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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 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.)

      5 replies 21 retweets 75 likes
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      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.

      9:49 PM - 7 Nov 2018
      • 4 Likes
      • Oguz Serdar (from 🏠) tommy boy Wuhan'ed Matt "MSG superfan" Olson
      1 reply 0 retweets 4 likes
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        2. 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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        3. 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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