Schweitzer Fachinformationen
Wenn es um professionelles Wissen geht, ist Schweitzer Fachinformationen wegweisend. Kunden aus Recht und Beratung sowie Unternehmen, öffentliche Verwaltungen und Bibliotheken erhalten komplette Lösungen zum Beschaffen, Verwalten und Nutzen von digitalen und gedruckten Medien.
In Myth of Money: Breaking Out of the Failing Financial System, renowned finance, crypto, and economics thought leader Tatiana Koffman delivers an insightful and informative take on the past, present, and future of money, and the rise of cryptocurrencies as a transformative force in the financial world.
Koffman has witnessed multiple financial collapses firsthand-beginning with the fall of the USSR, when her family lost everything, followed by the subprime mortgage crisis that marked the start of her new career, and then the economic fallout of COVID-19. As Bitcoin gains its footing globally, she has observed its meteoric rise and catastrophic falls with a keen understanding that these are early steps of a system poised to redefine finance.
Navigating her way from traditional finance and into the realms of venture capital, crypto, and digital assets, as she writes about fintech, Koffman's journey takes us from Eastern Europe to Canada, to Bitcoin Beach in El Salvador, to Lebanon, Dubai, Africa, Necker Island, and back to the States. Along the way, she shares hard-earned lessons about the myths surrounding money, even those emerging in the new digital era.
Throughout the book, her stories are paired with clear explanations and discussions of technical aspects of finance, in her trademark voice of clarity, incisively cutting to the core of complex topics in a relatable and easy-to-digest manner.
Koffman's unique perspective, drawn from her global experience and deep understanding of economic upheavals, makes Myth of Money an essential read for anyone interested in the future of finance and the potential of cryptocurrency to take the place of a system we can no longer rely on to create and safeguard wealth.
TATIANA KOFFMAN is a recognized thought leader and speaker in finance and technology, an angel investor, author, and curator of the weekly newsletter MythOfMoney.com. Her work has been featured in Forbes, CoinDesk, CNBC, and The Economist. She is a General Partner at the digital assets investment firm Moonwalker Capital.
Acknowledgments ix
Introduction: My Journey to Freedom 1
1 Drawing Back the Iron Curtain 7
Roots of Resilience 8
The Fall of the Soviet Empire 9
The Birth of Property Rights in the East 14
Childhood Lessons: It's a Hard-Knock Life 16
Russian Run on the Banks 18
Go West: Starting a New Life in North America 20
College Years: A Philosopher's Chair 22
MONEY MYTH #1: Your past defines your future 24
2 The Modern Boiler Room 27
Girl on the Trading Floor: The Lows of High Finance 28
David and Goliath: Navigating the Investment Banking World 34
Sweating the Swap Desk: Fixed Income 38
Big, Smart Money: Stocks and Equities 41
Stepping Off the Merry-Go-Round 45
MONEY MYTH #2: Banks exist for our benefit 47
3 The Culture of Money 49
From Linkin Park to The Chainsmokers: Music and the Art of Venture Capital 53
Y Combinator and the Venture Capital Framework 55
Unicorns, Kardashians, and the NFT Revolution 60
MONEY MYTH #3: Making money has to be boring 68
4 The Money Printer 71
The Journey to My Parents' Basement 71
Key Schools of Economic Thought 75
A Creature Awakes: The Federal Reserve Steps In 78
The Money Printer Goes Brrrrr 84
The K-Shaped Recovery 87
Flight to Safety 89
MONEY MYTH #4: Regular people don't need to understand economic policy 90
5 Once Upon a Time in El Salvador 93
The Birth of Bitcoin 94
A Love Story: Bitcoin's First Circular Economy 100
The First Country to Make Bitcoin Legal Tender 106
MONEY MYTH #5: Bitcoin is a scam 110
6 Lebanon on Fire 113
A House of Paper 114
A Brief History of Money 114
WWII: A Financial Systems Overhaul 118
Crisis in Beirut: Hyperinflation Rocks the Boat 121
Hyperinflation: Triggers and Consequences 124
MONEY MYTH #6: All fiat currency is trustworthy 130
7 The Art of a Ponzi Scheme 133
Vegas of the Middle East 134
I'm Rich, B*tch: Lessons from Larry's Crypto Suite 137
The Genesis of Cryptocurrencies 145
Washed Up in Monaco 151
Cashing In and Cashing Out 154
MONEY MYTH #7: All cryptocurrencies are good investments 154
8 Leapfrogging to a Decentralized Africa 157
The Fourth Industrial Revolution 158
The Camp David of South Africa: A Presidential Visit 162
A Detour to Necker Island 164
Into the Lion's Den: Blockchain Applications Kenya and Nigeria 168
MONEY MYTH #8: Blockchain technologies do not have real-world impact 174
9 Breaking Point 177
When Your Mind and Body Fail: Retreat to Bali 178
Market Collapse: A (Block)chain Reaction 181
The Contagion 184
Soft Landing in a Pool of Quicksand: Quantitative Tightening 185
Behind the Vault Door: There Is Less than You Think 189
Protect Yourself from Economic Turbulence 192
MONEY MYTH #9: Getting rich quickly is easy 194
10 Waking Up from the American Dream 197
The Beginning of the End 199
The American Debt: A Downward Spiral 203
Global De-Dollarization 205
Behind the Battlefield: The Economics of War 209
Bitcoin Is a Silent Protest 216
MONEY MYTH #10: The US dollar is different 217
A Path Forward 219
About the Author 229
Index 231
Happiness and freedom begin with a clear understanding of one principle: Some things are within our control, and some things are not.
