- File Size: 12526 KB
- Print Length: 369 pages
- Publisher: McGraw-Hill Education; 1 edition (October 20, 2017)
- Publication Date: October 20, 2017
- Sold by: Amazon.com Services LLC
- Language: English
- ASIN: B0743MPV9R
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- Lending: Not Enabled
- Amazon Best Sellers Rank: #116,768 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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|Print List Price:||$30.00|
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Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond Kindle Edition
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From the Publisher
Chris Burniske is a cofounder of Placeholder Ventures, a New York firm that specializes in cryptoassets. Prior to Placeholder, he pioneered ARK Investment Management’s Next Generation Internet strategy, leading the firm to become the first public fund manager to invest in bitcoin. He then transitioned to focus exclusively on cryptoassets, paving the way for Wall Street to recognize it as a new asset class. His commentary has been featured on national media outlets, including CNBC, the Wall Street Journal, the New York Times, and Forbes.
Jack Tatar is an angel investor and advisor to startups in the cryptoasset community, and speaks and writes frequently on the topic. With over two decades of experience in financial services, he was one of the first financial professionals to receive certification from the Digital Currency Council. He is the coauthor of one of the earliest books on Bitcoin, What’s the Deal with Bitcoins?
--This text refers to the hardcover edition.
From the Back Cover
"Whether or not one contemplates investing in cryptoassets, anyone with a practical or theoretical interest in financial markets should know about them. Burniske and Tatar do an excellent job explaining this brave new world to us."--Harry Max Markowitz, winner of the Nobel Prize in Economics and founder of Modern Portfolio Theory
"Cryptoassets is an outstanding overview of the state of digital currencies and assets. Highly recommended for those who want to understand where finance is going."--Balaji S. Srinivasan, CEO of 21.co and board partner at Andreessen Horowitz
"Burniske and Tatar have delivered a seminal guide to what may be the biggest investment opportunity since the Internet. Informative and actionable, Cryptoassets is a must-read for crypto-enthusiasts and capital market investors alike."--Arthur B. Laffer, chairman of Laffer Associates, member of President Reagan's Economic Policy Advisory Board, and creator of the Laffer Curve
"As we hurtle into a new, decentralized economy, Burniske and Tatar have laid down something of immense importance: a coherent logic, a new science even, for investing in the assets that will define that coming world."--Michael J. Casey, senior advisor to the Digital Currency Initiative at MIT Media Lab andcoauthor of The Age of Cryptocurrency
"In this sweeping and lucid work, Burniske and Tatar make a compelling case that cryptoassets are foundational to the second generation of the Internet and represent a once-in-a-generation opportunity for the innovative investor. Required reading for anyone wanting to understand the future of finance, business, and more."--Alex Tapscott, CEO of NextBlock Global and coauthor of Blockchain Revolution
"Poised to be one of the most profound inventions in history, blockchain technology may change everything--just as the wheel and the Internet did. Chris and Jack will help you understand blockchains and the cryptoassets within them. If you're a financial advisor, this book will help you serve your clients better."--Ric Edelman, three-time #1 Independent Financial Advisor (Barron's) and New York Times bestselling author of The Truth About Your Future
"Investors are always seeking new assets to diversify their portfolios, and the emergence of cryptoasssets provides such an opportunity. Burniske and Tatar offer the first detailed analysis of cryptoassets from the perspective of a portfolio investment."--Campbell R. Harvey, former president of the American Finance Association and professor of finance at the Fuqua School of Business at Duke University
"Cryptoassets is the definitive guide that comes just in time to introduce you to a radically new era of innovative investment. This book tells you all you need to know to invest in this supreme opportunity of our time: replacing the porous topdown 'winner-take-all' Internet with a safe and cornucopian cadaster of trust and opportunity that makes us all potential winners."--George Gilder, cofounder of the Discovery Institute and author of The Scandal of Money
