4, he looks at the question of what benefits NFTs, in their current state, really confer on you (or don’t): 4 What Just Happened? The creation and purchase of an NFT as described in the last section raises a lot of interesting — and troubling — questions. It’s easy enough to Read More ›

Non-fungible token hologram on virtual digital screen, nft with network circuit and globe. Dark background. Concept of cryptoart and technology

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News
Date
August 6, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, cryptocurrency, Cryptography (NFTs), Featured}

How To Create Non-Fungible Tokens (NFTs), Simplified

_{While still deeply skeptical of what ownership of an NFT really means at present, Fickser decided to experiment with creating, buying, and selling NFTs} _{News
August 6, 2021

16

Business and Finance}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 3, Fickser demonstrates the do-it-yourself minting of NFTs. 3 The Do-It-Yourself Minting of NFTs The process of creating NFTs, along with buying and selling them, is simple and straightforward. All that’s required is setting up a crypto wallet that handles Ethereum cryptocurrency (ETH), loading it with some of that currency, visiting Read More ›

Man at work signing legal contract by using digital signature

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News
Date
August 4, 2021

Categorized
Business and Finance, Economics

Tagged
Bernard Fickser, Blockchain, Cryptography (NFTs), Expensivity, Featured, Jack Dorsey's tweet, Non-fungible token (NFT)}

Can Digital Signatures Protect NFTs in Digital Marketplaces?

_{The concept of owning an NFT on a blockchain is specific to the blockchain, with no legal force in society at large} _{News
August 4, 2021

13

Business and Finance, Economics}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 2, we look at digital signatures 2 Digital signatures in digital marketplaces Of course, there’s more to the story. As already suggested, when someone buys a non-fungible token, they’re not simply buying a digital file of some collectible that can be readily copied. So what exactly are they buying? To understand Read More ›

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Jonathan Bartlett
Date
August 4, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, Blockchain, cryptocurrency, Non-fungible token (NFT)}

Blockchains Have NFTs Unnecessarily Tied Down

_{New ideas propose severing the accidental relationship between NFTs and blockchains} _{Jonathan Bartlett
August 4, 2021

6

Business and Finance}

Non-Fungible Tokens (NFTs), for those who haven’t been paying attention, are digital collectibles that have been gaining popularity. Essentially, they allow someone to “mark” their “ownership” of a piece of cyberspace. Since their original inception in 2012, NFTs have invariably been tied to blockchain technology. However, a recent review of the technology by Bernard Fickser has shown that there is nothing inherently tying NFTs to blockchain. In fact, blockchains may be holding NFTs back considerably. (For those needing a refresher, a short guide to how the blockchain works can be found here.) In his article, Fickser notes several interesting discrepancies between NFTs and cryptocurrencies. First of all, there is a lot of technology built into cryptocurrencies to keep them anonymous, while the entire point of Read More ›

matching keys made of circuits & led lights, encryption & crypto

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News
Date
August 3, 2021

Categorized
Business and Finance

Tagged
Bernard Fickser, Collectibles, cryptocurrency, Cryptography, Featured, Jack Dorsey's tweet, Non-fungible token (NFT)}

Cryptography: Are Non-Fungible Tokens a Scam? Or Can They Work?

_{By Warren Buffett’s logic, if cryptocurrencies are rat poison squared, non-fungible tokens are rat poison to an infinite power. But is that all there is to be said about them?} _{News
August 3, 2021

11

Business and Finance}

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 1, he looks at the problems with making NFTs work. 1 Non-Fungible Tokens: Rat Poison Raised to an Infinite Power? “Poised to radically reconfigure the crypto-asset market, non-fungible tokens, or NFTs, are revolutionizing our conception of money and value, creating not just entirely new markets but even new economies that are Read More ›

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News
Date
March 9, 2021

Categorized
Business and Finance, Data Privacy, Surveillance

Tagged
Bernard Fickser, Cashless society, cryptocurrencies, Social Credit (China), Social credit score}

What If Government Knows You Ate a Big Mac — and Doesn’t Approve?

