Just can’t wait for the bright future of digitised capital market to come. In the boring present reality, tokenising:
- does not make the investment itself more attractive
- offers tiny liquidity
- and not even hints of liquidity premium
- offers no asset interoperability
- and no cross-border liquidity
- leaves all limitations in force: not everyone can sell and buy securities; even fewer can advise on deals and promote deals. Most of current token offers are private placements not open for public. Most of regulation is dreary and doesn’t involve distributed ledgers at all.
Present State of Securities Tokenisation Looks Upside-down because of Two Disproportions
For reasons yet to be better understood, it has become common in this crypto culture to sell salacious paradoxes.
Professional tokenisers admit flying cars have a long way to go but they still pitch parking tickets to the roofs of skyscrapers.. (click below to continue reading)
I’m not 100% certain of my facts, but I believe it was US Trust — or, if not, it’s some equally grandiose institution like BlackRock or UBS — who the first to discover that millennials “hate stocks”. The study was later repeated and confirmed several times.
Unusual behaviour extends to other areas of personal finance. Among the top Google suggestions for “millennials hate…” is “banks”. Millennials aren’t against deposit and card accounts; rather, their protest goes as far as involvement with Bitcoin and a radical interpretation of the nature of inflation. The situation with stocks, however, is getting a bit thick, mostly because retirement planning is put at risk.
Columnists from Forbes, The Times, Bloomberg, USA Today, Huffington Post, Marketwatch, The Street, and other prominent media have theorised on the thing in exceedingly creative ways:
- Millennials’ parents over-drilled savings edification into their children’s heads so it went “in one ear and out the other”… (click below to continue reading)
Revenue Participation Notes
In the last few years, it has become increasingly difficult to understand which way of financing an SME or a startup is the most reliable; finding the optimal method looks almost impossible. P2P mechanisms, crowdfunding, incubators, JOBS Act, crypto craze — things got really mixed up.
However, turbulent periods bring their benefits too. In such times, it is easier to consider all alternatives aloof, without undue respect to the authority of tradition, which often covers the long-dead-inside zombie structure.
One very interesting approach I suggest you consider today is to sell revenue participation notes (RPNs) issued in accordance with European Union crowdfunding regulations. I know a project in Germany that has raised as much as €1.4 billion that way recently, believe it or not… (click below to continue reading)