"The growth and importance of cryptocurrency and cryptocomputing rivals the early growth of the commercial Internet and web, and the technical and economic revolution that will result is perhaps even more significant than the first phase of the Internet. Cryptoassets is an excellent introduction to this breakthrough in technology and finance, and a tremendous resource for those eager to get their heads around what can be a daunting and complex subject."--Jeremy Allaire, CEO and founder of Circle
"This is an extremely well researched and timely 'state of the nation' treatise on cryptoassets. I'm excited that the knowledge base of our industry is continuing to expand with such high-quality thought leadership and insights."--Vinny Lingham, cofounder and CEO of Civic.com, Shark on Shark Tank South Africa, and board member of the Bitcoin Foundation
"Since Bitcoin's creation, people have been wondering why it and other cryptoassets have any value. Chris Burniske and Jack Tatar give the most compelling case for why, with sharp, detailed analysis that reflects their deep understanding of the technology and their strong finance background. Beginners as well as more seasoned crypto investors will find new insights and sensible tips in this practical guide."--Laura Shin, senior editor at Forbes and host of Unchained
"Cryptoassets is a fascinating introduction to this new space of the digital economy. The authors surface many historical examples to remind us that in times of excitement, it is even more important to pay attention to the teams and talent behind each project." --Christian Catalini, Theodore T. Miller Career Development Professor at MIT and assistant professor of technological innovation, entrepreneurship, and strategic management at the Sloan School of Management at MIT
"Cryptoassets is a must-read for all financial services executives and investors who want to understand the fundamentals and future directions of this burgeoning, new asset class. Delivered by two of the foremost authorities in the nascent, multibillion-dollar space, this is the most extensive guide on cryptoassets currently available."--Sandra Ro, former head of digitization at CME Group
"As renowned industry thought leaders, it's no surprise that Chris and Jack have delivered what is likely the most thoughtful and in-depth framework for evaluating cryptoassets. Within this book, they've rolled up their sleeves to provide helpful historical context and a valuation framework that readers will find intellectually stimulating and illuminating for understanding this rapidly emerging world of cryptoassets."--Spencer Bogart, managing director and head of research at Blockchain Capital
"Chris is at the forefront of the important work to better understand and analyze this emerging class of assets. In this book, he and Jack have encapsulated years of their thinking in an easy-to-digest manner."--David Kinitsky, VP of research and innovation at Fidelity Labs
"For the uninitiated, the world of cryptocurrencies is frought with risks and pitfalls. No one should venture into this world without preparation. Cryptoassets explains, in simple to understand terms, the full paradigm of Bitcoin and its successor currencies, and it provides everything needed to explore this exciting world."--John McAfee, founder of McAfee Associates
"A thorough, balanced, and easy read. I would recommend this to anyone who considers building a portfolio in cryptoassets."--Ryan Selkis, former director of investments at Digital Currency Group and managing director of CoinDesk
"Serious investment professionals should read Cryptoassets if they want to understand and value the first new asset class of the twenty-first century. Chris and Jack explain this new-age investment opportunity comprehensively, artfully, and masterfully."--Catherine Wood, founder and CIO of ARK Investment Management
"A rare combination of quantitative analysis and first principles-based thinking--this is insightful, original content."--Adam White, vice president of Coinbase and general manager of GDAX
"In an increasingly digital world, it is only a matter of time until enormous amounts of value are transmitted and secured via blockchains, including the value of music and creative works. Cryptoassets makes blockchains accessible to the nontechnical by exploring their varied origin stories, use cases, and fundamental value. If you're looking for a grounded, first-principles approach to the next wave of Internet innovation, then this is a great book to read."--Jesse Walden, founder of Mediachain Labs and blockchain lead at Spotify
"Chris and Jack show us the future of cryptoassets today. Their outlook is pointed and perceptive. A must-read to understand the next era in wealth and value creation."--William Mougayar, general partner at Virtual Capital Ventures and author of The Business Blockchain