_{One spur to the development of cryptocurrencies is a desire for privacy. And a growing number of citizens of societies dominated by Big Tech feel the need for privacy} _{News
March 9, 2021

6

Business and Finance, Data Privacy, Surveillance}

That title question is not a crazy notion. It’s already happening in mostly cashless China. The Constitution and the law may not be the barrier that many suppose in America if your personal choices make it possible. We need to talk about the unpublicized implications of a cashless society. Bernard Fickser, whose work we profiled yesterday, thinks that surveillance creep is one of the factors driving the growing interest in cryptocurrencies like Bitcoin and Ethereum. Yesterday we talked about the increasing popularity of Modern Monetary Theory (MMT) — government should just print money to satisfy social demands and then raise taxes to pay for the choices made. A triumph of MMT would intensify the competition between government-issued currencies and cryptocurrencies Read More ›

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News
Date
March 8, 2021

Categorized
Business and Finance, Economics

Tagged
Alexandria Ocasio-Cortez, Bernard Fickser, Cashless society, cryptocurrencies, Digital currency, Fiat currency, Inflation (currency), Modern Monetary Theory (MMT), Paul Krugman}

Central Banks vs. Cryptocurrencies: Why the Growing Tension?

_{Modern Monetary Theory (MMT), which is gaining ground, holds that government should just print as much money as it feels it needs and then raise taxes to cover shortfalls} _{News
March 8, 2021

5

Business and Finance, Economics}

On the way to explaining how a cryptocurrency system might work, financial analyst Bernard Fickser asks readers to think about the crucial difference between money, as held by a private bank — we’ll call it Merchant Navy Bank — and a central bank operated by a government, say the U.S. Federal Reserve System (the Fed). In his short online book, The Creation of Money, Fickser distinguishes between private banks and central government banks. Private banks start with money that already exists. The money that Merchant Navy Bank lends for mortgages, for example, is contributed by depositors who agree to tie up their money for several years in savings certificates. In return, they get a higher than average rate of interest. Read More ›

Senior Woman Giving Credit Card Details On The Phone

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News
Date
December 16, 2020

Categorized
Business and Finance, Economics, Ethics

Tagged
Bernard Fickser, Expensivity, financial fraud}

How Do We Know Financial Transactions Are Honest?

_{Let’s look at the steps we can take to find out} _{News
December 16, 2020

4

Business and Finance, Economics, Ethics}

Recently, we’ve been asking readers to think about Alice and Bob, the famous pair in physics used to demonstrate propositions, for example, as if as if they were running for office. At Expensivity, a blog about that expensive and unpleasant subject, money, Bernard Fickser asks about better ways of preventing financial fraud: We focus on financial Alice (the situation with financial Bob is parallel). Alice wants the record of deposits and disbursements in her ledger to reflect deposits that she has knowingly and willingly received as well as disbursements that she has authorized to go to the intended parties. If this is the case, the record of deposits and disbursements in her ledger as well as the running totals will Read More ›

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News
Date
December 15, 2020

Categorized
Data Privacy

Tagged
Bernard Fickser, Expensivity, Voting}

How Can Ballots Be Both Secret and Fair?

_{The secrecy of ballots would not be compromised if voters used some markers of their identity known only to themselves} _{News
December 15, 2020

8

Data Privacy}

In these times, that’s an important question. Last time, we asked readers to think about Alice and Bob, the famous pair in physics (used to demonstrate propositions) as if they were running for office. Bernard Fickser continues to think about that question at Expensivity: To the question “How did you vote?” a friend of mine used to quip “By secret ballot.” My friend’s quip underscores the fundamental difference between the financial and the electoral context. Money in a financial ledger always has an explicit provenance. There’s a source for the money and a tracking history of how it ended in, say, the ledger of financial Alice. This is not to say that Alice’s ledger is an open book for everyone Read More ›

european Union parliament election concept - hand putting ballot in blue election box

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News
Date
December 14, 2020

Categorized
Data Privacy, Economics

Tagged
Alice and Bob, Bernard Fickser, Expensivity, financial fraud}

How Can We Prevent Financial or Election Fraud?

_{Both contexts come down to an accounting problem, keeping track of money or votes over time.} _{News
December 14, 2020

4

Data Privacy, Economics}

Here’s an idea from Expensivity, a blog about money and a lot of other things. Let’s take two people, the famous Alice and Bob, used to demonstrate many propositions in math and science: In an electoral context, we think of Alice and Bob as candidates running against each other for the same office. Alice’s ledger indicates votes that have been added or subtracted over time (with dates and times of the additions and subtractions), as well as her current vote total. Similarly for Bob. The vote total in each ledger starts at zero and can never drop below zero. If only legitimate votes are added to Alice’s ledger, there should be no need for votes ever to be subtracted from Read More ›