Tyler Cowen: belief

Transcript context

…Stablecoins are an interesting discussion. There are some use cases where they really make sense today. For instance, people are trying to make . . . They’re making decentralized exchanges and various things where you want to have these currency trading pairs, and you want to make something that’s dollar- or euro- or yen-denominated. It makes sense to have a crypto asset that is one-to-one linked with a fiat token underneath. I’ll say, in addition to that, there’re a lot of people who live in countries where they don’t have stable currency. Maybe they want to have a dollar, and they can’t open a dollar-denominated bank account, for instance. But they do have a smartphone, so they can have a USD-Coin-denominated account on their smartphone. There are use cases like that, but I agree with you. I think, longer term, the more interesting thing are those decentralized crypto assets for people to really start to participate in a more global, more free, more fair economy. That might sound like a very niche thing today, but I think over time it will become bigger and more important. What will happen with the Facebook asset formerly known as Libra, now called Diem? Which I think is a bad name, but I still think of it as Libra. Okay, why don’t you like Diem?…

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