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Beyond Bitcoin: Decentralised Finance and the End of Banks
After over a decade of Bitcoin, which has now moved beyond lore and hype into an increasingly robust star in the firmament of global assets, a new and more important question has arisen. What happens beyond Bitcoin? The answer is decentralised finance - 'DeFi'. Tech and finance experts Steven Boykey Sidley and Simon Dingle argue that DeFi - which enables all manner of financial transactions to take place directly, person to person, without the involvement of financial institutions - will redesign the cogs and wheels in the engines of trust, and make the remarkable rise of Bitcoin look quaint by comparison. It will disrupt and displace fine and respectable companies, if not entire industries. Sidley and Dingle explain how DeFi works, introduce the organisations and individuals that comprise the new industry, and identify the likely winners and losers in the coming revolution.
260 pages, Kindle Edition
Published January 6, 2022
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159 people want to read
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Displaying 1 - 11 of 11 reviews
February 1, 2022
Excellent, concise summary of DeFi. Simon & Boykey keep it pithy, relevant and succinct. A must read for any defi enthusiast or crypto investor.
September 20, 2022
The trouble with crypto-space for the layman is that its ever evolving at the speed of light. If you are someone who reads the whitepapers of crypto, the ever expanding crypto-projects provides you more than enough of papers to read. If you don’t read those stuff, then most of what you read are misinformation or HYPE or FUD. This is where “Beyond Bitcoin” helps.
Beyond Bitcoin is a good primer on the subject of De-Fi aka Decentralized Finance from Ethereum perspective. It lays out how Ethereum works and how De-fi is challenging the traditional finance (trad-fi) world. Each chapter covers almost all the trad-fi industries like banking, insurances etc. Overall recommended if you want to learn the basics of De-fi.
Beyond Bitcoin is a good primer on the subject of De-Fi aka Decentralized Finance from Ethereum perspective. It lays out how Ethereum works and how De-fi is challenging the traditional finance (trad-fi) world. Each chapter covers almost all the trad-fi industries like banking, insurances etc. Overall recommended if you want to learn the basics of De-fi.
May 26, 2022
DeFi (decentralized finance) presents itself as a new and better finance. Yet somehow it still seems like a scam. The authors have skin in the game and present an uncritical introduction to DeFi. The chapters go through all sorts of schemes, sorry inventions, and give a very high level description of what they are why they will totally change the world.
Given the pace of change in this space, I'm not sure how long this book will remain an accurate description of the field. My guess is that in two years it might already be quite dated.
Given the pace of change in this space, I'm not sure how long this book will remain an accurate description of the field. My guess is that in two years it might already be quite dated.
November 18, 2023
I started reading this book with a decent understanding of the mechanics of blockchain technology, and curious to learn about its practical disruptive potential – but despite the somewhat sensationalist claim for the "end of banks", Beyond Bitcoin really lacks in substance.
The authors’ enthusiasm for blockchain technology (and likely 'skin in the game') is evident, and indeed seems to cloud their judgement a little. For all the talk of revolutionary solutions, the applications highlighted in this book are very much available today through ‘TradFi’ channels, so really by their account DeFi doesn’t solve any problems in any unique way. A liquidity pool that offers different levels of interest based in the volatility and public confidence profile of different currencies exists; exchanging purchase of a ‘coin’ for voting power is the same as purchasing a share of stock.
DeFi does offer a more cost-efficient and decentralised medium. The flagrant omission here, however, is the question of whether decentralisation is always desirable, and who will fund these ventures (even when their founders freely admit they have no way to make money from their businesses). Lastly, what happens to this cost-efficient option when regulation inevitably kicks in? I struggle to believe there will be no curbs on ideas like cryptocurrency loans backed by cryptocurrency balances and sold off to third parties (much like CDOs).
I would have liked to have a more critical analysis of the feasibility of deploying these various solutions. How should each of these activities consider the blockchain trilemma (scalability - decentralisation - security)? What costs will we incur to deploy them? Are any of the institutions that are meant to 'end' due to the advent of these technologies in fact deploying them themselves?
But rest assured these inventions will change the world in every way, unambiguously for the better!
