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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. Matthew Green‏ @matthew_d_green 26 Dec 2017
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      In defense of cryptocurrencies, I’d like to push back against the “Visa is so awesome” meme that’s afflicted Twitter this past week. This is a terrible take. 1/n

      26 replies 469 retweets 947 likes
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    2. Matthew Green‏ @matthew_d_green 26 Dec 2017
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      Visa is the absolute worst. They’re terrible. Let me put it another way: Visa is so awful *and hard to dislodge* that people developed Bitcoin in an effort to get rid of them. 2/n

      13 replies 82 retweets 348 likes
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    3. Matthew Green‏ @matthew_d_green 26 Dec 2017
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      That’s right. One of the most important functions of society has been poorly implemented that people *had to effectively re-invent cash* in an effort to replace them. 3/n

      7 replies 33 retweets 187 likes
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    4. Matthew Green‏ @matthew_d_green 26 Dec 2017
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      If you like numbers, there are better ones than transaction throughout. Take profit margin. This company, which does nothing interesting, routinely brings in 45-55% profit margins. That’s highway robbery. 4/n

      18 replies 53 retweets 317 likes
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    5. Matthew Green‏ @matthew_d_green 26 Dec 2017
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      For this service, which is trivial to provide, the card industry charges both customers and merchants enormous fees. That 3% fee infests everything we do. 5/n

      24 replies 37 retweets 225 likes
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      Patrick McKenzie‏ @patio11 26 Dec 2017
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      Replying to @matthew_d_green

      If you think of Visa as a database or message queue it is trivial to provide. The hard thing they did was solve the coordination problem between you, your bank, the last restaraunt you ate at, and another billion people. Credit cards are most successful two-sided market ever.

      7:33 PM - 26 Dec 2017
      • 2 Retweets
      • 22 Likes
      • Baud'Dib Luke Marshall Bill Stewart Tejas Manohar Monero Trader Alexander Ainslie Ovid 19 BC 🐮 Jaden Geller 🧚 D. Valley
      1 reply 2 retweets 22 likes
        1. New conversation
        2. Matthew Green‏ @matthew_d_green 26 Dec 2017
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          Replying to @patio11

          And once upon a time, classified ads in the newspaper solved the coordination problem between people looking to buy and sell goods. But that’s been gone for years, and Visa’s still here and getting worse.

          1 reply 0 retweets 6 likes
        3. Kamil Choudhury‏ @kchoudhu 26 Dec 2017
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          Replying to @matthew_d_green @patio11

          Again, call me when $NEW_SOLUTION has won over every single bank in the world, and made it possible for me to buy anything from anyone without any delay. You're not solving payments, you're solving trust.

          1 reply 1 retweet 10 likes
        4. 12 more replies

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