In the continuing saga of Bitcoin attempting to reinvent finance from first principles and implement with bubblegum:https://www.bitfinex.com/posts/214
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Replying to @patio11
In the grown-up economy, figuring out who owns what at any given time is a surprisingly nuanced concept.
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Replying to @patio11
Take, for example, a share of stock. That might be owned by Oliver, lent to Larry, in the custody of Cindy, and promised to Peter.
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Replying to @patio11
Now suppose that this company declares a dividend or share split. What happens?
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Replying to @patio11
This is a surprisingly nuanced question, but let me give you the handwavy version: defined behavior implemented by professionals happens.
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Replying to @patio11
Now back to Bitcoin, the decentralized we-trust-no-god-but-math who-needs-a-counterparty my-database-is-a-blockchain financial system.
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Replying to @patio11
A consequence happened as a result of a token. This had never happened before, except for all the times that it had, and there was no plan.
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Replying to @patio11
So the trusted central parties that Bitcoin denies exist retroactively made plans, which were bad plans which had to be changed.
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Replying to @patio11
And then, as a result of the improvements, they closed the operational error on the distribution from about 25% to only about 15%.
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Replying to @patio11
There is a lot of hard, crunchy engineering (of both data and financial relationships) which makes that happen. It's actually really fun.
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Replying to @patio11
If you're wondering how 1 - 1 + 1 evaluates to 0.85, well, that was more of a policy decision than a math decision, because...pic.twitter.com/xKMQJVkCzI
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