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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 11 May 2019
    • Report Tweet
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    Replying to @DanielleMorrill

    My Bitcoin fan friends say “Every day it doesn’t collapse is evidence against it being a scam” and I say “Every year which goes by without it producing non-speculative value is further evidence that scams are all there is there.”

    9:51 PM - 11 May 2019
    • 6 Retweets
    • 102 Likes
    • razh he9lin Igor Savelzon Siim Põder Michael Benedict Amna Shamim Aaron Wall Maciej Pasternacki Raja
    6 replies 6 retweets 102 likes
      1. New conversation
      2. Ryan Milbourne  ⚡‏ @RyanMilb 11 May 2019
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        Replying to @patio11 @DanielleMorrill

        What about the value it provides those who can't trust their government? (This may easily be 5% or less of the total volume.)

        1 reply 0 retweets 1 like
      3. tommy boy‏ @tomkarlo 11 May 2019
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        Replying to @RyanMilb @patio11 @DanielleMorrill

        It's not clear there's any incremental value there vs reserve currencies.

        1 reply 0 retweets 0 likes
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      2. GoodNPlenty333‏ @GoodNPlenty333 11 May 2019
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        Replying to @patio11 @DanielleMorrill

        All value is speculative. Value is just collective agreement. Its a creation of human whims.

        1 reply 0 retweets 0 likes
      3. tommy boy‏ @tomkarlo 11 May 2019
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        Replying to @GoodNPlenty333 @patio11 @DanielleMorrill

        This is philosophical, but irrelevant. Patio means the value is generated by means other than speculation - ie via real utility.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. David Doswell‏ @david_doswell 11 May 2019
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        Replying to @patio11 @DanielleMorrill

        Another perspective https://www.daviddoswell.com/property.html 

        0 replies 0 retweets 0 likes
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      1. New conversation
      2. Rogs says test everyone‏ @ESRogs 12 May 2019
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        Replying to @patio11 @DanielleMorrill

        > Every year which goes by without it producing non-speculative value ... > We processed over 1 billion USD in paymentshttps://blog.bitpay.com/2018-blockchain-payments-review/ …

        1 reply 0 retweets 0 likes
      3. Rogs says test everyone‏ @ESRogs 12 May 2019
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        Replying to @ESRogs @patio11 @DanielleMorrill

        You'll probably agree that Bitcoin does produce some non-speculative value. The disconnect is that its valuation is higher than the current usage would justify. That's because the price is based on future expectations. Same story as with Tesla.

        0 replies 0 retweets 0 likes
      4. End of conversation
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