As a physicist by education and therefore fundamentally interested in how things work, my early career was spent in secure communications before moving into finance, specifically payments. I helped to found one of the leading consultancies in the field and worked globally for organizations ranging from Visa and AMEX to various governments and multiple Central Banks. I wrote, it turned out, one of the key books in the field, Identity Is The New Money (2014), and subsequently, Before Babylon, Beyond Bitcoin (2017), about the history and future of money. The Currency Cold War (2020) was a prescient implication of digital currencies, particularly CBDC.
I wrote
Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing and Why Virtual Worlds Mean Real Business
When I first became interested in the future of money as a distinct subject, I had the good fortune to meet the late professor, Glyn Davies. I saw him give a talk on the topic, which was a revelation! His book provides a solid grounding in the evolution of money.
I think no one should formulate opinions about the future of money until they understand its history better. I found the book accessible and compelling, I read it like a novel turning over the pages to see what happened next!
A History of Money looks at how money as we know it developed through time. Starting with the barter system, the basic function of exchanging goods evolved into a monetary system based on coins made up of precious metals and, from the 1500s onwards, financial systems were established through which money became intertwined with commerce and trade, to settle by the mid-1800s into a stable system based upon Gold. This book presents its closing argument that, since the collapse of the Gold Standard, the global monetary system has undergone constant crisis and evolution continuing into the present day.
One of the first things I learned when I started to study the topic seriously was that there is a great deal of confusion between payments and banking. Of course, money has different functions; we all understand that, but we live in a time when those functions are, in a way, jumbled together.
There is no fundamental economic reason why banks provide payment systems on such a large scale, and indeed, one of the major impacts of new technologies in the space may be to separate them. This is a timely and well-written book about payments and the extent to which the unbanked problem should be reinterpreted because most people in most of the world want payments, not banking.
"What happens when we make a payment is literally a multi-billion dollar question. This is a fascinating and entertaining insight into those seconds between clicking a button and money appearing in far-off accounts - and the changing face of those who profit." - Dharshini David, author of The Almighty Dollar
How we pay is so fundamental that it underpins everything - from trade to taxation, stocks and savings to salaries, pensions and pocket money. Rich or poor, criminal, communist or capitalist, we all rely on the same payments system, day in, day out. It…
I see David Greaeber’s book as a landmark in the field. He completely changed my understanding of and views on money’s role in society and its evolution. I had the good fortune to meet David a few times (in fact, I made a podcast with him) and feel like I learned from every conversation.
Until I read David’s book, I had assumed that the Barter theory of money and the double coincidence of wants was the natural and unchallenged explanation for how money came to be and what roles it performed. David’s and subsequent authors' work has shown that this view is simplistic and outdated.
The groundbreaking international best-seller that turns everything you think about money, debt, and society on its head—from the “brilliant, deeply original political thinker” David Graeber (Rebecca Solnit, author of Men Explain Things to Me)
Before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era that we also first encounter a society divided into debtors and creditors—which lives on in full force to this day.
Brett King’s Bank 2.0: How Customer Behaviour and Technology Will Change the Future of Financial Services had an immediate and lasting impact on my career. First, it showed me that you could write about banking, payments, and financial services interestingly. Secondly, it showed me that people were out there thinking the same as me after learning from early internet-era experiments.
Brett’s subsequent work, including this book and The Rise of Technosocialism: How Inequality, AI, and Climate Will Usher in a New World, continues to help me to organize my thoughts about the role of money in a future always, always connected society.
Winner of best book by a foreign author (2019) at the Business Book of the Year Award organised by PwC Russia
The future of banking is already here ― are you ready?
Bank 4.0 explores the radical transformation already taking place in banking, and follows it to its logical conclusion. What will banking look like in 30 years? 50 years? The world’s best banks have been forced to adapt to changing consumer behaviors; regulators are rethinking friction, licensing and regulation; Fintech start-ups and tech giants are redefining how banking fits in the daily life of consumers. To survive, banks are…
For my final choice, I recommend a work of fiction that made me think deeply about the future of money, markets, institutions, and society. I started reading Ari Juels’ book out of polite interest since I met him, and I can personally testify to his smartness and niceness.
Once I started reading it, however, I couldn’t put it down! It’s a very well-crafted story that draws the reader into the world of blockchains and digital assets with, I thought, very human and believable characters. I can tell you firsthand that trying to write a novel about the future of money is incredibly difficult—I’ve tried! I take my hat off to him for this excellent work, which I hope will cause more people to take the future of money and all it implies more seriously.
Fears of a weaponized blockchain become reality when a software developer races to deactivate the rogue smart contract targeting him for assassination.
Life is comfortable for a prominent, if schlubby, developer at a New York City blockchain company. That is, until FBI Special Agent Diane Dumnil seeks his help against a bewildering threat: The Delphians, worshippers of the god Apollo, have launched a rogue program on a blockchain. It's offering a crypto bounty to assassinate a European archaeology professor.
The developer brushes off the danger until he learns the next target: Himself.
Mythical antiquity collides with a near-future cyberworld as…
First, we explore the potential for financial services in metaverses and the ‘always-on’ immersive future internet, beginning with a look at the technologies needed to make these metaverses useful for businesses. We then explore the emerging realities in which new markets will function and the digital assets exchanged in transactions between online identities.
Our book develops a comprehensive and practical model of the Metaverse and the nature of new transactions in a business environment. It has a clear view of virtual worlds and provides both a simple taxonomy for digital assets and a tried-and-tested model of digital identity that will provide a better understanding of the opportunities that exist in the many metaverses where we’ll interact in the near future.
He’s riddled with guilt. She’s annoyed with the status quo.
The death of a crime boss’s daughter forces Detective Neil Caldera to leave NYC. He seeks refuge in the tranquil embrace of a small town, where he finds himself entangled in the labyrinth of a teenage girl’s murder. Tess Fleishman’s pale skin and extreme weight loss portrays a disease she wants others to see. While inside, a compulsion for Neil fuels her passion to have him or destroy him.
He's riddled with guilt. She's annoyed with the status quo. The death of a crime boss's daughter forces Detective Neil Caldera to leave NYC. He seeks refuge in the tranquil embrace of a small town, where he finds himself entangled in the labyrinth of a teenage girl's murder. Tess Fleishman's pale skin and extreme weight loss portrays a disease she wants others to see. While inside, a compulsion for Neil fuels her passion to have him or destroy him. As Neil delves into the heart of the town's secrets, will truth deliver solace? Or will Tess prevail?