"Young, Stanford-trained, blockchain analyst and investor Chris Burniske has teamed up with financial planning expert and author Jack Tatar to provide the first comprehensive guide to understanding the fastest growing, most exciting asset class under the sun. While many investors are still waking up to the opportunity, these assets have already provided outsized returns, as the overall market is now hovering around $100 billion, which is 10x from a year ago and 100x from four years ago. Collectively referring to these investments as 'cryptoassets, ' Burniske and Tatar provide a solid background on how the technology arose, what problems it solves, and how, like the Internet itself, it's going to have a dramatic impact on not only the venture capital process but on investing itself. Don't think of rebalancing your portfolio without reading this book."--Michael Terpin, founder of Transform Group, organizer of CoinAgenda, and cofounder of BitAngels
"While the cryptoasset space has witnessed exponential growth, to achieve its full potential, it has to be broadly integrated into the real world. With consistent objectivity and clarity, Chris and Jack's book details cryptoassets as an asset class, and will prove influential in driving institutional investor adoption of this groundbreaking opportunity."--Jennifer Zhu Scott, founding partner of Radian Partners and member of the Future of Blockchain Council of the World Economic Forum
"Cryptoassets provides a great introduction to and overview of the young yet rapidly growing universe of all things blockchain. This industry, asset class, and overall idea will make you ponder why abstract concepts like money, identity, and business function like they do in the world today, and how the innovation we're seeing will completely reshape the economy of tomorrow. From setting the stage to diving into specific protocols and projects to sharing practical knowledge on how to invest in these emerging assets, Chris and Jack's combination of expertise and familiarity with the complex topics at hand are testament to why I have considered them some of the best resources throughout my journey of falling deeper and deeper down the crypto rabbit hole."--Alex Sunnarborg, research analyst at CoinDesk and cofounder of Lawnmower.io
"From inception to the latest phase, Cryptoassets explores the history, present, and perhaps the future of this new asset class. It's not a hard read yet delves into much of the detail needed for a complete understanding of the benefits, and risks, of bitcoin, blockchain, and more. Chris and Jack have written a book I highly recommend to investors in this burgeoning field!"--Pat Bolland, former business editor at CNBC, CBC, BNN
"Cryptoassets is the bible for all things crypto. Whether you're a beginner or expert, you will walk away with a deeper understanding of the entire ecosystem after reading this book."--Greg Rosen, principal at BoxGroup
"Chris and Jack provide a holistic view of the origin, evolution, and analysis of cryptoassets. It goes through their very short but intense history, talks about methods for analyzing their value, and identifies the ones with potential. I'd totally recommend it to anyone who wants to dive into investing and understanding how cryptoassets will shape the future of society and the creation of value."--Luis Cuende, cofounder of Aragon and Stampery
"Those of us who work in the blockchain industry have long realized that the rise of cryptocurrencies as a legitimate asset class was inevitable. But most traditional investors have been slow on the uptick. Chris was the first buy-side analyst to focus exclusively on this emerging asset class, and Jack was one of the earliest financial journalists to stress its importance. For years, Chris has been working hard to bring Wall Street's rigorous analytical methodologies to cryptocurrencies, while Jack has been busy explaining the benefits of cryptocurrencies to audiences around the world. Now, with Cryptoassets, they describe, as nobody has before, why every investor should incorporate bitcoin, ether, and new blockchain-based assets into their portfolios, and how to analyze these tokens in order to make the right investments."--Travis Scher, investment associate at Digital Currency Group
"Chris and Jack have written our generation's A Random Walk Down Wall Street. This book is required reading for anyone looking to get involved with and profit from the cryptoassets boom."--Patrick Archambeau, VP of engineering at CoinDesk and cofounder of Lawnmower.io
"Chris and Jack have been fellow travelers in the blockchain space since way before it was a polite cocktail party topic. Over the years, we've laughed and marveled together at how the space has evolved. This book could not be more timely in describing an emerging $100+ billion financial market and all of the chaos and promise it brings. The authors capture not only the technical and market analysis you need to know to invest in these projects but also the ethos and excitement of the people pushing this envelope. Savor this book. It's a time-capsule view of the birth of an amazing technology."--Peter Kirby, cofounder and CEO of Factom, Inc.
