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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 2 Apr 2015
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      3/ Western Union spends roughly 1/2 of revenue on local offices by both ends of the transactions. Bitcoin remittances don't solve this.

      2 replies 12 retweets 19 likes
    2. Patrick McKenzie‏ @patio11 2 Apr 2015
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      4/ Bitcoin presently costs on the order of $6.5k per megabyte of data added to the block chain.

      3 replies 12 retweets 20 likes
    3. Patrick McKenzie‏ @patio11 2 Apr 2015
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      5/ The entire market cap of Bitcoin as of 4/1/2015 is a fee paid to someone for work already done between 2009 and 4/1/2015.

      2 replies 14 retweets 20 likes
    4. Patrick McKenzie‏ @patio11 2 Apr 2015
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      6/ Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances.

      6 replies 15 retweets 22 likes
    5. Patrick McKenzie‏ @patio11 2 Apr 2015
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      7/ Bitcoin's Internet cheering squad is a spontaneously organized boiler room. This is Bitcoin's #1 engineering and marketing achievement.

      4 replies 21 retweets 49 likes
    6. Patrick McKenzie‏ @patio11 2 Apr 2015
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      8/ The cheering squad improves upon techniques used to make Ross Perot and Rand Paul seem like serious contenders for the US presidency.

      2 replies 6 retweets 28 likes
    7. Patrick McKenzie‏ @patio11 2 Apr 2015
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      9/ Bitcoin is not a protocol in any meaningful sense of word. It is a single C++ codebase that you have to be bug-for-bug compatible with.

      10 replies 63 retweets 56 likes
    8. Patrick McKenzie‏ @patio11 2 Apr 2015
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      10/ Bitcoin's disaster recovery plan is a) get a cabal of people together in IRC, b) shut down the entire payment network, c) sort things.

      1 reply 49 retweets 52 likes
    9. Patrick McKenzie‏ @patio11 2 Apr 2015
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      11/ No, seriously, the decentralized nobody-needs-to-trust-anybody payments network *was shut down by an IRC channel's consensus* for 8 hrs.

      15 replies 59 retweets 79 likes
    10. Patrick McKenzie‏ @patio11 2 Apr 2015
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      12/ Time between Bitcoin blocks is not guaranteed (follows a Poisson distribution). Sometimes all pending transactions just stop for a while

      6 replies 11 retweets 17 likes
      Patrick McKenzie‏ @patio11 2 Apr 2015
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      13/ The media following Bitcoin, both enthusiast press and tech rags, are so incompetent at their jobs that it beggars belief.

      11:49 AM - 2 Apr 2015
      • 12 Retweets
      • 31 Likes
      • lventura.tar.gz Guillaume Joseph Ruscio Guillaume Ceccarelli steve von reddit Mike Champion Jim Gray THIRTEEN MacLane Wilkison
      4 replies 12 retweets 31 likes
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        2. Patrick McKenzie‏ @patio11 2 Apr 2015
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          14/ One example of many: a single phone call or letter in Japanese would have sufficed to verify that Mt. Gox was insolvent in summer 2013.

          6 replies 11 retweets 19 likes
        3. Gordon Mohr ꧁ 👁 👁꧂‏ @gojomo 2 Apr 2015
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          @patio11 curious: a single call or letter to whom? a specific bank or regulator? (many already suspected gox insolvency in that timeframe…)

          1 reply 0 retweets 0 likes
        4. 6 more replies
        1. Mary Branscombe‏ @marypcbuk 2 Apr 2015
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          @patio11 I don't follow it so much as mock it ;) & in my for-fun writing I made Bitcoin insecurity a plot point http://www.amazon.com/Flight-Contours-Cassidy-techno-mystery-Large-ebook/dp/B00R0OX006/ref=sr_1_3?s=digital-text&ie=UTF8&qid=1428001936&sr=1-3 …

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        1. Prometheus 2.0‏ @wraithburn 2 Apr 2015
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          @patio11 on a similar note, @el33th4xor wrote several articles lambasting bitcoin. They are long, well written, and highly technical.

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        1. futile rebel‏ @futilerebel 2 Apr 2015
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          @patio11 there are some good journalists, and some bad journalists. Just like with everything else.

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