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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 30 Apr 2019
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      Tether admits insolvency in court filing: https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents … I think the $64 million question now is where the next shoe is to drop, because it's overwhelmingly likely that they've been de facto supplying credit to the ecosystem.

      2 replies 22 retweets 44 likes
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    2. Patrick McKenzie‏ @patio11 30 Apr 2019
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      Somebody is levered long on Bitcoin who doesn't think they are, and I think that's an arresting thought even for most Bitcoin fans.

      4 replies 4 retweets 17 likes
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    3. Patrick McKenzie‏ @patio11 30 Apr 2019
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      They certainly want to have-their-cake-and-eat-it-too on the entity shell game: Bitfinex and Tether are arms-length for determining whether they're in collusion with each other, but allowed to know they're literally the same people for assessing default risk, etc etc.

      1 reply 1 retweet 7 likes
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    4. Patrick McKenzie‏ @patio11 30 Apr 2019
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      Yeah in addition to treating each others' customer holdings as slush funds the fact that the market knows them to be alter egos does create some risk of reputational spillover.pic.twitter.com/H6Q0CLyozo

      1 reply 0 retweets 8 likes
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    5. Patrick McKenzie‏ @patio11 30 Apr 2019
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      Seems like a pertinent question for somebody to ask during the run on the bank is "Hey, if we ignore the entity shell game: can your combined enterprise satisfy all demand deposits and if not what percentage can it satisfy and in what order does it satisfy them?"

      1 reply 1 retweet 13 likes
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    6. Patrick McKenzie‏ @patio11 30 Apr 2019
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      Redemptions were impossible directly through Tether between, approximately, November 2017 and 2018. Tether pointed interested holders at Bitfinex or other exchanges but pointedly refused to redeem, and Bitfinex couldn't redeem (because it lacked reliable USD-banking).pic.twitter.com/il1mX0siQs

      2 replies 3 retweets 9 likes
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    7. Patrick McKenzie‏ @patio11 30 Apr 2019
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      One of several times that cryptocurrency enthusiasts decided to praise the practice of *checks notes* fractional reserve banking, without implementing things that banks often do, like having credit risk monitoring, an audit committee, 2+ loans, diversity of funding sources, etc.pic.twitter.com/Hd66L1BkOk

      2 replies 6 retweets 31 likes
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    8. Paul Roales‏ @PaulRoales 30 Apr 2019
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      Replying to @patio11

      2+ loans?

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 30 Apr 2019
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      Replying to @PaulRoales

      Yes. Most banks have 2+ loans. This is advantageous because if you had only one loan and, because lightning struck, you had loaned to a comprehensively mismanaged company which had already lost the money, you would have to write your entire loan book to zero.

      9:40 AM - 30 Apr 2019
      1 reply 0 retweets 0 likes
        1. Paul Roales‏ @PaulRoales 30 Apr 2019
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          Replying to @patio11

          Ah roger - I was thinking it was referring to something more technical about loans

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