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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 14 Oct 2018
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    A thing which I unironically and enthusiastically believe which is unpopular among smart people of my acquaintance: financial engineering has in the recent past and present contributed substantially to human welfare. We should hope to see more of it.

    3:15 PM - 14 Oct 2018
    • 33 Retweets
    • 186 Likes
    • Mohammad bin Ra’s Al Ghul krish Jesús García Shaun Maguire JD Ross Charlie Awbery Tanay Kashyap Savil Srivastava Jaurieres
    13 replies 33 retweets 186 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 14 Oct 2018
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        Maybe more geeks need to meet someone who says “My job is teleporting value across time and space.”

        4 replies 6 retweets 51 likes
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      3. Patrick McKenzie‏ @patio11 14 Oct 2018
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        Financial engineering is sort of a squishy term. I don’t primarily mean payments infrastructure or financial rails, although both of those involve substantial engineering. I mean more “We took a thing and performed some alchemy, and now have a new thing.”

        3 replies 4 retweets 26 likes
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      4. Patrick McKenzie‏ @patio11 14 Oct 2018
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        Except instead of alchemy it is generally quite a bit of math, a huge amount of contract law and due diligence, often an impressive amount of ops work, and a dusting of technology that web devs would recognize as such.

        6 replies 4 retweets 41 likes
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      5. End of conversation
      1. Dan Kaminsky‏Verified account @dakami 14 Oct 2018
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        Replying to @patio11

        Skyscrapers are good if they can remain standing. If. Otherwise, four story office buildings, it’s cool. I kinda expect to see the Remaining Bank of America. And it’s a problem. Financial engineering doesn’t seem to know decision fatigue exists.

        0 replies 1 retweet 10 likes
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      2.  🔥 Josh Branchaud  🕺🏼‏ @jbrancha 14 Oct 2018
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        Replying to @patio11

        Why is this unpopular within your circle?

        1 reply 0 retweets 2 likes
      3. Richard Diamond‏ @bitdozer 14 Oct 2018
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        Replying to @jbrancha @patio11

        I assume because of derivatives, credit default swaps, payday lending, etc.

        0 replies 0 retweets 2 likes
      4. End of conversation
      1. Chris Hart‏ @ceehart 14 Oct 2018
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        Replying to @patio11 @AustenAllred

        Unfortunately the rare, really bad events are very, very noticeable while innovations in risk management and liquidity are invisible to 99+% of the world.

        0 replies 0 retweets 2 likes
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      1. Carlos De la Guardia‏ @dela3499 14 Oct 2018
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        Replying to @patio11

        Any favorite accounts of financial progress?

        0 replies 0 retweets 0 likes
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      1. advertisement not loaded‏ @gobslapped 14 Oct 2018
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        Replying to @patio11 @AustenAllred

        True! I suspect the pushback is because it has also contributed substantially to a great deal of preventable human misery. Like other tools, the thing that matters most is the judgement behind its use.

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