A mix of “they encourage dollar-denominated liquidity in the cryptocurrency ecosystem and discourage withdrawal of the same” and “they’re good for money laundering.”
It’s underremarked upon that stablecoins accomplish basically all of the original design goals for Bitcoin qua a transactional mechanism (instant free value transfer anywhere), but that nobody cares about this because nobody ever cared about that part of the pitch.
A mix of “they encourage dollar-denominated liquidity in the cryptocurrency ecosystem and discourage withdrawal of the same” and “they’re good for money laundering.”
This was a solved problem in traditional finance, too, mostly through the extension of credit. (It doesn’t matter how long settlement takes if there is sufficient trust to enable credit.)
More from Patrick McKenzie
I like this heuristic, and have a few which are similar in intent to it:
Hiring efficiency:
How long does it take, measured from initial expression of interest through offer of employment signed, for a typical candidate cold inbounding to the company?
What is the *theoretical minimum* for *any* candidate?
How long does it take, as a developer newly hired at the company:
* To get a fully credentialed machine issued to you
* To get a fully functional development environment on that machine which could push code to production immediately
* To solo ship one material quanta of work
How long does it take, from first idea floated to "It's on the Internet", to create a piece of marketing collateral.
(For bonus points: break down by ambitiousness / form factor.)
How many people have to say yes to do something which is clearly worth doing which costs $5,000 / $15,000 / $250,000 and has never been done before.
Here's how I'd measure the health of any tech company:
— Jeff Atwood (@codinghorror) October 25, 2018
How long, as measured from the inception of idea to the modified software arriving in the user's hands, does it take to roll out a *1 word copy change* in your primary product?
Hiring efficiency:
How long does it take, measured from initial expression of interest through offer of employment signed, for a typical candidate cold inbounding to the company?
What is the *theoretical minimum* for *any* candidate?
How long does it take, as a developer newly hired at the company:
* To get a fully credentialed machine issued to you
* To get a fully functional development environment on that machine which could push code to production immediately
* To solo ship one material quanta of work
How long does it take, from first idea floated to "It's on the Internet", to create a piece of marketing collateral.
(For bonus points: break down by ambitiousness / form factor.)
How many people have to say yes to do something which is clearly worth doing which costs $5,000 / $15,000 / $250,000 and has never been done before.
More from Tech
These past few days I've been experimenting with something new that I want to use by myself.
Interestingly, this thread below has been written by that.
Let me show you how it looks like. 👇🏻
When you see localhost up there, you should know that it's truly an experiment! 😀
It's a dead-simple thread writer that will post a series of tweets a.k.a tweetstorm. ⚡️
I've been personally wanting it myself since few months ago, but neglected it intentionally to make sure it's something that I genuinely need.
So why is that important for me? 🙂
I've been a believer of a story. I tell stories all the time, whether it's in the real world or online like this. Our society has moved by that.
If you're interested by stories that move us, read Sapiens!
One of the stories that I've told was from the launch of Poster.
It's been launched multiple times this year, and Twitter has been my go-to place to tell the world about that.
Here comes my frustration.. 😤
Interestingly, this thread below has been written by that.
Let me show you how it looks like. 👇🏻
Recently I just refunded all Poster's sales from Gumroad. Being that said, I decided to not using that service anymore.
— Wilbert Liu \U0001f468\U0001f3fb\u200d\U0001f3a8 (@wilbertliu) November 19, 2018
Here's a little story \U0001f447\U0001f3fb
When you see localhost up there, you should know that it's truly an experiment! 😀
It's a dead-simple thread writer that will post a series of tweets a.k.a tweetstorm. ⚡️
I've been personally wanting it myself since few months ago, but neglected it intentionally to make sure it's something that I genuinely need.
So why is that important for me? 🙂
I've been a believer of a story. I tell stories all the time, whether it's in the real world or online like this. Our society has moved by that.
If you're interested by stories that move us, read Sapiens!
One of the stories that I've told was from the launch of Poster.
It's been launched multiple times this year, and Twitter has been my go-to place to tell the world about that.
Here comes my frustration.. 😤
(1) Some haters of #Cardano are not only bag holders but also imperative developers.
If you are an imperative programmers you know that Plutus is not the most intuitive -> (https://t.co/m3fzq7rJYb)
It is, however, intuitive for people with IT financial background, e.g. banks
(2)
IELE + k framework will be a real game changer because there will be DSLs (Domain Specific Languages) in any programming language supported by K framework. The only issue is that we need to wait for all this
(3) Good news is that the moment we get IELE integrated into Cardano, we get some popular langs. To my knowledge we should get from day one: Solidity and Rust, maybe others as well?
List of langs: https://t.co/0uj1eBfrYj, some commits from many years ago..
@rv_inc ?
#Cardano
(a) Last but not least, marketing to people with Haskell, functional programming with experience and decision makers in banks is a tricky one, how do you market but not tell them you want to replace them. In the end one strategy is to pitch new markets, e.g. developing world
(b) As banks realize what is happening they maybe more inclined to join - not because they would like to but because they will have to - in such cases some development talent maybe re-routed to Plutus / Cardano / Algorand / Tezos
If you are an imperative programmers you know that Plutus is not the most intuitive -> (https://t.co/m3fzq7rJYb)
It is, however, intuitive for people with IT financial background, e.g. banks
(2)
IELE + k framework will be a real game changer because there will be DSLs (Domain Specific Languages) in any programming language supported by K framework. The only issue is that we need to wait for all this
(3) Good news is that the moment we get IELE integrated into Cardano, we get some popular langs. To my knowledge we should get from day one: Solidity and Rust, maybe others as well?
List of langs: https://t.co/0uj1eBfrYj, some commits from many years ago..
@rv_inc ?
#Cardano
(a) Last but not least, marketing to people with Haskell, functional programming with experience and decision makers in banks is a tricky one, how do you market but not tell them you want to replace them. In the end one strategy is to pitch new markets, e.g. developing world
(b) As banks realize what is happening they maybe more inclined to join - not because they would like to but because they will have to - in such cases some development talent maybe re-routed to Plutus / Cardano / Algorand / Tezos
You May Also Like
A list of cool websites you might now know about
A thread 🧵
1) Learn Anything - Search tools for knowledge discovery that helps you understand any topic through the most efficient
2) Grad Speeches - Discover the best commencement speeches.
This website is made by me
3) What does the Internet Think - Find out what the internet thinks about anything
4) https://t.co/vuhT6jVItx - Send notes that will self-destruct after being read.
A thread 🧵
1) Learn Anything - Search tools for knowledge discovery that helps you understand any topic through the most efficient
2) Grad Speeches - Discover the best commencement speeches.
This website is made by me
3) What does the Internet Think - Find out what the internet thinks about anything
4) https://t.co/vuhT6jVItx - Send notes that will self-destruct after being read.
I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
