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Patrick McKenzie
@patio11
, 4 tweets, 2 min read Read on Twitter
. @matt_levine , on banks' purported enthusiasm for blockchain:

bloomberg.com/opinion/articl…

(I think this is probably extremely exaggerated purported enthusiasm. Of course IBM's vice president of blockchain says that buyers should want to buy blockchain.)
@matt_levine Ah Bitcoin, what have ye wrought, that IBM is trying to sell JPMorgan on permissioned USD-backed stablecoins.
@matt_levine The bull case for blockchain:

Slow databases are worse than fast databases, inarguably. But if this particular slow database sets fire in the hearts of non-technical decisionmakers, it might cause the non-technical collaboration to e.g. drive down money transfer flight times.
@matt_levine "You know we could do a few months of boring stakeholder management and get ACH down to basically instantaneous if we stopped doing nightly CSV uploads and adopted a REST API." "Everything you just said sounds boring to me." "Or we could blockchain." "Ooh tell me more!"
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Patrick McKenzie
@patio11
"15~20 years ago, technically-inclined founders routinely got taken to cleaners by capital due to information asymmetry. This is no longer the case due to folks like Brad Feld et al writing about it and PG's YCombinator." @robwalling #microconf
@robwalling I think one of the things we'll see over the *next* 15~20 years is that there will be sufficient money internal to the tech community (broadly writ) such that tapping high net worth individuals / endowments / pension plans won't be necessary.
@robwalling (This has already basically happened prior to Series B or so; the big question is whether it happens to B/C as well. One wonders who will win growth rounds, mutual funds or SoftBank or funds, but I'm glad that my day job is not attempting to build differentiation for money.)
Read 3 tweets
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Patrick McKenzie
@patio11
"70% of businesses don't do user research... and this is basically constant over revenue buckets from $0 to $50M+." @AlliBlum #MicroConf
@AlliBlum I think there are a *surprising* number of things you could replace for "user research" here, in that meat-and-potatoes things that are well-written-about seem like they're technologies which should exist everywhere... but they're not.
@AlliBlum Also worth noting that there are many businesses which have several genres of meat-and-potatoes things missing but they do one or several things well enough to cause success in spite of that.
Read 3 tweets
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Patrick McKenzie
@patio11
. @SureSwiftCap mentioned that they're a remote-first culture with 80 employees over 14 timezones.

Which: daaaaaaaaang that is operationally impressive.

#Microconf
@SureSwiftCap A word I heard many years ago: "the micro-multinational."

It is a wild, wild thing about the world that a company operating on the scale of a local business can have their definition of local be "Local to any of the ten countries we do business in physically. Or the Internet."
@SureSwiftCap When I was 24 I used to joke "I run a multinational software company" because that was clearly a joke, I mean sure technically speaking there was me in Japan and the customers in the US but that is what nobody means by multinational.

It eventually became not really a joke.
Read 5 tweets

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Noah Smith 🐇
@Noahpinion
In today's @bopinion post I lay out a very scary idea: a case for why low interest rates might be holding down productivity growth.

bloomberg.com/opinion/articl…
OK so we think that productivity growth in rich countries has slowed a lot since the recession.

That might seem minor, but over time it's really bad. Eventually it means back to a low-growth, zero-sum world. And that's probably not a good world.
What else has happened in rich countries since the Great Recession?

Interest rates have been very close to the zero lower bound.

Could these two be connected?
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Tim O'Brien
@TimOBrien
When my lawyers inquired about how Trump calculated his net worth, he said his self-assessment went “up and down with markets and with attitudes and with feelings, even my own feelings.” He noted later that “even my own feelings affect my value to myself.” bloomberg.com/opinion/articl…
"During the litigation, my lawyers got their hands on an assessment of Trump’s wealth that German banking giant Deutsche Bank AG had pulled together in 2004. Deutsche figured Trump had a net worth of about $788 million, even though he told them he was worth $3 billion."
Investigators may want to examine why President Trump and his accountant, Allen Weisselberg, have gone to such great lengths, and for so long, to inflate the president's wealth when talking to the media, insurers, and banks: bloomberg.com/opinion/articl…
Read 9 tweets
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Filomena Rocha, President European Commission
@Filomen03258997
12. Attempted coup in Venezuela with support from the US - 2019

#Venezuela #AttemptCoupInVenezuela #War #Warlords2019 #TheWorldWithVenezuela #ElMundoEstaConVenezuela #ElMundoEstaConVzla #Democracy #HumanRights #dignity #Peace #Love #Freedom #UNCharter
😆😆😆😅😅😅😂😂😂🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣Bolsonaro @jairbolsonaro to Guaidó @jguaido : "self-proclaiming president is easy, I want to see govern🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
y @telesurenglish
The attack on #Venezuela’s electrical system was carried out in three phases. #HandsOffVenezuela
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Caitlin Long 🔑
@CaitlinLong_
1/ TWEETSTORM about #Wyoming’s BIG REVEAL. This is long & info-packed, so buckle in. My native state is about to do bigger things for #blockchain, & the sector is about to pay Wyoming back big-time. Win-win! @Tyler_Lindholm @SenatorDriskill @TraceMayer @ForbesCrypto
2/ News story here: forbes.com/sites/darrynpo… @ForbesCrypto
3/ New bill 2 parts. 1-Digital asset custody via #SEC #CustodyRule wld create first true #QualifiedCustodian for digital assets (for investors who by law can’t self-custody). 2-Defines property rights for digital assets—doing something HUGELY IMPT for #bitcoin/virtual currencies
Read 40 tweets
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Arvind Narayanan
@random_walker
In 2018 the blockchain/decentralization story fell apart. For example, a study of 43 use cases found a 0% success rate. theregister.co.uk/2018/11/30/blo…
Let's talk about some mistaken assumptions about decentralization that led to the blockchain hype, and what we can learn from them.
(For context, I think the technology is sound, interesting and important from a CS perspective. That’s why I’ve been researching and teaching it since 2013. bitcoinbook.cs.princeton.edu But I’ve also been speaking/writing about the pitfalls of decentralization for ~10 years.)
Blockchain proponents have a vision of _society_ in which centralized entities are weakened/eliminated. But blockchain tech is a way to build _software_ without centralized servers. Why would the latter enable the former? It’s a leap of logic that’s left unexplained.
Read 14 tweets
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I Want the Truth!
@DougieFreshii
bloomberg.com/opinion/articl…
gefira.org/en/2018/11/16/…
Steve Bannon is smuggled into the Oxford Union through the snowflake mob
Police officers in full riot gear were needed to get him inside
(Video)
dailymail.co.uk/news/article-6…
Read 22 tweets

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