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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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    Patrick McKenzie‏ @patio11 27 Jan 2018
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    "Accounting controls" has to be way, way up there on the list of "systemically important technologies that almost no one would say One Of The Most Important Things Ever Invented." This is about 60% of the reason why Bitcoin exchanges keep blowing up while everyone looks on.

    8:25 PM - 27 Jan 2018
    • 58 Retweets
    • 216 Likes
    • Roshni Raghavan Matt Guttman Rachel Stephens Sid Singh K.R. Peter Hatch J. Albert Lunde 🚲🚎🥑
    7 replies 58 retweets 216 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 27 Jan 2018
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        "So do you have accounting controls?" "No we have the blockchain." "... So you're saying you have a computer program." "Yeah, at a certain level of abstraction." "But no accounting controls?" "No." "Yeah you're going to blow up." "Lol geezer." "No, seriously, this is what I do."

        2 replies 24 retweets 75 likes
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      3. Patrick McKenzie‏ @patio11 27 Jan 2018
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        For example: folks keep implementing M-of-N signatures, which is a very I Work With Computers understanding of separation of duties. The most famous failure of M-of-N signatures was at a cryptocurrency exchange which was 2 of 3 signatures and delegated one to a 3rd party.

        1 reply 3 retweets 39 likes
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      4. Patrick McKenzie‏ @patio11 27 Jan 2018
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        The 3rd party was instructed to autoapprove all signature requests because the request volume was uneconomical to involve a human in the loop. Computer scientists are shaking their heads now but accountants are saying "Actually we see that a lot; that's why we check for it."

        2 replies 12 retweets 72 likes
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      5. Patrick McKenzie‏ @patio11 27 Jan 2018
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        "Why doesn't virtually anyone in the industry just hire an adult?" One of the ways in which accountants, like many professionals, are disciplined is that they require a license and that license is on the line with signing off on certain decisions.

        1 reply 8 retweets 65 likes
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      6. Patrick McKenzie‏ @patio11 27 Jan 2018
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        You have to assume that the calculus for every lawyer and accountant within 10 miles of e.g. an ICO has to include "Hmm I think I have an N% chance of this engagement ending my career so is the expected value of it at least 1 / N% times the net present value of my career."

        5 replies 10 retweets 90 likes
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      7. End of conversation
      1. New conversation
      2. Patrick McKenzie‏ @patio11 27 Jan 2018
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        Replying to @octal

        I agree that the second part is true, but I think that if I polled e.g. 100 people who graduated from my university and asked each to list the top 20 inventions ever I would have literally no one say either double-entry bookkeeping or accounting controls generally.

        4 replies 0 retweets 16 likes
      3. Dave Kasten‏ @David_Kasten 27 Jan 2018
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        Replying to @patio11 @octal

        Anecdotally, I know of several people in my peer group who believe this. Most have MBAs and gained that belief in their MBA program, a few have history/poli sci degrees heavily focused on the history of institutions.

        0 replies 0 retweets 2 likes
      4. End of conversation
      1. New conversation
      2. Nick Coghlan‏ @ncoghlan_dev 27 Jan 2018
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        Replying to @patio11

        The part about downstream accounting controls and not needing to solve everything with software was one of many reasons I liked "The Phoenix Project" :)

        1 reply 1 retweet 17 likes
      3. Patrick McKenzie‏ @patio11 27 Jan 2018
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        Replying to @ncoghlan_dev

        Amazon's revenue just increased by $9.99; thanks for the pointer.

        2 replies 0 retweets 13 likes
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      1. telinit 6‏ @mexisme 27 Jan 2018
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        Replying to @patio11

        I have the worst feeling these systems are generally badly understood by those in Tech, incl. those at FinTech com's.

        0 replies 0 retweets 2 likes
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