-Epictetus
In the summer of 2023, as I pieced together this chapter, an invitation arrived to deliver a guest lecture at Pepperdine University, nestled in the tranquil mountains of Malibu, California. Pepperdine, a prestigious Christian institution renowned for its rigorous academics and spiritual ethos, draws students from affluent American families and international elites, all shelling out upwards of $60,000 per year for tuition.
Though it wasn't my first lecture, this particular engagement carved a lasting impression on me. Fresh from riding the tumultuous yet rewarding wave of the latest cryptocurrency bull cycle, I arrived on campus with an air of newfound status. A string of astute investments and strategic deals had catapulted me into a life I once only dreamed of: living in a serene oceanfront home in Malibu, driving the sleek, quiet hum of a brand-new Tesla, and wearing the subtle gleam of a presidential Rolex. I moved through the world with a sense of poise, as if I'd deciphered life's most cryptic codes, especially those concerning wealth.
Yet, I was mindful of never giving off that "new money" stench. Those who come from very little, like me, experience substantial psychological changes when they first step into wealth. It's part of the myth of money. Most times, the feelings are a mix of imposter syndrome wrapped up with guilt. Why do I have the fancy new car and the expensive watch, while others have so little by comparison? I'm no better than my sweet cleaning lady from Venezuela, who cleans my house for $20 an hour, and yet she earns her living through physical labor, while I get to travel the world and work on multimillion-dollar deals. I'd worked hard to achieve my newfound success, yet the pointed feelings of guilt continued to bubble up as queasiness in my weak stomach.
These feelings accompanied me as I prepared for my lecture on cryptocurrency, facing a hundred or so guests and students, most of whom hailed from established, wealthy families-families unlikely to have experienced the brink of poverty like mine or the imposter syndrome that accompanies newfound success. I wondered: Will they see right through me? Will they think I'm a fraud?
Still, being invited to impart wisdom to the bright, eager minds at Pepperdine was not just an honor; it was an affirmation of my journey, a tangible marker of having "made it." As I stood before those students, I felt a sense of completion, a moment of reflection and recognition that what I had achieved was truly mine, a testament to the journey, the decisions, and the relentless pursuit of success that had brought me to that moment. It was a poignant reminder that some milestones in life are not just about arriving but about understanding and embracing the path that led us there.
A few years ago, I explored my ancestry through 23 and Me, uncovering a kaleidoscope of European roots that span Ukrainian, Hungarian, Polish, Russian, and Ashkenazi Jewish heritage, with a surprising hint of 1% East Asian descent. I was born on February 9, 1988, in the Ukrainian city of Cherkasy, of not quite 300,000 people, or at least it was before Vladimir Putin invaded Ukraine in 2022. My birthplace was not entirely a matter of choice but rather a last-minute decision. My mother, ever resourceful, opted for Cherkasy because her father lived there; with her due date fast approaching, she sought familiar surroundings and some semblance of support as she embarked on her labor solo.
There's a term for children like me: "wedding night babies." My parents' love story was a whirlwind romance-a courtship of just five dates-culminating in my father, a soon-to-be-deployed captain on a Soviet ship, proposing marriage. They had mere days to make things official before he was set to sail from Severomorsk, a port high above the Arctic Circle, home to the Russian Northern Fleet. He would be at sea for nine months.
To this day, my father laughs about how, on their wedding day, every cosmic sign urged him to flee. First, the taxi was late, making them late for the ceremony. Second, both witnesses came down with an inexplicable virus and couldn't attend. Third, my father received an urgent call that his ship had disappeared-a false alarm, it turned out, as the ship had been moved for maintenance without proper reporting. All in all, their wedding day was a fiasco. The details of the wedding night remain a mystery, except for one undeniable fact: it was the night I was conceived.
