from Patrick McKenzie | by Patrick McKenzie

I'm getting a lot of salaryman practice recently in reading updates from crypto firms that say a very different thing than they will be read as saying, in a way which is extremely, extremely intentional.

I expect that as pretty de rigeur from e.g. Bitfinex/Tether. It has happened many times recently from better regarded firms.

"Do you have more you can share there?" Sometimes the price of getting in a position to know things is being able to credibly keep commitments to people. Regardless: you probably model me as thinking the situation is worse than most people in crypto think it is.

I think the situation is worse than the me that thinks "the situation is worse than most people in crypto think it is" thinks it is. And so this is me telling you, Internet; may you hopefully weight this signal accordingly in your decisionmaking processes.

"Patrick you have too much joy in kicking crypto while it is down." There exist some people who can make decisions within their power to minimize damage to people to whom they have a duty of care, and for whom crypto is not yet down per se.

I am close to maximally crypto skeptical but I am rooting for the people attempting to minimize harm to humans during a financial crisis, and so am (sincerely) rooting for their success in making good decisions in tough circumstances.