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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 May 2019
      • Report Tweet
      • Report NetzDG Violation

      Patrick McKenzie Retweeted Frank Chaparro

      Novel breach announcement which has ~$40 million in losses plus "Although this is the only identified transaction so far, the company warns that additional accounts may be affected as well.", which might seem to be a good thing to have clarity on for a financial institution.https://twitter.com/fintechfrank/status/1125912751409369090 …

      Patrick McKenzie added,

      Frank ChaparroVerified account @fintechfrank
      JUST IN ! Security breach on Binance results in a loss of 7000 BTC https://www.theblockcrypto.com/tiny/security-breach-on-binance-results-in-a-loss-of-7000-btc/ …
      Show this thread
      4 replies 7 retweets 42 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 7 May 2019
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      Bitcoin enthusiasts: Let's wax rhapsodic about how our ledger is going to transform the world with trustless, programmable money. Can you even math with your money, bro? Also Bitcoin enthusiasts: No, we can't subtract authorized transactions from total transactions.

      1 reply 7 retweets 34 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 7 May 2019
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      They've also suspended deposits and withdraws for a week, which as an engineering matter is probably a good idea because they're probably hopelessly owned right now and as a business matter should be company-ending.

      2 replies 0 retweets 17 likes
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    4. Patrick McKenzie‏ @patio11 7 May 2019
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      "You're being mean." Look, if eTrade got cut off from the grown up financial world for a week, and said "We're leaving trades up if you want to make any but are unsure which of our customers' accounts are currently in the hands of the enemy" I would say "Yep, you're done."

      2 replies 2 retweets 31 likes
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    5. Patrick McKenzie‏ @patio11 7 May 2019
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      A billion here, a billion there, sooner or later we should start taking claims that one is operating a responsible financial institution at face value.

      1 reply 0 retweets 16 likes
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      Patrick McKenzie‏ @patio11 7 May 2019
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      I would be remiss if I didn't say "This could be a particular inopportune week for customers to have their money stuck in a custodian which is extremely exposed to Tether" but every week is an inopportune week to shut down a financial institution.

      6:37 PM - 7 May 2019
      • 1 Retweet
      • 17 Likes
      • Ashwin Dollar Peter Hatch Eli Courtwright Michelle Steigerwalt Philipp Seifert Sam Havens Nick Baum 🇸🇪 Brainlink Keeps NYC running bmac
      1 reply 1 retweet 17 likes
        1. Patrick McKenzie‏ @patio11 7 May 2019
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          Also to beat a drum I have beat many, many times before: hot wallets are observationally an inadequate control. They lost 2% of their AUM because they have no process which would stop 2% of their AUM leaving. Postmortem can be titled "Roadmap += accounting controls from 1500s."

          0 replies 2 retweets 27 likes
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