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patrissimo's profile
Patri Friedman
Patri Friedman
Patri Friedman
@patrissimo

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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

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    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
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    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
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    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
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    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
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    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.

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    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.

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    7. Patri Friedman‏ @patrissimo 8 Dec 2017

      Via @AriDavidPaul, here's a more detailed explanation by @cburniske of how velocity relates to price for cryptocurrency using the equation of exchange:https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7 …

      3 replies 15 retweets 34 likes
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    8. TraderRoode‏ @TraderRoode 8 Dec 2017
      Replying to @patrissimo @cburniske @AriDavidPaul

      The entire idea of velocity increase = token price increase is horseshit. USD has plenty of velocity increase over time. How’s that value working out for it?

      1 reply 0 retweets 0 likes
    9. Patri Friedman‏ @patrissimo 9 Dec 2017
      Replying to @TraderRoode @cburniske @AriDavidPaul

      Velocity increase = token price *decrease*. More velocity means the same demand of use for exchange is met by fewer tokens, this shifts demand curve down, which decreases price and quantity.

      1 reply 0 retweets 0 likes
    10. TraderRoode‏ @TraderRoode 9 Dec 2017
      Replying to @patrissimo @cburniske @AriDavidPaul

      I’ve heard the argument -usually from those planning an ICO - that velocity (meaning daily transaction volume) increasing will lead to an increase in the value of a particular token. It’s just not based in anything in reality.

      1 reply 0 retweets 0 likes
      Patri Friedman‏ @patrissimo 9 Dec 2017
      Replying to @TraderRoode @cburniske @AriDavidPaul

      Velocity in monetarism is related to, but not the same as transaction volume.

      12:31 PM - 9 Dec 2017
      1 reply 0 retweets 0 likes
        1. TraderRoode‏ @TraderRoode 9 Dec 2017
          Replying to @patrissimo @cburniske @AriDavidPaul

          Ah I may have been subject to people misusing the term.

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