Kalzumeus Software

Tether's November 2022 attestation, even if believed, strongly suggests it blew up (again) during the recent crypto route.

https://www.kalzumeus.com/2022/11/11/tether-required-recapitalization-again/

Tether's March 2022 attestation, even if believed, shows that it became insolvent during the May 2022 crypto downturn.

https://www.kalzumeus.com/2022/05/20/tether-required-recapitalization/

Apple's App Store is reforming their guidelines about taking out-of-band payments. This will be very interesting for developers, especially in the games industry.

https://www.kalzumeus.com/2021/08/27/app-store-payment-competition/

VaccinateCA, the non-profit I have been running, expanded nationally to Vaccinate The States . Here's what we've learned in the last 100 days.

https://www.kalzumeus.com/2021/04/23/vaccinate-the-states/

I joined Stripe to work on building financial infrastructure for the Internet. Time flies. Here is what I've learned in the first four years.

https://www.kalzumeus.com/2020/10/09/four-years-at-stripe/

A history of an anomaly in the 2020 Coronavirus Pandemic, an independent research project about it, and what we need to learn about our next steps.

https://www.kalzumeus.com/2020/04/21/japan-coronavirus/

There exists an idiom called “dropping a hash” which is widely understood in the security community and not widely understood elsewhere. Somewhat surprisingly, there does not appear to be a c...

https://www.kalzumeus.com/essays/dropping-hashes/

AUTHOR’S NOTE: This is a copy of the white paper of the Working Group, a group of four pseudonymous professionals in Tokyo. I, Patrick McKenzie, was the primary author. It was distributed quiet...

https://www.kalzumeus.com/covid19-japan-white-paper/

Tether is the internal accounting system for the largest fraud since Madoff. That is a robust claim, I know, but the evidence for it is overwhelming.

https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

Discount brokerages are accused of making their money via payment for order flow. This is wrong; it is actually mostly net interest revenue. That so dominates their business that selling trades f...

https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/