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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 17 Oct 2018
      • Report Tweet
      • Report NetzDG Violation

      Patrick McKenzie Retweeted Shitcoin Minimalist

      In which Bitfinex makes it very explicit that they are going to operationalize something I suspected they already did artisanally: using Tether for crypto-hawala. This... this will not end well.https://twitter.com/bccponzi/status/1052180444475785216 …

      Patrick McKenzie added,

      Shitcoin Minimalist @bccponzi
      Bitfinex introducing a 'distributed banking solution', whatever that means....🤔 pic.twitter.com/7eseiDL0XZ
      7 replies 17 retweets 48 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 17 Oct 2018
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      Essentially what they're doing is attempting to match deposits and withdraws. In lieu of sending them money, they ask you to deposit money with another customer of theirs attempting to withdraw money. This keeps them off of the AML/KYC payments graph at their banks.

      3 replies 4 retweets 27 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 17 Oct 2018
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      "Ahh that's brilliant, why didn't anyone think of it before." They did. It was called LibertyReserve and the principals are currently in prison. https://en.wikipedia.org/wiki/Liberty_Reserve …

      3 replies 16 retweets 63 likes
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      Patrick McKenzie‏ @patio11 17 Oct 2018
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      This is a tremendously bad idea from an operational perspective as well, because one is very unlikely to be able to successfully match inflows and outflows during all market conditions, exacerbating the liquidity problems.

      1:58 AM - 17 Oct 2018
      • 1 Retweet
      • 24 Likes
      • Joachim Schipper FlipTheCrypt Cryptogopher runako paul shinn John Lee Jaurieres Rohan Jayasekera Thomas Womack
      3 replies 1 retweet 24 likes
        1. New conversation
        2. Colin Percival‏ @cperciva 17 Oct 2018
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          Replying to @patio11

          It's also a tremendously bad idea for their customers, because they're asking customers to actively participate in a conspiracy to launder money.

          1 reply 0 retweets 5 likes
        3. Shitcoin Minimalist‏ @bccponzi 17 Oct 2018
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          Replying to @cperciva @patio11

          Which customer is going to deposit money this way with tons of other exchanges available to trade on? Can't see anything else then a net outflow of money here until they run out of cash...

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. d j o r f f‏ @jurph 17 Oct 2018
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          Replying to @patio11

          We have the word “hawala” because it’s a useful idea, and we still have the word because there’s a market for that service. Has anyone built a cryptocurrency that adds integrity/proof better than 2 guys with ledgers?

          0 replies 0 retweets 0 likes
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        1. d j o r f f‏ @jurph 17 Oct 2018
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          Replying to @patio11

          (Or is everyone innovating in that space more interested in being at the top of a Ponzi scheme?)

          0 replies 0 retweets 0 likes
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