The Ledger
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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.”
Kamvar: Money will inevitably become diverse ecologies rather than single objects
“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.”
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.”
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.”
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.”
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.”
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.”
Kamvar: Blockchain makes money programmable just as the internet transformed media
“In the same way that the internet made media accessible and programmable, the technology of the blockchain does the same for money. It makes money accessible and programmable.”
Kamvar: 3.5 billion people globally lack active bank accounts
“1.7 billion people in the world don't have bank accounts. And about three and a half billion people in the world don't have active bank accounts.”