Cryptocurrencies and financial history: some reflections...

On January 30, 2018, I presented some reflections linking relevant events from financial history to the current cryptocurrency debate. Below, you can have a look at the 9 minmute footage from the crypto-day event here in the RAI.


During my 9 minute conversation with Vincent Everts, I aimed at sharing the following observations
- understand that the development of shares and securities regulation both have an evolutionary character,
- regulation of share issuances has for important parts also originated from self-regulatory structures,
- the tulipomania hype really fueled when forwards and futures become possible (a bit like the price hike in december 2017)
- when the mood is right, people will buy any shares, without due diligence on the nature of the security or cryptocurrency they will be biuying
- each burst in the bubble can lead to angry private investors, who will line up to smash or criticize the institutional context which 'allowed' them to get burnt,
- remember that the early forms of cryptocurrency date from the 1980s with a.o. Digicash taking the lead
- also in the regulated IPO world, accidents and fake news may distort the view for the public,
- don't underestimate the greed of the general public (who may be willing to take quite some extra risk to get an added revenue on their savings, when in a low interest rate environment),
- the issue of a 'fed-coin' is back on the table again, but now in an environment where we are used to having banks around (although those are a relative latecomer to the financial history party),
- regulators are now issuing warnings and some further consumer protection regulation in this area may be around the corner.

All 2013 activities for Financial History of Amsterdam

Launch of digital museum 'Financieel Erfgoed op de Kaart'

2013 started out with the launch of our digital museum on Financial History. It is called Financieel Erfgoed op de Kaart and is a website that contains the stories and lokation where financial history happened. The site can be viewed on the desktop, in which case it looks like a rich google-map, or via the mobile. The mobile is sensitive to the location and will show the nearest hot spots of history as well as a responsive mobile menu. The launch was covered in both national and regional media and has a steady flow of visitors ever since.

Boat- and walking tours
We organised several taylor-made walking tours on the financial history of Amsterdam for visiting US Students, Norwegian insurers, financial supervisors, Nyenrode college students, employees of Booking.com and the Dutch Ministry of Economic Affairs. On top of that we introduced a boattour on the financial history of Amsterdam, for two large organisation in the financial sector. 

April: Filosofy night on guilt and debt
In april of 2013, the Filosofy night was dedictaed to the theme of guilt and debt. We presented an overview of history and future of money with the title: “Back to the future”. In addition we joined a radio show conversation with Werner Trio of Radio Klara on the topic of money and value.

The Filosofy Night occured in the former Exchange building: 'de Beurs van Berlage'. This inspired us to dedicate a separate part of our virtual museum on the financial history to this site. Since then, all visitors of the Exchange building can use their mobile phone to have a look at the financial history of that building. 

Lectures/workshops/blogs
We wrote some guest blogs. One was about Leviathan for Felix Meritis, the other was a blog on the hands, swearing an oath, at the Amsterdam Museum site. Apart from that we regularly published in the online-blog of the Dutch Financial Newspaper: het Financieele Dagblad. We presented an unknown story of Amsterdam's city giro for a festive event in June and held a workshop on the future (and past) of money for a large financial institution.

Radioshow: Casa Luna
To end the year, we were asked to join the Dutch radio show Casa Luna to talk about the history of money, alternative payments and the current situation in the banking sector. This was a very inspiring two hours of discussion, with a nice deviation to the role of artists and their capability to point out the faults in the financial system, way before supervisors acted. 

2014: pubquiz and walking tour apps
In 2014 we will continue sharing our passion for financial history with all visitors to Amsterdam. We will develop a pub quiz on financial history and launch an iTours app on the financial history of Amsterdam. It will show pictures from the city archive and allow you to experience the history in your own pace. 

We look forward to seeing you in the new year !

Charging bull sudenly lands in Amsterdam....

Just last week, the Amsterdam city and its inhabitants were taken by surprise. Early Thursday morning, the 5th of  July, the famous charging bull of Wall Street had suddenly landed on Beursplein 5: the square where NYSE Euronext operates the Amsterdam stock exchange. It was a present of the artist Arturo di Modica, who felt that our stock markets could use some positivism and a new impulse.

Charging Bull in front of
Beurs van Berlage, Amsterdam
foto: Simon Lelieveldt

The illegal placement of the Raging Bull led to some discussion with the city authorities. While the initial response was that the bull had to be removed, they later reviewed their
stance as they realized the opportunity it provided. It is after all, the third bull placed in a financial district. The Wall street bull turned into a tourist attraction and so did the one that was placed in Shanghai, a couple of years ago.

I would say that the artist chose his moment wisely. Here in Europe we are in for quite a turbulent period. In the next months and year we will find out if and how all the eurocrisis measures are going to be implemented. And one thing is for certain: with all the budget cutbacks, predicted contractions and slow downs here in Europe, the business and investment climate can defintely use an impulse.

Charging Bull at Beursplein Amsterdam

Meanwhile I am a bit puzzled by one thing. It was only in March of this year that the artist had announced (when he was in Dubai) that he was working on a third bull. In fact he was quoted saying:
“I am working on another Charging Bull which will be placed in the United Arab Emirates and complete the triangle of peace and prosperity".

So perhaps it's best to cherish this Charging Bull here in Amsterdam before it becomes a travelling bull that leaves for the warmer climate in Dubai.