"Burniske and Tatar thread the needle between an approachable guide for newcomers and thought-provoking insights for seasoned investors. I will surely be assigning it to my graduate students as we cover cryptoassets."--Stephen McKeon, associate professor of finance at the Lundquist College of Business at the University of Oregon
"Token-based fundraising is here to stay, and this book provides the best way to value cryptoassets that I've seen. The book provides background and the potential impacts of ICOs, offering insightful knowledge to both those entering the space and experienced investors like myself. I would recommend this book for any crypto reading arsenal!"--Paul Veradittakit, partner at Pantera Capital
"Burniske and Tatar have now given me an easy response when people ask how to get started with cryptoassets--this book!"--Ari Paul, CIO of BlockTower Capital
"This is a seminal work in in the evolution of the cryptosphere as digital money moves mainstream. The book covers the full potential and array of what this technology offers in piercing the veil to an Internet of value with all the new innovations and crossovers from the traditional realm of finance. Chris and Jack have brought a wealth of knowledge and cross-disciplinary methods to bear from their respective fields and broken new ground in their analysis of this exciting new space."--Charlie Hayter, cofounder and CEO of CryptoCompare
"Cryptoassets is a tour de force. Burniske and Tatar are able to leverage their deep industry experience to condense a complex, continually evolving topic into a concise and informative guide for investors looking to be on the cutting edge of a new asset class. Cryptoassets will serve as the entry point to the space for retail investors for years to come."--Pieter Gorsira, software engineer at CoinDesk and cofounder of Lawnmower.io
"In a world where issuing digital assets becomes as easy as creating a website, Chris and Jack provide a comprehensive guide that will help you separate the wheat from the chaff."--Demian Brener, cofounder and CEO of Zeppelin Solutions
"As we enter the next great evolution in global financial markets, Chris Burniske and Jack Tatar have authored a unique and much needed volume. It offers not only a foundational understanding of cryptoassets and digital currencies but also serves as a reference for evaluating and participating in a cryptoasset future. A new asset class has emerged, and Cryptoassets is the definitive guide."--Ron Quaranta, chairman of the Wall Street Blockchain Alliance
"This book is very accessible, comprehensive, and easy to read for any size investor. One of its strengths is its ability to be valuable to the novice and the experienced professional alike."--Jared Harwayne-Gidansky, founding board member of the Blockchain Association of Australia
"Chris and Jack have created a book that not only explains the world of cryptoassets but provides a framework for how to invest in it and become part of what may be the greatest investment opportunity since the Internet."--Ned Scott, founder and CEO of Steemit
"Cryptoassets is an intelligent and well organized introduction to the world of cryptoassets. The book adapts classic finance pricing models to the challenging task of valuing cryptoassets, offering the reader a solid headstart to investing in this new exciting asset class."--Alessio Saretto, assistant professor of finance at the University of Texas at Dallas
"If you want to know how cryptoassets work, get Mastering Bitcoin by Andreas Antonopoulos, but if you want to know how and why you should be investing in this new asset class, get yourself a copy of Cryptoassets."--Tron Black, investor and principal developer at Medici Ventures
"Newcomers often try to wiggle their way into the world of accepted financial tools. Most fail miserably. But cryptocurrency and its accompanying blockchain technology have made their mark and will likely have an ongoing impact on how we all do business. Burniske and Tatar have written an incredibly comprehensive book that explains what you need to know about this new asset class."--Douglas Goldstein, CFP, author of Rich as a King
"By explaining the various crypto investments, from coins to tokens to commodities, and providing the tools to perform investment analysis, Cryptoassets is the best crypto investment novices, professionals, and business leaders can make."--Ron Kochman, former president and CEO of Volt Information Sciences and cryptoasset angel investor
"Cryptoassets provides a one-stop shop for learning about this new asset class. You'll learn about their colorful histories, how to apply fundamental valuation techniques, and practical tips to navigate the at-times turbulent markets."--Matthew Goetz, CEO of BlockTower Capital
"With investing, people always want to know about the next big thing. For curious minds who want to know about emerging technologies or even those who already have an understanding of blockchains, Chris and Jack leave no stone unturned. From the origins, to an explanation of how it works to what's next, the reader will leave excited about the possibilities of investing money and time in this exciting adventure."--Tom Szaky, founder and CEO of TerraCycle
"This book is a must-read for any financial advisor who wants to stay on top of the shifting asset and technological landscape. Advisors would be wise to familiarize themselves with cryptoassets before their innovative clients approach them for an intelligent cryptoasset discussion!"--Fred Pye, president and CEO of 3iQ Corp.
