Skip to content
By using Twitter’s services you agree to our Cookies Use. We and our partners operate globally and use cookies, including for analytics, personalisation, and ads.

This is the legacy version of twitter.com. We will be shutting it down on June 1, 2020. Please switch to a supported browser, or disable the extension which masks your browser. You can see a list of supported browsers in our Help Center.

  • Home Home Home, current page.
  • About

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?

    New to Twitter?
    Sign up
patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

Tweets

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

Tweets

  • © 2020 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Imprint
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list


    Under 100 characters, optional

    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    1. Larry Cermak‏ @lawmaster 3 Oct 2019
      • Report Tweet
      • Report NetzDG Violation

      Coinbase just hiked their fees for retail and became the most expensive exchange (tied with Bitstamp) for retail investors. They used to charge 0.15% maker and 0.25% taker. Now they charge 0.5% for both maker and taker. Yikespic.twitter.com/IQTa2fAes7

      113 replies 176 retweets 608 likes
    2. Patrick McKenzie‏ @patio11 3 Oct 2019
      • Report Tweet
      • Report NetzDG Violation
      Replying to @lawmaster

      I can’t believe I am about to say “this is unfair to a Bitcoin exchange” but stacking those fees is unfair presentation of that data to a Bitcoin exchange. Retail will not frequently trade with retail, so 0.5%+0.5% not indicative of the actual cost of trades.

      5 replies 0 retweets 4 likes
    3. Larry Cermak‏ @lawmaster 3 Oct 2019
      • Report Tweet
      • Report NetzDG Violation
      Replying to @patio11

      It’s a way to compare all exchanges without having a cluttered chart

      2 replies 0 retweets 2 likes
    4. Patrick McKenzie‏ @patio11 3 Oct 2019
      • Report Tweet
      • Report NetzDG Violation
      Replying to @lawmaster

      I get that the purpose is optimizing for the readability of the chart, but to get it you had to compromise on whether the chart means anything. Your presentation implies there is something important about Coinbase being rightmost. That implication is basically not true.

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 3 Oct 2019
      • Report Tweet
      • Report NetzDG Violation
      Replying to @patio11 @lawmaster

      The stat a Bitcoin retail trader should care about, given that they care about cost of trading and have typical behavior, is “What is taker fee for me plus weighted maker fee for market makers I will be trading with?”, since that (plus spread) is the actual cost of trading a leg.

      11:27 AM - 3 Oct 2019
      3 replies 0 retweets 0 likes
        1. John Zettler‏ @JohnZettler 3 Oct 2019
          • Report Tweet
          • Report NetzDG Violation
          Replying to @patio11 @lawmaster

          You’re both partially right IMO Retail might make or take, so a cleaner chart would be to simply rank by the maker-taker-midpoint

          0 replies 0 retweets 1 like
          Thanks. Twitter will use this to make your timeline better. Undo
          Undo
        1. Jeremias Kangas‏ @kangasbros 3 Oct 2019
          • Report Tweet
          • Report NetzDG Violation
          Replying to @patio11 @lawmaster

          Retail trader can be easily maker, if he has some ectra time and understands how trading work. I quite often do maker trades just casually and see if I get lucky and save few cents.

          0 replies 0 retweets 0 likes
          Thanks. Twitter will use this to make your timeline better. Undo
          Undo
        1. New conversation
        2. ALGO-MAN‏ @AngeloXTZ 3 Oct 2019
          • Report Tweet
          • Report NetzDG Violation
          Replying to @sobradob @patio11 @lawmaster

          He didn’t even use coinbase fees, he used coinbase pro - coinbase fees wouldn’t fit inside that chart

          0 replies 0 retweets 0 likes
        3. End of conversation
        1. Amrullah‏ @Muhd_Amrullah 3 Oct 2019
          • Report Tweet
          • Report NetzDG Violation
          Replying to @patio11 @lawmaster

          haha. trust me that’s not what’s going thru a retail trader’s head. when’s the last time you take a trade on coinbase pro?

          0 replies 0 retweets 1 like
          Thanks. Twitter will use this to make your timeline better. Undo
          Undo

      Loading seems to be taking a while.

      Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

        Promoted Tweet

        false

        • © 2020 Twitter
        • About
        • Help Center
        • Terms
        • Privacy policy
        • Imprint
        • Cookies
        • Ads info