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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 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.

      7 replies 58 retweets 216 likes
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      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.

      8:38 PM - 27 Jan 2018
      • 16 Likes
      • the network is just an abstraction layer Mark Karake oliver beige Carl Winbäck Casey Middaugh Matt Secoske vrimj
      4 replies 0 retweets 16 likes
        1. 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
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        1. Noah Gibbs‏ @codefolio 28 Jan 2018
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          Replying to @patio11 @octal

          One of the best Dungeons and Dragons one-off plot summaries I ever saw involved players retrieving the ancient secret of double-entry bookkeeping.

          0 replies 0 retweets 1 like
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        1. Prakash Narayanan‏ @myprak 28 Jan 2018
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          Replying to @patio11 @octal

          This is kind of why the old finance geezers like @matt_levine are watching crypto with bemusement while all the old lessons are relearned in internet speed.

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        1. Joe Smith  🇨🇦‏ @joesmith323 27 Jan 2018
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          Replying to @patio11 @octal

          And none of them would mention decimal arithmetic. Europe owes a huge debt to Fibonacci for bringing it west.

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