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
More from Tech
A common misunderstanding about Agile and “Big Design Up Front”:
There’s nothing in the Agile Manifesto or Principles that states you should never have any idea what you’re trying to build.
You’re allowed to think about a desired outcome from the beginning.
It’s not Big Design Up Front if you do in-depth research to understand the user’s problem.
It’s not BDUF if you spend detailed time learning who needs this thing and why they need it.
It’s not BDUF if you help every team member know what success looks like.
Agile is about reducing risk.
It’s not Agile if you increase risk by starting your sprints with complete ignorance.
It’s not Agile if you don’t research.
Don’t make the mistake of shutting down critical understanding by labeling it Bg Design Up Front.
It would be a mistake to assume this research should only be done by designers and researchers.
Product management and developers also need to be out with the team, conducting the research.
Shared Understanding is the key objective
Big Design Up Front is a thing to avoid.
Defining all the functionality before coding is BDUF.
Drawing every screen and every pixel is BDUF.
Promising functionality (or delivery dates) to customers before development starts is BDUF.
These things shouldn’t happen in Agile.
There’s nothing in the Agile Manifesto or Principles that states you should never have any idea what you’re trying to build.
You’re allowed to think about a desired outcome from the beginning.
It’s not Big Design Up Front if you do in-depth research to understand the user’s problem.
It’s not BDUF if you spend detailed time learning who needs this thing and why they need it.
It’s not BDUF if you help every team member know what success looks like.
Agile is about reducing risk.
It’s not Agile if you increase risk by starting your sprints with complete ignorance.
It’s not Agile if you don’t research.
Don’t make the mistake of shutting down critical understanding by labeling it Bg Design Up Front.
It would be a mistake to assume this research should only be done by designers and researchers.
Product management and developers also need to be out with the team, conducting the research.
Shared Understanding is the key objective
I\u2019d recommend that the devs participate directly in the research.
— Jared Spool (@jmspool) November 18, 2018
If the devs go into the first sprint with a thorough understanding of the user\u2019s problems, they are far more likely to solve it well.
Big Design Up Front is a thing to avoid.
Defining all the functionality before coding is BDUF.
Drawing every screen and every pixel is BDUF.
Promising functionality (or delivery dates) to customers before development starts is BDUF.
These things shouldn’t happen in Agile.
You May Also Like
THREAD PART 1.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙
He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq
"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙

He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq

"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.