Prediction certainty 5/5 debate potential 3/5

Kamvar: Money will inevitably become diverse ecologies rather than single objects

Sep Kamvar · Taking Crypto Beyond Volatility: Stablecoins · Aug 29, 2019 · at 10:27

This episode carries Sep Kamvar's own address, with nobody on the show putting questions to them. It still counts as said, and it is kept out of every score on their page.

Sep Kamvar, speaking at the a16z Crypto Regulatory Summit, explains why government fiat stablecoins will not be the sole future of digital money.

0:00 / 0:09exact quote · 9.7s
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“The whole story is we're moving inevitably to a world in which both store of value and medium of exchange are ecologies rather than objects.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Sep Kamvar

Opinion
Kamvar: Fiat-backed stablecoins misunderstand the true potential of cryptocurrency
“And the second limitation, and this is subtler, but I think it's even more important, is that all they can be is a proxy to fiat. And I think this misunderstands the true potentiality of cryptocurrencies.”
Sep Kamvar Aug 29, 2019 ▶ 7:04 Taking Crypto Beyond Volatility: Stablecoins
Insight
Kamvar: Smart contracts enable financial infrastructure for billions of underbanked
“Cryptocurrencies and the blockchain and smart contracts more generally give the tools to create all of these. Payment rails, inexpensive remittances, credit histories, escrow, et cetera, for the billions of underbanked.”
Sep Kamvar Aug 29, 2019 ▶ 1:46 Taking Crypto Beyond Volatility: Stablecoins
Insight
Kamvar: Bitcoin volatility renders it unsuitable for long-term financial contracts
“And it equally doesn't feel great to denominate a contract in bitcoin. If you denominate your mortgage in bitcoin, you might find that your mortgage payments triple from month to month.”
Sep Kamvar Aug 29, 2019 ▶ 2:22 Taking Crypto Beyond Volatility: Stablecoins
Assertion Contradicted
Kamvar: Tether users cannot inspect code to verify its operations
“Now, the drawback to Tether is that unlike the open source cryptocurrency that I described previously, it's, there's no way for a user of Tether to inspect the code to see that it is doing what it says it does.”
Sep Kamvar Aug 29, 2019 ▶ 5:24 Taking Crypto Beyond Volatility: Stablecoins
Assertion Not checkable as stated
Kamvar: Tether maintained stability and pioneered fiat-backed stablecoins
“Now, despite that drawback, Tether has remained remarkably stable over the few years that it's been running, and it laid the intellectual foundation for a class of stable coins that I'll call fiat-backed stable coins.”
Sep Kamvar Aug 29, 2019 ▶ 5:50 Taking Crypto Beyond Volatility: Stablecoins
Insight
Kamvar: Stablecoins are necessary for smart contracts and community currencies
“It's because they not, not only are stablecoins necessary for micropayments, for peer-to-peer insurance, for any kind of smart contract, but they are necessary to enable, at scale, stories like Korachiba.”
Sep Kamvar Aug 29, 2019 ▶ 12:24 Taking Crypto Beyond Volatility: Stablecoins
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