{"id":4745,"date":"2019-10-03T14:44:48","date_gmt":"2019-10-03T13:44:48","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4745"},"modified":"2019-10-18T11:48:25","modified_gmt":"2019-10-18T10:48:25","slug":"two-tribes-inch-together","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/10\/03\/two-tribes-inch-together\/","title":{"rendered":"Two tribes inch together"},"content":{"rendered":"

They may not be at war<\/a>, but relations between the traditional finance and cryptocurrency\/blockchain camps have long been marked by mutual suspicion.<\/p>\n

A year ago, Sibos, which describes itself as \u2018the world\u2019s premier financial services event\u2019, reportedly barred crypto start-ups from exhibiting at its annual conference because it wanted to prevent \u2018ragbags\u2019 from attending<\/a>.<\/p>\n

Sibos, which hosted 11,000 attendees at its latest gathering in London last week, is organised by SWIFT, the financial messaging network that underpins the global payments system<\/a>.<\/p>\n

The conference, where a single corporate sponsorship can cost over \u20ac100,000<\/a>, offers four days of addresses, debates and networking opportunities for financiers from around the world.<\/p>\n

The main stage at Sibos<\/em><\/p>\n

\"\"<\/p>\n

But this year there were signs of a convergence between the worlds of centralised and decentralised finance.<\/p>\n

Along with stalwarts of the centralised system like the US Federal Reserve, the European Central Bank, Visa and Mastercard, Sibos\u2019s 2019 exhibitors<\/a> included several firms from the blockchain camp: for example, ConsenSys, Evernym, Fnality, Hyperledger, R3 and Ripple.<\/p>\n

And the word ‘blockchain’ featured in the title of no fewer than 28 panel discussions and presentations during the four-day event.<\/p>\n

\u201cCrypto is one of the themes we keep hearing, especially since Facebook announced its Libra project,\u201d Ruth Wandhoefer, a senior adviser at consultancy firm KPMG, told Sibos attendees.<\/p>\n

Facebook’s CEO, Mark Zuckerberg, unveiled his firm’s digital payment ambitions in June<\/a>.<\/p>\n

Still worlds apart<\/strong><\/p>\n

But is this rapprochement real or cosmetic?<\/p>\n

The philosophical differences between decentralised and centralised finance (or \u2018DeFi\u2019 and \u2018CeFi\u2019, for short) still seem stark.<\/p>\n

\u201cYou say Wall Street, I say bad\u201d<\/p><\/blockquote>\n

Ten days before Sibos, DeFi supporters held their own, smaller-scale event at London\u2019s Imperial College<\/a>, bringing together entrepreneurs, academics and regulators.<\/p>\n

A talk at DeFi summit<\/em><\/p>\n

\"\"<\/p>\n

Alex Obadia<\/em><\/p>\n

Many in the DeFi movement still see traditional finance as the enemy, said Lex Sokolin, global co-head of fintech at Consensys, a company helping develop the infrastructure around the ethereum blockchain.<\/p>\n

\u201cA lot of people in DeFi and crypto believe, \u2018You say Wall Street, I say bad\u2019,\u201d Sokolin said at the Imperial College event.<\/p>\n

Other speakers questioned regulators\u2019 suspicious approach to blockchain projects.<\/p>\n

In the UK, for example, the Financial Conduct Authority, the country\u2019s securities market regulator, said in July that it wants to stop the sale of cryptocurrency derivatives and investment products to the general public<\/a>.<\/p>\n

\u201cRather patronisingly, in my view, regulators think they are there to protect the consumers from themselves,\u201d said Eileen Burbridge, partner at Passion Capital.<\/p>\n

\u201cIt flies in the face of what we talk about with DeFi. We want it to be accessible, transparent and without intermediaries.\u201d<\/p>\n

\u201cThe cat and mouse game is now changing\u201d<\/p><\/blockquote>\n

Another conference participant saw the battle between CeFi and DeFi in geopolitical terms.<\/p>\n

