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Financial Sector Cybersecurity
Paradigm shift towards a Global and
Real Digital Economy
Christian Kameir
Sustany Capital
2024
Collaboration
The success of your economy depends on it.
Language
The primary technology for collaboration.
₵60
₦7,000
$5
COLLABORATION PROBLEM
Cooperation
Economies are agreements over incentivized collaboration.
Ledgers: Records of Agreements
FINANCE
HISTORY OF FINANCIAL TECHNOLOGY
Clay Tables Paper Bytes in DBs
3550 B.C. 100 A.D. 1960-2024
BEARER INSTRUMENTS - PEER-TO-PEER TRANSACTIONS
CASH UTILITY/VELOCITY
1960 1970 1980 1990 2000 2010 2020
10x
8x
6x
4x
2
Debit Cards 48%
Credit Cards 25%
ACH 16%
Checks 8% 3%
Cash 3%
96% 74% 79%
29%
USD
EURO
OTHER
Americas Asia Europe All Others
LANGUAGE OF VALUE ACROSS BORDERS
$ $ $
€
Success of economy depends on efficient collaboration.
The fundamental technology for collaboration is language.
Human societies functions on incentivized collaboration: cooperation.
The primary incentive technology are currencies.
Axioms
Unit Of Account
Store Of Value
Medium Of Exchange
MONEY
UNIT OF ACCOUNT
FINANCIALIZATION & STORES OF VALUE
Checking
Accounts
Cash
$53t $46t $21t
$18t
$
MEDIUM OF EXCHANGE
01100010 01100011 00110001
01110001 01100001 01111010
01100011 01101101 00110111
00110110 00110011 00111000
00110101 00111000 01101110
01101011 01101010 00110010
01100100 01101010 00111001
00111000 00110110 01100101
01110100 01100001 01101010
01110110 00110110 01110111
01110001 01110101 01110011
01101100 01110110 00111000
01110101 01111000 01110111
01100011 01111010 01110100
01010100 01001000 01010010
01000101 01000101 00100000
01010101 01010011 00100000
01000100 01001111 01001100
01001100 01000001 01010010
01010011 00100000 01000001
01001110 01000100 00100000
01010011 01000101 01010110
01000101 01001110 01010100
01011001 00100000 01001111
01001110 01000101 00100000
01000011 01000101 01001110
01010100 01010011
Currency ./. Money
BLOCKCHAIN
≠
LEDGER / DATABASE
TRANSACTIONS
EXCHANGE
FOR PRODUCT OR
SERVICE
(PAYMENT)
EXCHANGE
FOR SHARED INTEREST
(EQUITY)
LOAN
&
CURRENCY CREATION
DONATION
PUBLIC BLOCKCHAIN ENTRY
Hash 0xf132e7bd8c0fc07326f5893ca1074ff5197dde66b5dd6ee53a27bb2ab2eb34cb
Timestamp Dec-17-2022 01:04:23
From 0x974caa59e49682cda0ad2bbe82983419a2ecc400
To 0xeca0a6584a85082a26caf29561680639128298fb
Amount 0.042595 Ether ($50.02)
Fee 0.000305198083197 Ether ($0.36)
Fintech?