The authors’ enthusiasm for blockchain technology (and likely 'skin in the game') is evident, and indeed seems to cloud their judgement a little. For all the talk of revolutionary solutions, the applications highlighted in this book are very much available today through ‘TradFi’ channels, so really by their account DeFi doesn’t solve any problems in any unique way. A liquidity pool that offers different levels of interest based in the volatility and public confidence profile of different currencies exists; exchanging purchase of a ‘coin’ for voting power is the same as purchasing a share of stock.
DeFi does offer a more cost-efficient and decentralised medium. The flagrant omission here, however, is the question of whether decentralisation is always desirable, and who will fund these ventures (even when their founders freely admit they have no way to make money from their businesses). Lastly, what happens to this cost-efficient option when regulation inevitably kicks in? I struggle to believe there will be no curbs on ideas like cryptocurrency loans backed by cryptocurrency balances and sold off to third parties (much like CDOs).
I would have liked to have a more critical analysis of the feasibility of deploying these various solutions. How should each of these activities consider the blockchain trilemma (scalability - decentralisation - security)? What costs will we incur to deploy them? Are any of the institutions that are meant to 'end' due to the advent of these technologies in fact deploying them themselves?
But rest assured these inventions will change the world in every way, unambiguously for the better!
March 26, 2022
1. Steven Sidley is a friend.
2. This is a lucid and well-written book about a crucial and fascinating subject. The nature of money is changing, the ground is shifting beneath our feet, and Sidley and Dingle chart the changes. Beyond Bitcoin is an important read, not only for people baffled by crypto currencies and decentralized finance. It is important for anyone interested in money (with special reference to their own) and its future.
2. This is a lucid and well-written book about a crucial and fascinating subject. The nature of money is changing, the ground is shifting beneath our feet, and Sidley and Dingle chart the changes. Beyond Bitcoin is an important read, not only for people baffled by crypto currencies and decentralized finance. It is important for anyone interested in money (with special reference to their own) and its future.
March 31, 2022
I read about half the book, and may pick it later, but probably not. I’m interested in the subject, but I feel the authors tried to make the book accessible to the layman to the point of hardly including any info. You’re probably better off listening to a podcast episode on the topic. It will be more confusing, but you’ll learn more.
January 25, 2023
If i was looking for pointers, investment strategies to make some $ from the book, i didn't find it. I wouldn't call it a concise book yet any more details i know i would probably be lost. I probably need to watch a you tube on the subject to supplement.
December 14, 2022
A casual pop read. You can tell the authors aren't technical, but it's a fun read that may get you thinking nonetheless.
September 25, 2023
I learned so much about blockchain, crypto and the technology behind bitcoin. This is a good book if you want to learn more about it!
May 19, 2024
Great book on DeFi and surprisingly updated.
September 10, 2024
The added value of this book is that it shows all facets of the crypto world. Don't expect a deep dive, but a broad overview with more content than the average newssite does add value. Also by discussing many different DeFi topics, it clearly shows that Bitcoin is probably the least interesting part of this new world.
However, the book has one fatal flaw, it is clearly biased pro crypto. I admit, I am a skeptic, but one of the reasons for me to read this book was to find arguments that would help me see the potential of crypto. I tried, but I could not find these arguments. They probably are there for the crypto optimists, but for the neutral observer the central question remains 'what are the real problems that crypto can solve'? And honestly, the main answer seems to be 'cutting cost by regulatory arbitrage'.
What really amazes me is that in this book return on crypto is seen as something natural. The authors don't even try to find an economic argument for this return, which to me must be pure speculation.
Finally, the title is hyperbolic, but that's just my prediction.
However, the book has one fatal flaw, it is clearly biased pro crypto. I admit, I am a skeptic, but one of the reasons for me to read this book was to find arguments that would help me see the potential of crypto. I tried, but I could not find these arguments. They probably are there for the crypto optimists, but for the neutral observer the central question remains 'what are the real problems that crypto can solve'? And honestly, the main answer seems to be 'cutting cost by regulatory arbitrage'.
What really amazes me is that in this book return on crypto is seen as something natural. The authors don't even try to find an economic argument for this return, which to me must be pure speculation.
Finally, the title is hyperbolic, but that's just my prediction.
Displaying 1 - 11 of 11 reviews