\u201cThe increased move to regulate and govern money transactions comes because the hegemonic powers are losing out,\u201d said Amir Kamel, a lecturer in defence studies at King\u2019s College London.<\/p>\n

\u201cParticularly following 2008, we\u2019ve seen an overreach. We can see how the US is trying to maintain its position and how other actors and alternative systems are reacting.\u201d<\/p>\n

DeFi represents a radical alternative to increasingly intrusive governments, suggested Kamel.<\/p>\n

\u201cThe cat and mouse game is now changing. The ideal is to share this space, to share governance and control, to share the distribution of wealth,\u201d he said.<\/p>\n

Such sentiments were echoed by other participants at the DeFi conference.<\/p>\n

Far from being a vehicle for crazy speculation, decentralised finance could provide the world with a new kind of utility, said one.<\/p>\n

\u201cThe endgame of decentralised finance is not-for-profit. Everything will be owned by the users,\u201d he said.<\/p>\n

Getting regulators onside<\/strong><\/p>\n

One way to convince regulators of the benefits of decentralised finance is to show them it reduces systemic risk, said a former investment bank derivatives trader.<\/p>\n

\u201cThe beauty of DeFi models is that they are mostly funded\u201d<\/p><\/blockquote>\n

\u201cThe beauty of DeFi models is that they are mostly funded,\u201d said Jean-Marc Bonnefous, managing partner at Tellurian Capital. \u201cFor example, you can\u2019t escrow a trade on blockchain without funding it.\u201d<\/p>\n

Bonnefous said that post-crisis attempts by governments to reduce the risk of a financial collapse have merely moved the vulnerability in the system from one place to another.<\/p>\n

\u201cBlockchain is much more resilient by nature than the legacy system,\u201d he said.<\/p>\n

\u201cIt addresses the too-big-to-fail issue. Central clearing\u2014the Dodd-Frank response to the 2008 crisis\u2014has just kicked the can down the road,\u201d said Bonnefous.<\/p>\n

\u201cNow it\u2019s not the bank that is too-big-to-fail, it\u2019s the clearing house. But it\u2019s still the same problem. The ultimate argument to the regulator is to say that DeFi is making the system more resilient and more transparent. That could bring them to validate some of the current efforts.\u201d<\/p>\n

This summer, Paul Tucker, a former deputy governor at the Bank of England, warned that the collapse of a clearing house would be catastrophic<\/a> and that policymakers had still not addressed the issue.<\/p>\n

Alex Batlin, another former banker and founder and CEO of Trustology, a fintech start-up backed by Consensys, said that DeFi is leading to a fundamental rethink of how financial markets work.<\/p>\n

\u201cIt\u2019s not just the changing of the infrastructure from centralised to decentralised,\u201d Batlin told New Money Review<\/em>.<\/p>\n

\u201cIt\u2019s about how we manage pricing, liquidity, credit exposures, margin calls, and so on. And because of the auditable nature of blockchain, we are achieving full transparency and resiliency, something that the centralised system doesn\u2019t manage,\u201d he said.<\/p>\n

Meeting consumer needs<\/strong><\/p>\n

Other commentators at the conference recognised the limitations of existing DeFi networks, something that may hinder consumer take-up of finance apps that rely on the new infrastructure.<\/p>\n

\u201cDecentralised protocols face a challenge around scalability\u201d<\/p><\/blockquote>\n

\u201cFrom an architectural perspective, decentralised protocols face a challenge around scalability, for example, measured by transaction times,\u201d said Usman Khan, chief executive at Apex:E3, a new technology firm.<\/p>\n

In August, Vitalik Buterin, co-founder of ethereum, said that the network was nearly full<\/a>, largely as the result of a sharp increase in the volume of transactions involving tether, a quasi-dollar token<\/a>.<\/p>\n