"What will a technology that validates the order of entries in an electronic ledger without a centralized administrator bring? Time will tell. If you can't wait until then, read Chris and Jack's book. It will give you a great start." --Francois Gadenne, chairman and executive director of the Retirement Income Industry Association
"The most complete and informational piece of literature on the subject today. Chris Burniske and Jack Tatar steer the reader through a torrent of unknowns, illuminating the complicated world of cryptoassets and their underlying technology, which will more than likely become our generation's most important innovation."--Ryan Lancelot, coauthor of What's the Deal with Bitcoins?
"A must-read to appreciate the Bitcoin network effect and the wave of innovation that it launched through the community of people who played critical roles in creating all the distributed ecosystems that are transforming business models."--Cristina Dolan, cofounder and COO of InsureX
--This text refers to the hardcover edition.
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The authors start with a brief historical overview, beginning with the 2008 financial crisis, providing a narrative baseline that helps make Bitcoin and all the cryptoassets that came after, make sense. The description of the technical aspects is not too complicated, while providing a clear solid description of what blockchain is and why it matters as an innovative leap forward. When discussing Bitcoin, Ethereum, Litecoin, Golem, etc. many people default to calling these assets "coins" or "cryptocurrency". The authors do not do this. I think, one of the key points they bring to the discussion is that cryptoassets are not simply currency. Cryptoassets include currencies, along with commodities, and tokens. As the market matures understanding this will become more important. The distinction the authors make by focusing on assets verses currency also helps as they move through the topic of investing and how to determine the merit of one asset type over another.
For someone who has not followed the development of cryptoassets from 2009 to the present, the description of how cryptoassets have been received by the traditional investing community and the US government, was particularly useful. It provides a picture of how developed the market is and what needs to happen for the market to continue mature relative to existing practices. As a prior hands-off/non-investor the discussion of financial tools like exchange traded funds (ETF), or the recent development of initial coin offerings, or initial cryptoassets offering, (ICO) and the current government perception of taxing cryptoassets was all very helpful. Most likely, cryptoassets will transform investing more than they already have. The book suggests possible ways this might play out without being overly rigid with assumptions.
Practical overviews of exchanges, wallets, mining, were also helpful. There is an inherent limitation in discussing these subjects. The technical aspect can easily get mired down in quickly changing minutia, which is not the point or strength of this book.
The authors also address the merit of cryptoassts as an asset class. They provide a defense of cryptoassets and, by comparison show how cryptoassets differ from money making schemes and fraudulent ways of separating people from their money. That is not to say no cryptoassets are scams. Like with fiat currency, scams exist within the crypto world. Cryptoassets are not inherently a scam. In fact, they offer many benefits. Although I was already convinced of the value of cryptoassets, these sections strengthened my own understanding and ability to talk with other people.
I've ordered and read several books on cryptoassets. This book is easily one of the best places for a beginner or dabbler to start growing their understanding of cryptoassets and investing. It does an excellent job of introducing both. It should be in any crypto-investor's library. I hope as the market and technology develop this book is updated in order to remain current. As of early 2018 it is still quite relevant.
I bought the Kindle, Audible, and hardcover versions. The Audible narrator, Dave Clark, made the sections I listened to easy to follow. I would listen to him again without reservation.
My only criticism is that the book’s view of cryptocurrency doesn’t include an interesting class of tokens focused on exchange for assets (and to some extent being asset-backed). I own several of those currencies and don’t find that the book’s approach to evaluating the cryptocurrency applies. Maybe that will be addressed in future editions.
There should be future editions of this book. The book cuts off at the beginning of January 2017 and we all know the explosion in cryptocurrency since then. I hope the authors revise and extend the book using their sound methodology so it doesn’t go too far out of date. We need more books like this with good investment advice and no hype.
When it comes to books about bitcoin, blockchain, and cryptoassets, the are as many books out as ICO’s and sadly they have the same depth and value, none. I am happy to be able to say this book is not one of them. This book has depth as well as value.
There are several aspects I like about this book that I am going to write about in no particular order, because I like them all equally.
First I will mention the writing style. The authors have an easy to read writing style that makes the book an enjoyable read.
I love all the history in it. The book does a great job of covering the evolution of cryptoassets. They cover the good, bad, and ugly of bitcoin’s history and bring us into the present world of decentralized applications.
