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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 21 Aug 2018
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      Patrick McKenzie Retweeted Nathaniel Popper

      “Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …

      Patrick McKenzie added,

      Nathaniel PopperVerified account @nathanielpopper
      More people invested in cryptocurrencies over the last year than in the preceding nine years according to many metrics. Most of them are unlikely to have warm feelings about the technology right now. Consider Kim Hyon-jeong. https://www.nytimes.com/2018/08/20/technology/cryptocurrency-investor-losses.html … pic.twitter.com/dwskWuBua1
      12 replies 84 retweets 314 likes
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    2. Patrick McKenzie‏ @patio11 21 Aug 2018
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      I have a feeling that techies of my acquaintance will feel uneasy about the notion that their lambo was bought by the victim of an investment scam. And one of the innovations of Bitcoin is that it creates a scam where every participant can semi-plausibly deny scamming.

      5 replies 34 retweets 134 likes
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    3. Patrick McKenzie‏ @patio11 21 Aug 2018
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      The early adopter who sold their Bitcoins never talked to this woman. The US exchange never did either and had florid disclaimers about investment risks a few pixels below the place where they let you buy Bitcoins on a credit card. The Korean exchange had “regulatory uncertainty”

      1 reply 3 retweets 31 likes
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    4. Patrick McKenzie‏ @patio11 21 Aug 2018
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      Now if you’ve actually followed this you know the industry is in fact crooked as a barrel of fish hooks and features *exactly* the same people (individuals and types) who usually run investment scams, including (I assume without fear of contradiction) in Korea, but it is deniable

      2 replies 5 retweets 48 likes
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      Patrick McKenzie‏ @patio11 21 Aug 2018
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      In other news, Bitcoiners write letters to the SEC asking them to approve Bitcoin ETFs so that retail can purchase them in IRAs. That’s a literal thing. The person writing that letter wrote that this would improve prices. That person is the regulatory shock troop of a scam.

      2:54 PM - 21 Aug 2018
      • 7 Retweets
      • 45 Likes
      • Kevin Crane Joe Cooper zooko mfa Fred L unfortuNate (dad)jokes 🧙‍♂️ Josh Jim Gray Baud'Dib
      1 reply 7 retweets 45 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 21 Aug 2018
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          It is kind of amazing that you can create a codebase which births a memeplex which convinces uninvolved humans “I should advocate for this memeplex to the SEC.” That’s the core innovation of the Satoshi scam. We’ll be dealing with variants of it for a thousand years.

          2 replies 10 retweets 57 likes
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        3. Patrick McKenzie‏ @patio11 21 Aug 2018
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          The scam rides on the same rails blazed by startups, having optimized out all value creation in favor of virulency. It learned the right words. It whispered them in the ears of the right people. It found its converts, some for love and some for money and some for the lulz.

          4 replies 5 retweets 62 likes
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        4. Patrick McKenzie‏ @patio11 21 Aug 2018
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          It co-opted our networks, literal and metaphorical. It sifted through our skillsets and applied them, ruthlessly, to the problem of separating people from their money. It asked us to build it the instrumentalities of rapacious avarice and, God help us, we said yes.

          2 replies 5 retweets 33 likes
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        5. Patrick McKenzie‏ @patio11 21 Aug 2018
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          There used to be a line in Silicon Valley "I have watched the smartest minds of my generation whisked off into the borg to optimize ad clicks." That line was intended (unfairly) to be blisteringly critical of Google and Facebook.

          1 reply 4 retweets 42 likes
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        6. Patrick McKenzie‏ @patio11 21 Aug 2018
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          When people say "All the smartest developers in Silicon Valley right now are in crypto", they mean that *as praise.* (They're wrong about that, thank God, but they're far righter about crypto than any other scam vehicle, of which the world has many.)

          3 replies 5 retweets 49 likes
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        7. Patrick McKenzie‏ @patio11 21 Aug 2018
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          And it wasn't just the one scam! No, it was iterated scams, onions of scams where you peeled back a layer and found another scam, scam generating factories, a cottage scam industry, an Internet-born memetic scamception. But it was scams.

          3 replies 5 retweets 37 likes
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        8. Patrick McKenzie‏ @patio11 21 Aug 2018
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          There is an actual dollar (or yen, or won, or whatever) underlying all of the "money" in the below statement: The ICO industry (using that term lightly) has raised ~$15 billion dollars. Zero. *Zero.* That is how many actual, usable products have shipped.

          7 replies 33 retweets 111 likes
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        9. Patrick McKenzie‏ @patio11 21 Aug 2018
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          Remember Cryptokitties? Cryptokitties is not just a joke; Cryptokitties got a lot of press coverage because it was the only thing running on the Ethereum network which was not either an explicit Ponzi scheme or an ICO. ICOs—investment scams—are Ethereum's killer app.

          4 replies 17 retweets 95 likes
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        10. Patrick McKenzie‏ @patio11 21 Aug 2018
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          Was that accidental? No. Platforms don't accidental the top use case on their home page. (Ctrl-F for "Kickstart a project with a trustless crowdsale", which is the barest possible fig leaf over the Howey test.)

          6 replies 4 retweets 30 likes
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        11. End of conversation

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