There are many confusions mixed with stereotypical startup culture in the first video. A global stable currency is not :
- Dollarization, that is an already relatively common phenomenon (Zimbabwe, Argentina...) with controversial effects. Definitely not a silver bullet for hyperinflation.
- A payment system, that requires to work tightly on UI/UX, on cultural preferences, to adapt to local infrastructure... Exactly the reason M-pesa succeeded where many silicon valley startup failed.
And then, there are the technology choices, the stability mechanism, the regulatory aspects ...
One hilarious thing about Tether is that it implicitly acknowledges that the dollar is the source of stability for unstable crypto, and that crypto needs to be "dollarised" to deal with its volatility.
Comments
There are many confusions mixed with stereotypical startup culture in the first video. A global stable currency is not :
- Dollarization, that is an already relatively common phenomenon (Zimbabwe, Argentina...) with controversial effects. Definitely not a silver bullet for hyperinflation.
- A payment system, that requires to work tightly on UI/UX, on cultural preferences, to adapt to local infrastructure... Exactly the reason M-pesa succeeded where many silicon valley startup failed.
And then, there are the technology choices, the stability mechanism, the regulatory aspects ...
One hilarious thing about Tether is that it implicitly acknowledges that the dollar is the source of stability for unstable crypto, and that crypto needs to be "dollarised" to deal with its volatility.