Skip to content
  • Home Home Home, current page.
  • Moments Moments Moments, current page.

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?
    New to Twitter?
    Sign up
patrissimo's profile
Patri Friedman
Patri Friedman
Patri Friedman
@patrissimo

Tweets

Patri Friedman

@patrissimo

On virtue, venture, family, freedom, crypto and (of course) building startup countries on the ocean.

San Jose, CA
patrifriedman.com
Joined October 2008

Tweets

  • © 2018 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list

    Under 100 characters, optional
    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    1. Patri Friedman‏ @patrissimo 8 Dec 2017

      1/ This article on velocity in cryptocurrencies misses a deeper problem: since token price is inversely proportional to velocity, token holder incentive is to *decrease* velocity; ie keep txs slow.https://www.coindesk.com/blockchain-token-velocity-problem/ …

      1 reply 4 retweets 11 likes
      Show this thread
    2. Patri Friedman‏ @patrissimo 8 Dec 2017

      2/ "Price Inversely proportional to velocity" here is not a vague correlational statement, but an exact one from "MV = PQ", which was my grandfather's license plate: https://en.wikipedia.org/wiki/Equation_of_exchange …

      2 replies 1 retweet 7 likes
      Show this thread
    3. Patri Friedman‏ @patrissimo 8 Dec 2017

      3/ Which means that #bitcoin's governance problem is worse than you thought. Fast transactions = higher velocity = lower price, so #Bitcoin holders literally have a direct incentive for a slow network (it's not just a coordination problem)

      1 reply 0 retweets 5 likes
      Show this thread
    4. Patri Friedman‏ @patrissimo 8 Dec 2017

      4/ You can argue that faster txs = greater utility = more future demand, and there's some truth, but that's an indirect/distant/second order effect compared to the direct/immediate/first order effect of velocity decreasing price.

      1 reply 0 retweets 4 likes
      Show this thread
    5. Patri Friedman‏ @patrissimo 8 Dec 2017

      5/ This suggests that store-of-value and medium-of-exchange uses are in opposition. Hodlers want high prices, which means a slow network. Exchangers are price-indifferent but want speed.

      1 reply 0 retweets 2 likes
      Show this thread
    6. Patri Friedman‏ @patrissimo 8 Dec 2017

      6/ This makes investing in tokens for any non store-of-value a sketchy proposition. An effective enabler of exchange (financial, storage, CPU, bandwidth, whatever) must be fast & low-friction, which is opposed to token appreciation.

      2 replies 0 retweets 3 likes
      Show this thread
    7. Marco‏ @itsokaytodance 8 Dec 2017
      Replying to @patrissimo

      Isn't P in the exchange equation the price level, which in turn is inversely proportional to the value of the currency in question?

      2 replies 0 retweets 0 likes
      Patri Friedman‏ @patrissimo 8 Dec 2017
      Replying to @itsokaytodance

      or put another way: there is no "Value" term in MV=PQ. "Value" is defined as 1/P. Changing P changes "Value". Changing Velocity changes "P".

      10:55 AM - 8 Dec 2017
      0 replies 0 retweets 0 likes

      Loading seems to be taking a while.

      Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

        Promoted Tweet

        false

        • © 2018 Twitter
        • About
        • Help Center
        • Terms
        • Privacy policy
        • Cookies
        • Ads info