Author Archives: Ari Paul

About Ari Paul

Ari Paul is co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG). Ari earned a BA in political science from the University of Pennsylvania, and an MBA from the University of Chicago with concentrations in economics, entrepreneurship, strategic management, and econometrics & statistics. Ari is a CFA charterholder.

Thoughts on Cryptocurrency Lending

There’s two basic models, custodial and non-custodial. The vast majority of options are custodial, and that means a third party has your coins. This entails counterparty risk. What is a reasonable return to lend out your Bitcoin? Is 6% good? … Continue reading

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Some high level thoughts on cryptocurrency governance

This essay is an overview of some high level concepts in cryptocurrency governance, followed by some specific examples. Governance: Control and Power Governance is the process by which the members of a community or organization make decisions.  More than any … Continue reading

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Early stage valuations fall to earth

I initially wrote the following as an internal memo to our team this morning, but thought it might be interesting to the broader crypto world. We’re seeing something play out in real time (but slow motion) that we’ve long expected.  … Continue reading

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Education – University of Chicago Alumni Event

BT Educationpdf

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Forbes Article: It’s 1994 in Cryptocurrency

Comparing Cryptocurrency in 2017 to Tech in 1994: https://www.forbes.com/sites/apaul/2017/11/27/its-1994-in-cryptocurrency/  

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Cryptocurrency And The History of Money

I helped Alliance Bernstein analysts Gautam Chhugani and Gaurav Jangale write the note below for their clients. AB_CryptoFinance Insights_Is Bitcoin money

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Disclaimers and disclosures

Last updated 03/07/2018 Twitter is a challenging medium for a manager of an investment firm, since the character limit makes standard disclaimers impossible.  A suggestion that I took to heart, was to include a link to such disclaimers and disclosures … Continue reading

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