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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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    Patrick McKenzie‏ @patio11 7 Nov 2018
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    The Pokemon theory of stablecoins, which I think is approximately correct: https://medium.com/social-capital/tether-part-two-pokedex-november-4-2018-snippets-8f62e01e7772 … ("Explain it like I'm not five?" Speculative mania combined with a credit bubble; going to allocate billions of dollars in cash losses when it winds up.)

    9:28 PM - 7 Nov 2018
    • 21 Retweets
    • 75 Likes
    • Steve Seem Stefanie Schulte #GenoVerband Thomas Superb Intellect Kevin Moore David LC Parity @🏠 Mike Weatherford🎃 is having you a major user experience right now
    5 replies 21 retweets 75 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 7 Nov 2018
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        “Who is going to take the loss?” Who doesn’t have cash in their hands? Ceteris paribus that is who takes the loss, because there are too many claims chasing not enough cash.

        1 reply 0 retweets 4 likes
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      3. Patrick McKenzie‏ @patio11 7 Nov 2018
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        Some of those claims are denominated in tethers and some it Bitcoin but all are ultimately backed by the circulating USD in the Bitcoin economy, which is crashing as some folks take chips off table and no new hodlers join to take sweet -70% losses.

        2 replies 1 retweet 8 likes
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      4. Patrick McKenzie‏ @patio11 7 Nov 2018
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        “Why doesn’t this happen all the time in business?” Well for one thing some of the dollars in an ecosystem of firms would have been happily transferred in by customers paying for goods and services, a thing which customers only very incidentally require from the Bitcoin economy.

        0 replies 1 retweet 11 likes
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      5. End of conversation
      1. Stephen carroll‏ @_carrollstephen 7 Nov 2018
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        Replying to @patio11 @Bitfinexed

        Holy shit that article was aids. I want my 5 minutes back. Cliff notes: no-coiner explains tether conspiracy theory while calling btc and tether pokemon characters.

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Alex Danco‏ @Alex_Danco 7 Nov 2018
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        Replying to @patio11

        As with any simplified explanation, there are some cut corners- plus the fact that I’m still trying to totally understand it myself. More to come...

        1 reply 0 retweets 1 like
      3. Alex Danco‏ @Alex_Danco 7 Nov 2018
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        Replying to @Alex_Danco @patio11

        The unique aspect of this particular scam (as opposed to the general combination of speculative tech + credit bubble) is the Dollars vs “Dollars” sleight of hand involved in the fake-USD denominated exchanges. That’s the really unique part

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Casa del Crypto‏ @yahbdaj2 8 Nov 2018
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        Replying to @patio11 @Bitfinexed

        Plot twist: @Bitfinexed =@bitfinex and is spreading tether fud so that @bitfinex can buy back tether at a discount.

        0 replies 0 retweets 0 likes
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      1. Anthony Steele‏ @AnthonySteele 8 Nov 2018
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        Replying to @patio11

        What I would like to sort out in my mind is the diffs between Central banks inventing dollars legitimately by fiat and these con artists attempting to do same privately.

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