Years later, in my 20s, my father handed me an album. It wasn't filled with baby pictures or mementos from family outings-those couldn't exist, as my father wasn't part of my childhood. Instead, the album chronicled my parents' relationship during his post-wedding deployment. Within its pages were the letters exchanged between the young newlyweds. Initially, their correspondence was filled with love and the excitement of building a life together. The joy of impending parenthood brightened their exchanges, as my mother shared her first inklings of my existence.
However, the tone of the letters soon shifted. Financial strain crept in, emotional commitment wavered, and the dream of a cohesive family began to unravel. By the time my father's ship docked, I had already been born, and my mother wanted nothing to do with him. When he arrived at the hospital, he was served with divorce papers and asked to exit my life until my 21st birthday.
Yet, genetics had its own sense of humor. Despite my mother's dominant blue-eyed, blonde lineage, I emerged a stark contrast: my father's brown eyes, a mop of dark, curly hair, and porcelain skin-a nod to my paternal Ashkenazi heritage. Throughout my childhood, my mother and I often drew quizzical looks from strangers; we made an odd-looking pair.
In 1989, when I was one and a half years old, my mother remarried, and we moved to Moscow. Two years later, on December 25, 1991, Mikhail Gorbachev delivered his final speech as the leader of the USSR, explaining his decision to resign. "The reason was evident-society was suffocating in the grip of the command-bureaucratic system. Doomed to serve ideology and to bear the terrible burden of the arms race, it had been pushed to the limit of what was possible," Gorbachev asserted. "All attempts at partial reforms-and there were many-failed, one after the other. The country had lost direction. It was impossible to go on living that way. Everything had to be changed fundamentally."
That New Year's Eve, the atmosphere in our Moscow living room was charged with more than the usual suspense and anticipation. Every television set across the vast expanse of the Soviet Union was tuned to the same channel. Boris Yeltsin-the newly elected president of the Russian Soviet Federative Socialist Republic (RSFSR) and the first popularly elected head of state in Russian history-was about to announce the beginning of a new era for Russia, and its satellite republics, as an independent state. Yeltsin also promised to transform Russia's command economy into a capitalist market economy; in other words, he planned to finish the job that Gorbachev began. And indeed, Yeltsin's presidency was marked by significant political and economic reforms in Russia. He would soon implement economic shock therapy, floating the ruble on the free market, instituting nationwide privatization, and lifting price controls.
With a gravity that matched the historical weight of the moment, as the clock struck midnight that New Year's Eve, Yeltsin declared the USSR, a behemoth that had stood unyielding for decades, dissolved. Yeltsin finished his speech with the following words: "We, the multinational people of Russia, united by a common fate on our land . declare our sovereignty."
I was on the cusp of turning four. While children my age in the West took the stability of their governments for granted or didn't think about government at all, I witnessed firsthand the disintegration of the structure that formed the very basis of our lives. For most people, governments are seen as eternal, their permanence as certain as the rising sun. As my earliest memories formed, my eyes were opened to a profound truth: even the mightiest of structures can crumble. Perhaps the only Americans who would have similar memories from childhood are those who lived through the assassination of JFK in 1963.
The realization that governments and their leaders are fallible left a permanent scar on my psyche. While the world around me continued, and continues to this day, to evolve, this new understanding of impermanence became a cornerstone of my worldview. The knowledge that foundations can shift, and that the familiar can become unfamiliar seemingly overnight, shaped my perspective in profound and lasting ways. I questioned everything and everyone, including the adults around me. After all, if the leader of one of the greatest superpowers on Earth couldn't hold it together, what gave anyone else any authority?
Contrary to how it seemed to me then, the downfall of the Soviet Union was not an abrupt event but a culmination of several critical factors. Foremost was the escalating...
Dateiformat: ePUBKopierschutz: Adobe-DRM (Digital Rights Management)
Systemvoraussetzungen:
Das Dateiformat ePUB ist sehr gut für Romane und Sachbücher geeignet – also für „fließenden” Text ohne komplexes Layout. Bei E-Readern oder Smartphones passt sich der Zeilen- und Seitenumbruch automatisch den kleinen Displays an. Mit Adobe-DRM wird hier ein „harter” Kopierschutz verwendet. Wenn die notwendigen Voraussetzungen nicht vorliegen, können Sie das E-Book leider nicht öffnen. Daher müssen Sie bereits vor dem Download Ihre Lese-Hardware vorbereiten.Bitte beachten Sie: Wir empfehlen Ihnen unbedingt nach Installation der Lese-Software diese mit Ihrer persönlichen Adobe-ID zu autorisieren!
Weitere Informationen finden Sie in unserer E-Book Hilfe.