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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 20 Sep 2018
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      Luckily for cryptocurrency exchanges, recent decreases in market prices for tokens mean that …http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/  doesn't need an update due to:https://www.wsj.com/articles/cryptocurrency-exchange-hacked-again-about-60-million-swiped-1537425682 …

      1 reply 4 retweets 39 likes
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    2. Patrick McKenzie‏ @patio11 20 Sep 2018
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      "Why does this keep happening?" Because the market is clownshoes, top to bottom. Users are clownshoes: they are gambling, and so they overvalue ability to move money ~instantly in and out of exchanges. This results in exchanges competing on custodial risk. The winners lose.

      2 replies 0 retweets 19 likes
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    3. Patrick McKenzie‏ @patio11 20 Sep 2018
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      There is a well-known triangle in accounting to separate controls and thereby prevent embezzlement: authority to move funds, physical custody of funds, recordkeeping. Anyone who has all three can steal all the money. Root any computer at a Bitcoin exchange. Get all three.

      2 replies 9 retweets 28 likes
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    4. Patrick McKenzie‏ @patio11 20 Sep 2018
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      The Bitcoin community's sole compensating control, the hot wallet / cold wallet distinction, is clownshoes. If it actually worked …http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/  would not need to be a domain name. It's easy to eff up and the SUCCESSFUL case is that you lose only 5~20% of all AUM.

      1 reply 0 retweets 9 likes
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    5. Patrick McKenzie‏ @patio11 20 Sep 2018
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      The exchanges are clownshoes. Probably one in the world has the security team required to secure a Bitcoin exchange. I had previously estimated that at $10 million a year but that actually might not get you there, particularly since market pressure is expanding attack surface.

      1 reply 0 retweets 13 likes
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    6. Patrick McKenzie‏ @patio11 20 Sep 2018
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      Regulators are clownshoes. In what functioning regulated market is it OK for retail to lose hundreds of millions of dollars to operational error multiple times per year?!

      2 replies 0 retweets 17 likes
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    7. Patrick McKenzie‏ @patio11 20 Sep 2018
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      "People knew about the risk." See that's the thing about regulated markets: you're allowed to sell *products* which are risky but the *system* risk should be close to zero. Do you know when the last time a bank or brokerage has lost $50 million in customer money was?

      6 replies 1 retweet 42 likes
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      Patrick McKenzie‏ @patio11 20 Sep 2018
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      Replying to @neilscudder

      That's not an operational error. The money didn't simply vanish from accounts.

      12:45 AM - 20 Sep 2018
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