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Patrick McKenzie
@patio11
, 3 tweets, 1 min read Read on Twitter
It takes a lot for the cryptocurrency community to surprise me but here I am, surprised.

*buys more popcorn*
Chinese retail borrowing tethers to buy extra Bitcoin collateralizing the loan with LEO, which is (like tethers) effectively a promissory note from Bitfinex.

"What could possibly go wrong?"
I thought Bitfinex was the big provider of credit to the ecosystem; I didn't expect people were creating credit by trading Bitfinex derivatives while treating them like the risk-free asset.
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Patrick McKenzie
@patio11
A person on Twitter, paraphrased: "I wish I was able to write as well X but despite going to school and doing everything right, I can't."

Write a million words.

"But they'll be not particularly great words."

If anyone remembered X's first million that's true of theirs, too.
A great deal of what people detect as "good writing" is not technical skill, which is taught in school and improves (somewhat) under a good editor. It is authorial voice: having something interesting to say and the capability to say it in an interesting and unique way.
It is helpful but not required to have readers who can give you a feedback loop on the words you have written, but being cloistered in a windowless room and writing words that only you will ever see is more effective at creating a good writer than anything that isn't writing.
Read 5 tweets
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Patrick McKenzie
@patio11
There are a lot of fintech companies which are a wrapper of varying thickness over an underlying provider which was willing to do a smart bizdev deal but wasn't capable of shipping their own modern mobile/web experience.
The unsophisticated way to look at this is that the two companies are fundamentally in an oppositional relationship and either the startup learns how to go full stack and/or commoditize the underlying, or the underlying hires a web team and replicates startup note-for-note.
The sophisticated way to look at it is that no, this is simply a channel strategy, and all parts of the channel have survived with differentiated players for generation, so a startup playing at a particular level of the stack is not a competitive threat to other parts of stack.
Read 4 tweets
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Patrick McKenzie
@patio11
There are an awful lot of small software companies which didn't need much more than "capable of writing software" and "at least as much sales skill as a clerk at Nordstrom's" to get started.

Many of them don't sound like particularly "good ideas."
Nobody asks a dentist or a landlord to come up with a "good idea" but software entrepreneurs for various reasons are socialized into believing that it is a necessary part of successful software companies and more prestigious than e.g. meat-and-potatoes sales execution.
"What do these companies *do*, Patrick?"

Mostly, verticalized workflow web-and-or-mobile applications.

Workflow: there's a business process which is managed now by humans. Your job: make them more efficient.

Verticalized: Your customers are very similar to each other.
Read 4 tweets

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O₿iWan
@ObiWanKenoBit
1/#Bitcoin is an organic response to fiat's attack on society. Satoshi Nakamoto's design opens the door to monetary freedom and a banking paradigm free from state mandate. Why is this important? Read on👇
2/The pre-fiat world used a variety of commodity monies. Over time the world chose gold. Periods of prosperity (Belle Epoque) were corrupted by fiat experimentation/greed and war financing. Though imperfect gold served as excellent money.
3/However, the gold standard had been systematically weakened, paving the way for non-commodity money. In 1971 U.S. President Nixon effectively abandoned the gold standard, establishing a global fiat regime envisioned by bankers in the early 1900s.
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Mike Cernovich | 📽
@Cernovich
Here is the case for @realDonaldTrump pardoning Ross Ulbricht.

It is highly cynical and also effective.

First, Trump would lose no support by pardoning Ross.

Second, Trump would either GAIN supporters through this action, or he would neutralize attackers.

A thread....
Smartest, most visionary people in tech work on the blockchain.

100% of blockchain people want Ross Ulbricht pardoned.

Blockchain people mostly dislike @realDonaldTrump.

Trump pardons Ross, and smartest people in tech start to like Trump or lose hate for him.

Also...
The same people who targeted @realDonaldTrump and his son went after Ross Ulbricht.

Pardoning Ross is, outside of ending the Mueller investigation, the single most triggering action Trump could take.

Pardoning Ross Ulbricht would make the deep state apoplectic.
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Jellen Vermeir
@EssentialQuant
Also: Retweeting this in order to avoid spamming this thread and getting blocked again. I will continue here. @woonomic
What a mess.. I just noticed that most of the tweets do not seem to be viewable from the outside -but only for myself- due to the autoblock. Copy paste below in order to create a coherent structure/thread.

Hoping this does not happen again when I write everything on my own wall.
Related to your claim that [M = PQ/Vu + I/Vi].

First issue: Why do you over complicate things by splitting up the 'utility economy' and 'investment economy' when you're interested in the aggregate network valuation?
Read 42 tweets
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Nunya ฿idness [yalls⚡️org]
@bennd77
For those wondering if you can send someone #bitcoin from your @CashApp the answer is yes. Yes you can.

Here's how in 7 steps:
Step 1: Use your CashApp to buy bitcoin.

#bitcoin
Step 2: Touch this icon on your cash app.

#bitcoin
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🅟🅞🅔🅡🅣Ⓨ
@deepchimera
Current is not a figure for something else. It is the thing itself – or real time – even, or perhaps especially, when it is most artificial. #Bitcoin #Cryptocurrent ufblog.net/crypto-current…
[§0.03] Bitcoin is not only a recognizable philosophical statement, but also, and more importantly, a philosophical automatism, a synthetic philosophical machine ufblog.net/crypto-current… #nickland #bitcoin #cryptocurrent
A network is a critique
@UF_blog #bitcoin #nickland #cryptocurrent

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Trending hashtags

#Laikipia #bitcoinphilosophy #BloodyFriday #ThreatFusionCenters #blockchain #Bitcoin #doublespendingproblem #disruptiveinnovation #bitcoin #platformicland #Wyoming #California #cryptos #NoDueProcess #CryptoNews #Datascience #Trezor #Kenyans #parallelcryptocircuit #Governance #disruptive #cryptocurrency #Stasi #EthfinexTrustless #robots
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