Employees 26,500 64
Transaction Volume $936B $1.6T
Revenue $21.4B $6.8B
YoY Revenue Growth $21% 2,064%
Market Cap $302B $316B
DECENTRALIZED FINANCE
Top 10 DeFi Use Cases (in billions)
Velocity and Use Case of Stable Coins
TTL 24h Volume $48,458,957,842
Employees 1,030 90
Loan Originations $10.4B $14B
Income $18M $169M
Market Cap $1.4B $3.8B
Age 16 years 4 years
Centralized vs. Decentralized
Centralized vs. Decentralized
Employees 1,250 36
Trading Volume $936B $960B
Revenue $3.08B $174M
Market Cap $86B $10.9B
Age 10y 3y
Collateralized Debt Protocols
50Ξ
ETH 50
MCR 145%
VAPR 2.25%
22,000 DAI
Digitization Era
Digital Data Storage
Hardware
“Web 1&2"
Digital Information
Transfer
Cloud Infrastructure
40 years
TECHNOLOGICAL PARADIGM SHIFTS
VALUE
CAPUTRE
“Web 3”
Digital Value Transfer
Decentralized Infrastructure
20 years 10 years
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
1000
2000
3000
4000
5000
1990 1995 2000 2005 2010 2015 2020
ADOPTION AT VERY EARLY STAGES
Internet
users
in
millions
1.8% of global internet users participate in crypto today
Percentage
of
global
internet
user
adoption
12 US States have implementing
Digital Drivers Licenses with 20
more pending
Europe:
Digital Identity Wallet
(2024)
FORCING FUNCTIONS TO ADOPTION
STABLE COINS
GOVERNMENT
MANDATE
CYBER
SECURITY
DIGITALLLY-NATIVE
CREDENTIALS
Legacy database solutions
will be phased out for
cryptographically-secured
systems
Several governments issued
mandate to move some or all
government-related functions to
blockchain-based solutions
Stablecoin market cap exceeds
$137B
Stablecoin 90x velocity
vs. 1.1x for US Dollar
84 central banks investigating;
banks responsible for 20% of
world population launch ready
(2025)
Forcing function:
Bank of China is currently rolling
out CBDC
CBDC
CYBER SECURITY THEATER
FORCING FUNCTION: DIGITALLY-NATIVE CREDENTIALS
Cryptographically Stored Driver’s licenses and State IDs
P2P Encrypted Data Exchange with Identity Reader
Users do not show, or hand over phone
MASSIVE MARKETS
Over $700T of asset value will be represented by
digital bearer instruments.
Gold
$11T
Crypto Market Cap: $1.9t.
- Bitcoin: $982b
- DeFi: $136b
Currencies $90T
/ MASSIVE FRICTION
COST OF LEGACY FINANCE
4% Of Household Income (USA)
6% Added Cost to Products & Services
7-10% Debasement of Currency
TECHNOLOGY DEBT & THE REAL ECONOMY
Finance: $23 trillion
Cybercrime: $8 trillion
Global GDP: $105 trillion
We have not built the World Wide Web yet!
Decentralized Applications
Browsers & Wallets
On & Off-Chain Services
Decentralized Naming
& Addressing
Blockchains
NET
REVERSING THE WEB’S TPOLOGY
Data
Sources
Profiles
Personas
Individual
Tens of thousands
Thousands
Dozens
Single
SUPPLEMENTALS
Commercial Bank Currency
$2.3t
6%
Bearer Instrument
Peer-to-Peer
Anonymous
Fees: 0
$40.5t (x)
94%
Ledger-Based
Intermediated
“KYC"
Fees:~3.78%
Central Bank Currency Non-Bank Currency
$18.6/x
x/M1
Account-Based
Intermediated
“KYC"
Fees: vary
Bitcoin Use Cases
Speculation
Store of Value
Transaction / Payments
Network Stable
Commodity Governance
CAPITAL FORMATION
Owners
Investors
Users
Operators
Suppliers
Promoters
D A O
Corporation vs. Collaboration
Employees 255,351 9
Transaction Volume $2.3T $172T
Revenue $123B $7.6T
YoY Revenue Growth $3.5% 185%
Market Cap $489B $370B
WHO WHY
WHEN HOW
BLOCKCHAIN/CRYPTO ADOPTION?
US Dollar (64%)
Euro (20%)
Yen (6%)
Renminbi (2%)
Pound (4%)
Australian $ (2%)
Canadian $ (2%)
USA
53%
WORLD
47%
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Cybersecurity and Finance - Paradigm shift towards a Global and Real Digital Economy

Editor's Notes

  1. First Principles
  2. First Principles
  3. Coincidence of Wants
  4. First Principles
  5. Asynchronous intermediation of cooperation
  6. Evolution of ledger technologies 99% of human history: stored in personal memory bank Paper: 2,000 years
  7. P2P Medium of exchange. Cash is the most lucrative export product of the US today. The revenue from Federal Reserve Notes are only exceeded by refined oil products. Selling paper notes – technically 75% cotton, 25% linen – is more profitable. It costs 17 cents to manufacture a 100-dollar bill. – Legally an IOU that is never redeemed.
  8. Amounts moved
  9. First Principles
  10. 1875 William Jevons’ Pamphlet – Money and the Mechanism of Exchange
  11. Unit of Account is an Interface Function / Ignoring availability liquidity
  12. US Stocks $53t (38%) | Bonds $46 (33%) | Mortgages $18 (13%) CD ($21) 15% | Checking 1.6 (1%) | Cash 1.1 0.8% -= ttl. 3-17% If you are using fiat currency as a long-term store of value, you are using it wrong.
