# kaal:claim:3782216-031

**Claim.** Contrary to the industry practice of full backing, a full reserve is not always necessary, because a currency also has intrinsic worth derived from the authentic economic activity it represents.

**Type.** condition  **Support.** argued

**Holds when.**

- currencies with intrinsic worth from authentic transactions

**Source quote.**

> On the contrary, we argue that a c::% reserve is not always necessary, as is the case with any currency which has an intrinsic worth.

**From.** Craig Calcaterra, Wulf A. Kaal, *Decentralized Finance (DeFi)* (2021), Hot money

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216

**Verify.** sha256 of source PDF `f1739743aa06bbc1641cd65da790d531b69d8628ea3f5cc3fcad1bf5a1242373` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Decentralized%20Finance%20%28DeFi%29.pdf

**Topics.** tokenomics

**Keywords.** stablecoins, reserves, intrinsic-value, hot-money

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.