The authors break cryptoassets into cryptocurrencies, cryptocommodities, and cryptotokens. They cover each one in detail and give a lot of examples of each in existence today. The examples include bitcoin, Litecoin, Ripple, Dogecoin, Dash, Monero, Zcash, Ethereum, Auger, dApps in general.
I like that the author’s are not cryptozealots. They paint a realistic picture of the landscape and give fair warning to those that may embark on a ride of the cryptoasset roller coaster.
The authors provide an analysis and valuation framework that lays out the elements to look for and analyze when deciding on weather or not an investment would be worth it. Their framework not only does a great job of listing all the elements, but they also do a great job of putting them into context, explaining their role, and what to look for.
Another thing I have spent hours in is all the notes. They have a ton of great references. These totally sidetracked me several times.
When I read a book I mark the outside with things I want quick access to or want to remember. I have added 2 pictures to the review to show you there is a lot of things you’ll want to recall as you go through your journey.
If you are thinking about investing in cryptoassets, this book is a must read.
Top international reviews
It's no lightweight and there is a major focus on investing strategies.
If you plan to invest a lot, long term, then this is a great book to read.
Lots of detail but written in an accessible style.
It's written in a straight forward style and will provide a good reference book for the future.
Crypto-assets sets out to consolidate these scattered information and provide a holistic view of the world of Crypto-assests.
From a beginner's perspective, this book works well. It basically provides the case why Crypto-assests is a new Asset class and why it should be considered in one's portfolio from Modern Portfolio theory perspective. It takes us through various cryptos from its inception, their use cases, developers & its target market. Shares the similarities and dissimilarities with other assets classes from historical perspective.
What really works in this book is that it provides the right framework and tools to validate & analyse these Crypto-assets. Also provides some good metrics to detect scams in the Wild World of ICOs.
Will this stand the test of time like Benjamin Grahman's "The Intelligent Investor"? Its very highly unlikely. However given that even few books written about this space and even fewer tools to validate these assets, I think the writers have accomplished in educating the readers about this asset class (especially from an investment point of view). Highly recommended if you're interested in cryptos.
Helps structure your understanding of a novel asset class. It outlines the basics of the technology and reviews major investing concepts in the context of the new technology. It covers portfolio theory, the role of alternative assets, and the significance of correlation. There is also discussion of bubbles and Ponzi schemes that may be helpful to people who hear those words thrown around. After touching on so many topics it could never go into much depth. Readers familiar with the technology and finance may not find much that is particularly new. It does manage to discuss the open source projects that are at the core of the technology development and show the relationship to the economic projects. I have found books often show distinctly greater comfort with one realm or the other.
I am not a fan of the classification of cryptocurrencies, cryptocommodoties, and cryptotokens. I do recognize there was something clever about it. I suspect many people will end up having negative experiences with alternative projects and the finer points of the distinctions between them may not have enduring significance.
I perpetually felt the "innovative investor" seemed like a distracting reference to Benjamin Graham's intelligent investor. The intelligent investor described a method for evaluating stock investment that had a much more substantial track record. My biggest concerns were generally addressed. There is a good case to be made, but the valuation methodology does not really line up well with that of Graham.
Most previous books have been either technical or descriptive and this covers an important perspective that has not previously been well covered. I think people are shy about discussing cryptocurrencies as an investment because they want to avoid the appearance of advising anyone to buy something so volatile for fear of creating negative feelings when money is lost. At the same time, the subject becomes an elephant in the room, so I respect the authors for taking the subject material on.
Overall the book is well balanced and reasonable.
I believe blockchain will materially change the way we exchange information in everything we do going forward. How and where we choose to deploy the distributed computational capacity of the blockchain is the Next.
Ich habe nun das Buch fertig gelesen, leider ist es nicht geeignet, um zu sagen, wie die Cryptocurrency aufgebaut ist/wie es im Markt erschwinglich ist. Es gibt mir den Eindruck, die Autoren reden es schön ein.
Zum Bild: Schade dass der Verlag so etwas nicht farbig ausdrucken kann, man kann da die Grautöne nicht zwischen den anderen unterscheiden.