William Quigley: Building the World’s Most Traded Cryptocurrency - [Web3 Breakdowns, Replay]

Oct 13, 2023

In this replayed episode, William Quigley, co-founder of an early consumer VC fund, discusses his career in VC and gaming, the potential of blockchain and crypto, the origin story of Tether and its role in arbitrage trading, trust and stablecoins in the crypto market, building Wax and virtual items, and the future of blockchain in augmented reality.

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ANECDOTE

From Game-Item Escrow To Crypto Trust

William Quigley recounts building a custodial marketplace for virtual game items to solve buyer-seller trust problems.
That centralized escrow model later influenced his approach to building trusted crypto services like Tether.

INSIGHT

Blockchains Are Niche Tools

Quigley: blockchains are the worst tool for almost everything, with a few spectacular exceptions.
Builders should first identify the specific blockchain strengths before applying it to a product.

INSIGHT

Why Tokenization Matters

A blockchain guarantees data immutability and allows recipients to verify authenticity instantly and cheaply.
Those properties make tokenized money and verified digital collectibles uniquely suited to blockchains.

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This is Eric Golden. Today we're replaying my conversation with William Quigley. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. This is a favorite episode of the year, as William combined his lessons from his decades in technology with a strong first-principle understanding of blockchains. I hope you enjoy my conversation with William Quigley.

We will be releasing new episodes along with an exciting update about the show within the next few weeks.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

(00:01:57) - (First question) - His career in VC and gaming prepared him for the world of crypto

(00:11:25) - Exploring the potential of blockchain and crypto

(00:16:04) - Blockchain's ideal applications

(00:22:43) - Tether's origin story and its role in enabling arbitrage trading

(00:30:28) - Building trust, tokenization, and Tether's reserves in stablecoin development

(00:38:09) - Tether's redeemability, trust, and market dynamics in cryptocurrency

(00:43:44) - Trust, convenience, global risks, and regulatory considerations in stablecoins

(00:48:30) - US banking dominance, Tether's struggle with banking relationships in regulation

(00:53:25) - Tether's growth reflects demand for freedom and challenges with banking

(00:57:00) - WAX's purpose-built blockchain facilitated NFT growth and trust in collectibles

(01:06:34) - What he is most excited to build over the next six months and six years

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