A must-read roadmap to analyzing, valuing, and investing in cryptocurrency and other digital assets
In Investing in Cryptocurrencies and Digital Assets: A Guide to Understanding Technologies, Business Models, Due Diligence, and Valuation, alternative investments expert Dr. Keith Black delivers a compelling and straightforward roadmap for analyzing, valuing, and investing in crypto and other digital assets. You’ll learn how to buy crypto directly — and how to keep your new digital assets safe from hacks and fraud — and how to invest indirectly, using stocks, futures, options, and exchange-traded funds.
You’ll also discover how to conduct extensive due diligence to reduce technology and compliance risks, as well as how to understand the business models that underlie and power these novel technologies. The book also offers:
- Accessible discussions of and introductions to blockchain and distributed ledger technology, stablecoins, Bitcoin, Ethereum, and other foundational concepts
- Ways to differentiate between investing in digital assets for the long term and risky, short-term speculation
An essential new playbook for institutional, professional, and retail investors involved with digital assets and cryptocurrency, Investing in Cryptocurrencies and Digital Assets is the comprehensive and up-to-date guide to the sector that you’ve been waiting for.
สารบัญ
Preface ix
Part One Defining Cryptocurrencies and Digital Assets
Chapter 1 Money, Banking, and Inflation 3
Chapter 2 Centralized Finance (Ce Fi) and Traditional Finance (Trad Fi) Markets 15
Chapter 3 Uses of Blockchains and Distributed Ledgers 31
Chapter 4 Bitcoin Mining and Proof-of-Work Protocols 43
Chapter 5 Ethereum Blockchain and Smart Contracts 57
Chapter 6 Proof-of-Stake Protocols and Other Layer 1 Blockchains 71
Chapter 7 Layer 2 Blockchains and Scaling Solutions 85
Chapter 8 Stablecoins, Crypto Yields, and Central Bank Digital Currencies 93
Chapter 9 Oracles and Insurance Tokens 109
Chapter 10 Privacy Tokens 117
Chapter 11 Decentralized Finance (De Fi): Borrowing, Lending, and Decentralized Exchanges 123
Chapter 12 Composability, Stacking DApps, and Bridges 135
Chapter 13 Blockchain Applications Beyond Financial Markets 145
Chapter 14 NFTs, Metaverse, and Web 3.0 155
Chapter 15 Decentralized Autonomous Organizations (DAOs) and Governance 169
Part Two Investing in Cryptocurrencies and Digital Assets
Chapter 16 Risks, Regulations, and Taxes 179
Chapter 17 Tokenization of Off-Chain Assets 193
Chapter 18 Fundamental Valuation Models 203
Chapter 19 Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and Tokenomics 217
Chapter 20 Trading and Technical Analysis 233
Chapter 21 Investing Directly in Crypto: Wallets, Custody, and Security 251
Chapter 22 Derivative Markets: Futures, Options, and Perpetual Swaps 261
Chapter 23 Building Portfolios of Stocks, Bonds, Crypto Stocks, and ETFs 277
Chapter 24 Investing Through Private Equity and Hedge Funds 289
Chapter 25 Due Diligence and Technology Risks: FTX, Terra Luna, Hacks, and Scams 301
Notes 315
About the Author 329
About the Companion Website 331
Index 333
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KEITH BLACK, PHD, CFA, CAIA, FDP, CDAA is the Managing Director of Education at RIA Channel, where he creates web-based content on cryptocurrencies and alternative investments. He teaches courses on cryptocurrency investments and investment manager due diligence at the University of Massachusetts.
He previously served as the Managing Director of Content Strategy at the CAIA Association, where he was a co-author of the second, third, and fourth editions of the Level I and II CAIA curriculum. At Ennis Knupp + Associates, Keith advised foundations, endowments and pension funds on their asset allocation and manager selection strategies in hedge funds, commodities, and managed futures. Prior experience includes commodities derivatives trading, stock options research and Cboe floor trading, and building quantitative stock selection models for mutual funds and hedge funds. Dr. Black has served on the faculty at Illinois Institute of Technology.
Dr. Black has written or contributed to over 30 books and refereed journal articles, including The Journal of Wealth Management, The Journal of Trading, and The Journal of Alternative Investments. Dr. Black earned a BA from Whittier College, an MBA from Carnegie Mellon University, and a Ph D from the Illinois Institute of Technology.
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