My reading-over-the-break thread, to be updated as more reading happens:
Kings of Crypto, a business biography (bordering on hagiography) of Coinbase: amazon.com/Kings-Crypto-S…

Won't teach you much if you've spent a lot of time following crypto industry; a reasonably good survey if you haven't.
There are some interesting ideas which are brought up and then heavily underexamined, like e.g. the identity of Satoshi (which the book throws out a high-quality hypothesis in *one sentence* then then observes that Bitcoiners don't talk about this for religious reasons).
"You're being unfair with that phrasing, Patrick."

I'm being extremely, scrupulously fair in reporting the argument explicitly made in the book, and if I had my Kindle on me would screengrab it because my jaw unhinged a bit, too.
The other vexing part about the book is that while it introduces on the order of a hundred characters whose heroic journey is "Persevered, number went up, now they're rich" and, to the best of my ability to check, exactly three stories of Bitcoin having a use case.
Those are (again I am trying to be fair here):

* The 10,000 BTC for a pizza transaction.
* Some customers used Coinbase as quote their own personal money launderer endquote.
* Non-sovereign money gets brought up in extremely non-specific and handwavy fashion vis Latin America.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Patrick McKenzie

Patrick McKenzie Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @patio11

28 Dec
So imagine you are an investor in QSRs (fast food concepts) and I have this pitch for you:

“It’s like Chipotle, except for steak.”

(A brief thread.)
“Steak restaurants are a thing but not my specialty. Not my customer, not my price point. Pass.”
“Oh no I am really targeting the Chipotle price point.”
“... With a Salisbury steak, surely?”
“No I mean an actual steak. $9 for a Sirloin combo meal.”
“... No, can’t be done.”
“Well why not?”
“Food costs for one.”
“So while I’ll have multiple SKUs let’s take the sirloin meal. 150g of steak; an awkward cut and mostly wasted. I can get it wholesale at below $3, my COGS budget. Nothing else on plate costs more than pennies.”
“OK but even if I buy that...”
Read 9 tweets
28 Dec
If you hypothetically wanted to turn approximately $1.X0k into a stress reduction, use EarthClassMail consistently for next ten years for as close to everything as you can.
It’s a weird SaaS in that you start realizing most of the benefits in out-years after difficult-to-forecast changes in circumstances.
Occasionally I get like four pieces of mail in a month and think “Gah why am I paying $25 per piece of mail” and then remember “I am paying to never ever ever have important US mail outside of this inbox.”
Read 5 tweets
26 Dec
If one’s candidate pool also interviews at AppAmaGooFaceSoft, you should have a “sell sheet” against AppAmaGooFaceSoft.

If this sales phrasing doesn’t light your heart of fire, call it “Reasons why I would counsel a peer I respected to turn down a really good job offer.”
I continue to think the tech industry is fundamentally unserious about recruiting. (This is not a response to this tweet in specific; this is a longstanding observation that I spent one of my lifetime punchcard of company foundations on.)

Minimally, ask what they value at X.
“They pay a lot of money” is a predictable and useful answer! And you can give the candidate predictable and useful information in response to it!
Read 4 tweets
23 Dec
An innovation in Japan which I think will arrive everywhere: double-blinded shipping, where neither the sender nor receiver know each other's address.

This was negotiated by a large marketplace (Mercari), which didn't want to have to walk so many users over the privacy hump.
"How does this even happen?"

Mercari gives you a number, which they've arranged via API with the logistics company. You give the number to your local convenience store or post office; they put a machine-readable label on it.

It contains a pointer to a DB record.
This enables a *much more important* innovation than double-blind addressing, which is virtual addressing. DNS for mail.

You should be able to send @patio11 a package or letter. I'm at where I'm at; I should not need to update every company in world every time that changes.
Read 4 tweets
21 Dec
This lunch is 500 yen ($4.80) at Sukiya, a Japanese fast food restaurant which belongs to a category with about three big competitors.

I love the aesthetics of this category and they’re under remarked upon.
I think people underestimate QSRs in terms of social utility, but Sukiya et al describe themselves as mission-oriented enterprises. I believe this is largely sincere, and goes back to the 60s and 70s, when the clientele was primarily manual laborers who had migrated to work.
Japan was not a rich nation at the time, and day laborers in particular were both unlikely to be able to cook for themselves and unlikely to have much of a food budget, and so the chains sprung up offering an honest-to-goodness cooked meal delivered in under a minute for cheap.
Read 9 tweets
19 Dec
The government periodically maths out what is required for the standard middle class life in Tokyo. For a family of four in their thirties, it is 54万円 (approximately $5.2k) per month, assuming one child in public school and one in private kindergarten.
On the one hand, this is rough relative to traditional expectations for the earnings power of Japanese 30-somethings; you can get there, barely, with one salaryman, the wife working part time, and a bit of government support for educational fees/childcare expenses.
So if you read the comments in Japanese, you'll see quite a bit of worry about what the cost of family formation will do to the choices of people in the future, whether employers aren't keeping up their side of the social compact, etc.
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!