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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 31 Dec 2015
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      Alright it is 6 AM and I'm jet lagged: let's talk some Bitcoin in tweet storm format again.

      3 replies 8 retweets 30 likes
    2. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      Bitcoin is a single C++ codebase, Bitcoin core, not a protocol that anyone can independently interoperate with. It's IE6, not HTTP.

      5 replies 19 retweets 29 likes
    3. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      The codebase is understood by less than ~200 people and controlled by five. As of the present moment in time, 3 work for same employer.

      2 replies 12 retweets 13 likes
    4. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      The crisis du hour in Bitcoin is whether to have "big blocks" or "small blocks." Small blocks make Bitcoin's sharply limited TPS valuable.

      1 reply 1 retweet 7 likes
    5. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      TPS has been a red herring for most of Bitcoin's existence: miners have always theoretically sold transaction processing but were actually

      1 reply 1 retweet 5 likes
    6. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      99%+ compensated by the block reward, which is Bitcoin seigniorage. This is the most important decision ever made for Bitcoin.

      1 reply 1 retweet 7 likes
    7. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      The block reward created a widely distributed self-organizing incentive compatible boiler room. It is Satoshi's towering genius achievement.

      1 reply 1 retweet 7 likes
    8. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      But the ship has sailed on getting in on mining: entry stakes are now $10 million plus. Comparable difficulty to building a data center.

      1 reply 2 retweets 4 likes
    9. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      Miners: "So what do we sell people if we don't sell them tokens?" Answer: we freeze BTC's transactions per second (TPS) low and auction it.

      1 reply 1 retweet 6 likes
    10. Patrick McKenzie‏ @patio11 31 Dec 2015
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      Replying to @patio11

      "Wait Bitcoin is fast free trans processing. That's the point, right?" Both of those claims have always been lies. Boiler room liked them.

      1 reply 1 retweet 11 likes
      Patrick McKenzie‏ @patio11 31 Dec 2015
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      Bitcoin community now has a bit of a standoff going on between various stakeholders. It will end badly.

      12:56 PM - 31 Dec 2015
      • 4 Retweets
      • 6 Likes
      • Franta Polach Andy Broomfield Baldur Bjarnason @baldur@toot.cafe Spratt😷 Anatoly Karp Nigel Small 🇬🇧 🇩🇪 🇪🇺 Yodit Stanton V i v e k 🐻 TheDukeXX99
      4 replies 4 retweets 6 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 31 Dec 2015
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          Replying to @patio11

          In the first corner, we have the "economic majority", which is what the boiler room calls VC-funded startups theoretically building on BTC.

          2 replies 2 retweets 3 likes
        3. Patrick McKenzie‏ @patio11 31 Dec 2015
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          Replying to @patio11

          The economic majority provides a supermajority of the community's total access to hard US currency and development work in related tech.

          1 reply 1 retweet 4 likes
        4. 14 more replies
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        2. Ross Nicoll‏ @JRossNicoll 31 Dec 2015
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          Replying to @patio11

          @patio11 Meanwhile everyone else is tearing apart Bitcoin to get at the tasty blockchain centre, and innovating on top of it

          1 reply 0 retweets 1 like
        3. Ross Nicoll‏ @JRossNicoll 31 Dec 2015
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          Replying to @JRossNicoll

          @patio11 Much to the screams of "Wait, you can't do that!" as the BC community's worldview collides with reality

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. GoWashYourHandsNow, MD‏ @_drgo 31 Dec 2015
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          Replying to @patio11

          @patio11 I don't think it'll end badly. Look at incentive structure. Those complaining loudly have no power. Money will talk…when it must.

          0 replies 0 retweets 0 likes
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