  13. Right $1 worth of US Left: $1 BILLION worth of  BTC Bitcoin – digital bearer instrument - settles with finality: 10 Minutes Wire transfers generally settle permanently, while some ACH transfers can be recalled up to 3 months later. Debit/ACH transactions can be disputed by the payer as non-authorized for up to 60 days after the statement date of the transaction in question. * The speed of light traveling through a vacuum is ~1 billion km/h Speed of light through glass 200,000 km/h *https://plaid.com/resources/ach/ach-vs-wire-transfers/
  14. Today 94% of currency exists as database entries Average cost of digital payment in 2021: 1.9% + (50-times moved – 100% of VALUE transferred to middlemen) Revenue financial services in 2021: $22.5 trillion || Global GDP in 2021: >$95 trillion – 24% According to the Federal Reserves' reporting of real median household income in the United States, citizens earned on average $72k in 2021, while financial intermediaries extracted on average $2,700 from U.S. households in 2021 (see McKinsey Global Banking Annual Review 2021: The great divergence - Page 35). This means that every U.S. family contributed almost 4% of their income directly to financial services, while further paying over 1.9 percent more for all goods and services consumed.
  15. Function Use Case
  16. DLTs are not blockchains Blockchains are not network protocols but business logic
  17. Total locked $85 billion – down by 23% from July 2021 1/3 of all-time high: $253
  18. Ttl Stable Coin Market: $137 billion
  19. 2008 – Collaterized Debt Obligations - opaque 44 CDPs -- MakerDAO the largest Borrow up to 150,000 DAI Current Liquidity Available $200MM 25 ETH = $40,000 – borrow: $22,000 https://oasis.app/asset/eth#borrow
  20. Digital Vending Machine Smart Contracts: Building Blocks for Digital Markets – Asynchronous Protocol Nick Szabo (1996) https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html
  21. Fortune 100 (1990): IBM (4) KODAK (18) XEROX (21) Apple (96)
  22. Blockchain adoption is at the size of internet adoption in 1998
  23. Stable coins per 01/06/2023: Tether: $66.3b USDC $43.7b BUSD $16.77 DAI $5.7 b PAX $0.9 (#44)
  24. Cyber Security Market 2021: $150b Gardner predicts exceed $539b by 2030
  25. ISO 18013-5 12 States implemented: Arizona, Colorado, Louisiana, Maryland 20 planning: California, Connecticut, Georgia, Iowa, Kentucky, Oklahoma, and Utah
  26. Real Estate: 7% Bonds: 1-5% Equities: 1-2% Currency: 3-7%
  27. US: 4% of income - Federal Reserve Data      6% inflation of all goods and services for merchant account services (2.9-4.4 (av. 3.2%)      7% debasement of currency supply According to the Federal Reserves' reporting of real median household income in the United States, citizens earned on average $72k in 2021, while financial intermediaries extracted on average $2,700 from U.S. households in 2021 (see McKinsey Global Banking Annual Review 2021: The great divergence - Page 35). This means that every U.S. family contributed almost 4% of their income directly to financial services, while further paying over 1.9 percent more for all goods and services consumed.
  28. Cash only technology made available by central banks to the public Only legal tender // Commercial bank money convertible to legal tender Minimized Counter-Party Risk of Central Bank Currency
  29. BTC Daily Turn-Over : 7.5% (entire market cap turns over in two weeks) Apple $93MM of $2.5T 3.7%
  30. Stablecoins: pegs
  31. TOTAL: $1.8 trillion (+) BTC 53% | ETH 18% | STABLE (top6) 14% NETWORK: BNB,ADA, SOL, DOT, POLY, AVALANCHE: 5% MEMES: DODGE, SHIBA 1.5% OTHER: -20%
  32. DLTs are not blockchains Blockchains are not network protocols but business logic
  33. Over the last decade 750 contributed some code to Bitcoin
  34. 2021: $96.5 US+EU: 42% US: 24% || EU: 18%
  35. There are 180 languages of value – national currencies – in the world today Since currencies are network technologies, the larger the network’s distribution the more utility it provides. Globally only 7 national currencies have more than 1% market share.
  36. Total Cash $2.3 trillion 12/2021 US $1.2 trillion | Int. $1+