Leng Hoe Lon - Decrypted

Decrypted is an excellent work by Hoe Lon that explains cryptocurrency from a traditional traders perspective. The book provides sufficient knowledge for even newcomers to catch up with this seemingly complicated blockchain world without much technical background. I believe the book will help introduce more people to blockchain and cryptocurrency, an exciting innovation of the century.

Loi Luu
Co-founder, Kyber Network

I have always been a huge believer of inclusive finance, where the old and new economy find grounds to collaborate and embrace each others presence. The first step is to educate ourselves, no matter at what career juncture we are at, and the remaining excitement of cryptocurrency and the sheer potential of blockchain technology will lead the way. Decrypted, as narrated by Hoe Lon, is the epitome of life-long learning and embracing of what disruption in his field has to offer.

Professor David Lee, Singapore University of Social Sciences Co-founder, BlockAsset and Senior Advisor to Sentinel Chain

Decrypted is a traders view of cryptocurrencies. A hard and uncompromising analysis of what it is, what it is not and most of all whether it will fulfill aspirations of what it can be. Hoe Lon has delved deep into the domain. Decrypted is certain to make an engaging read.

Wong Joo Seng
Founder and CEO, Spark Systems

Decrypted took me from the path of least resistance, blissful ignorance, to the path of blissful intelligence. Finally I truly get it.

Jason Ambrose
Founder and CEO Vanda Securities

Shouldnt one take heed that this book is written by a seasoned money manager working in high finance, who, apart from his day job, pays acute attention to cryptocurrencies? I have not read any other books out there that has distilled the essence of blockchain and its philosophy in such an easy, accessible manner. Anyone wanting to have a good introduction to this fascinating world without feeling as though they are reading a textbook should pick it up. Anyone who wants to be reminded and re-energised as to why they got into cryptocurrencies in the first place should also read it. I know I did.

Kai C Chng
CEO, Digix Global

Decrypted shares an insightful narrative on the uprise of cryptocurrencies, providing a comprehensive view into the multifaceted interests of cryptoanarchists, bankers, and entrepreneurs. Hoe Lon outlines a thorough history of the blockchain ecosystem, and demonstrates the value of cryptocurrencies and blockchain technology for individuals and institutions. This book describes the potential impact of decentralised applications and provides a vision for how blockchain technology will come to be adopted.

Howard Wu
Co-founder, Dekrypt Capital

Bitcoin, Ethereum, Blockchain, ICOs: the cryptic world of cryptocurrencies is not only tempestuous but polarised. Perspectives are deeply entrenched with both support and opposition driven by almost cultish zeal. Cutting through that sound and fury, Leng Hoe Lon gives the uninitiated amongst us, a dispassionate framework with which to join the debate. He presents the concepts, their recent evolution, their promise and pitfalls in an accessible and engaging way. Using colourful analogies (such as an overbooked restaurant with decentralised management), Hoe Lon explains the mechanics of the underlying technology. Drawing from our experience with more traditional asset classes, he tackles the questions of value, bubble and addresses overblown claims on both sides of the debate. Decrypted is not designed to be the last word for either enthusiasts or detractors. However, it is the first fair treatment of this field that I have encountered and should serve as a valuable point of reference for investors and regulators.

Lutfey Siddiqi CFA, Visiting Professor-in-Practice, LSE Adjunct Professor, NUS Risk Management Institute and former MD, UBS Investment bank

This book provides a great overview on cryptocurrencies and the blockchain industry. The mindset required to understand the fundamental change of the technology is well defined and expressed, which is the core component of conceptualising the benefits of blockchain in the future. A very good source to educate yourself on the subject.

Ronen Kirsh
Co-founder, Dekrypt Capital and Blockchain at Berkeley

2018 Leng Hoe Lon & Marshall Cavendish International (Asia) Private Limited

Published by Marshall Cavendish Business
An imprint of Marshall Cavendish International

All rights reserved

No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. Requests for permission should be addressed to the Publisher, Marshall Cavendish International (Asia) Private Limited, 1 New Industrial Road, Singapore 536196. Tel: (65)6213 9300. Email:
Website: www.marshallcavendish.com/genref

The publisher makes no representation or warranties with respect to the contents of this book, and specifically disclaims any implied warranties or merchantability or fitness for any particular purpose, and shall in no event be liable for any loss of profit or any other commercial damage, including but not limited to special, incidental, consequential, or other damages.

Other Marshall Cavendish Offices:
Marshall Cavendish Corporation. 99 White Plains Road, Tarrytown NY 105919001, USA Marshall Cavendish International (Thailand) Co Ltd. 253 Asoke, 12th Flr, Sukhumvit 21 Road, Klongtoey Nua, Wattana, Bangkok 10110, Thailand Marshall Cavendish (Malaysia) Sdn Bhd, Times Subang, Lot 46, Subang Hi-Tech Industrial Park, Batu Tiga, 40000 Shah Alam, Selangor Darul Ehsan, Malaysia.

Marshall Cavendish is a registered trademark of Times Publishing Limited

National Library Board, Singapore Cataloguing-in-Publication Data

Names: Leng, Hoe Lon. | Levinson, Adam, writer of foreword.
Title: Decrypted : a financial traders take on cryptocurrency / Leng Hoe Lon ; foreword by Adam Levinson.
Description: Singapore : Marshall Cavendish Business, [2018]
Identifiers: OCN 1048626096 | 978-981-4841-12-2
Subjects: LCSH: Electronic funds transfers. | Money.
Classification: DDC 332.178--dc23

Printed in Singapore

Cover image by Aaron Gan (More on Aaron Gan on )

To all the traders in the world. Yes, the machines are here to eat our lunch, but they will never learn our gut instincts. Dont stop believing.

This book is dedicated to you, the readerfor taking a leap of faith to accept the new world of cryptocurrencies.

When Hoe Lon approached me to give a Foreword to his book, the first thing I said was, This is a fun project, and the courage to take a public stand on such a controversial topic is respectable. In the book, he applies his trading experience to demystify cryptocurrency trading.

Hoe Lon and I often discuss our global macro views, and cryptocurrency became a much greater part of the conversations over the last year. The traders in the financial world didnt care about Bitcoin until 2017. Mind you; the adoption is still pretty low. The parabolic price growth was a social phenomenon.