This is causing a number of ethereum developers to reduce their demands on the blockchain and to seek to perform more processing work elsewhere, said Apex:E3\u2019s Khan.<\/p>\n

\u201cWe see a number of off-blockchain initiatives,\u201d he said. \u201cFrom an ideological perspective, some argue these are bringing back a form of centralisation to this decentralised world.\u201d<\/p>\n

One example of this approach was given by Tom Pocock, chief executive of the Aztec Protocol, which is also supported by Consensys.<\/p>\n

Aztec aims to provide a guarantee of trade settlement in the secondary market for credit, but without placing all the transaction details on the ethereum network itself. Instead, Aztec will register only what Pocock calls a \u2018slim-line zero knowledge proof\u2019 on ethereum.<\/p>\n

Zero-knowledge proofs, a cryptographic technique invented around three decades ago, allow data to be verified without the data itself being disclosed.<\/p>\n

\u201cOur protocol rests on assumptions that are no more complicated than those on which ethereum is based,” said Pocock.<\/p>\n

“It narrows the scope of what it verifies but still puts everything on the blockchain,\u201d he told New Money Review<\/em>.<\/p>\n

\u201cWe should think about the impact on consumers\u201d<\/p><\/blockquote>\n

Another challenge for DeFi is usability. Passion Capital\u2019s Eileen Burbridge conceded that DeFi protocols need to be more user-friendly to succeed.<\/p>\n

\u201cThe lessons of early fintech are that we should think about the impact on consumers,\u201d she said.<\/p>\n

\u201cThere should be as little impact in terms of overhead and infrastructure as possible. What they should be seeing are improvements in speed of access, accessibility and response times.\u201d<\/p>\n

Tellurian Capital\u2019s Bonnefous acknowledged the gulf between DeFi\u2019s ambitions and its existing applications, citing gaming software as an example of the limited current uses of the DeFi approach.<\/p>\n

\u201cDeFi will be successful if it funds the economy and banks the unbanked. Gaming is not enough to fulfil that societal mandate,\u201d he said.<\/p>\n

On a spectrum<\/strong><\/p>\n

It\u2019s the gulf between blockchain technology\u2019s ambitions and its existing use cases that allows such a wide variety of opinions to coexist. And this spectrum of views on DeFi\u2014from dismissive to utopian\u2014seems unlikely to disappear.<\/p>\n

\u201cThe blockchain people are saying, \u2018there will be no banks and stock exchanges in five years\u2019 time\u2019,\u201d Greg Chew, founder of QPQ, a digital transaction settlement and finance platform, told New Money Review<\/em>.<\/p>\n

\u201cBut the exchanges have hundreds of years of experience of how to structure markets in a way that works. We\u2019re not going to displace that.\u201d<\/p>\n

Chew expressed broad scepticism about what he sees as hype surrounding distributed ledger technology.<\/p>\n

\u201cFintech is an echo chamber,” he said.<\/p>\n

“I tell people: \u2018You haven\u2019t got a cloud computing service in your firm yet. Why are you jumping straight to blockchain?\u2019\u201d<\/p>\n

The result seems likely to be a continuing, uneasy coexistence between old and new finance.<\/p>\n

\u201cThe two worlds\u2014CeFi and DeFi\u2014will run side by side for a while,\u201d said Trustology\u2019s Alex Batlin.<\/p>\n

\u201cIf you have a 25-year bond that\u2019s half way through its life, there\u2019s not much point switching from the conventional [infrastructure] rails,\u201d he said.<\/p>\n

\u201cBut blockchain is very good at creating niche products very quickly. Legal issues aside, I can issue a new ERC-20 (ethereum-based) token globally, have it listed on a decentralised exchange and make it lendable within about half an hour. How can the traditional system compete with that on speed?\u201d<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n

Support New Money Review on Patreon <\/a><\/em>or in cryptocurrency<\/a><\/em><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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