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Paths to Tens of Trillions - Kyle Samani, Refactor Camp 2018

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Talk given at Refactor Camp, May 2018

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Paths to Tens of Trillions - Kyle Samani, Refactor Camp 2018

  1. 1. Kyle Samani, Managing Partner @KyleSamani May 12th, 2018 Refactor Camp
  2. 2. Three Hypotheses Store Of Value 1
  3. 3. Three Hypotheses UtilityStore Of Value 21
  4. 4. Three Hypotheses Utility StablecoinStore Of Value 21 3
  5. 5. “Sound money” Strongly rooted in Austrian economics Store Of Value Hypothesis Self-Sovereign 1
  6. 6. “Sound money” Strongly rooted in Austrian economics Store Of Value Hypothesis 2 Self-Sovereign 1 Censorship Resistant
  7. 7. “Sound money” Strongly rooted in Austrian economics Store Of Value Hypothesis 2 Self-Sovereign 1 3 SecureCensorship Resistant
  8. 8. “Sound money” Strongly rooted in Austrian economics Store Of Value Hypothesis 2 Self-Sovereign 1 3 SecureCensorship Resistant Scarce 4
  9. 9. Get people to use it, and it will become valuable Predictable inflation schedule Utility Hypothesis Formal Governance 1
  10. 10. Get people to use it, and it will become valuable Predictable inflation schedule Utility Hypothesis 2 Formal Governance 1 Flexible Inflation
  11. 11. Get people to use it, and it will become valuable Predictable inflation schedule Utility Hypothesis 2 Formal Governance 1 3 Throughput / Latency / Tx Fees Flexible Inflation
  12. 12. Get people to use it, and it will become valuable Predictable inflation schedule Utility Hypothesis 2 Formal Governance 1 3 Throughput / Latency / Tx Fees Flexible Inflation Expressivity / FV 4
  13. 13. Get people to use it, and it will become valuable Algorithmic inflation schedule Stablecoin Hypothesis (Subset of utility hypothesis) Price Stability 1
  14. 14. Store Of Value Hypothesis “This is how money should be… do not reduce my purchasing power” 14
  15. 15. Store Of Value Hypothesis “This is how money should be… do not reduce my purchasing power” Utility Hypothesis 15 “I have no opinion on what money should be… let the market decide”
  16. 16. Store Of Value Hypothesis “This is how money should be… do not reduce my purchasing power” TOP-DOWN VIEW Utility Hypothesis 16 BOTTOMS-UP VIEW “I have no opinion on what money should be… let the market decide”
  17. 17. The Arguments Against “Sound Money” Inflation to subsidize tx fees 1
  18. 18. The Arguments Against “Sound Money” 2 Inflation to subsidize tx fees 1 3 Price stability > every other feature
  19. 19. The Arguments Against “Sound Money” 2 Inflation to subsidize tx fees 1 3 Austrian view is too rigid for a complex world Price stability > every other feature
  20. 20. The Arguments Against “Sound Money” 2 Inflation to subsidize tx fees 1 3 Austrian view is too rigid for a complex world Price stability > every other feature Money will be programmable like everything else 4
  21. 21. Kyle Samani, Managing Partner @KyleSamani May 12th, 2018 Refactor Camp

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