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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 17 Dec 2019
    • Report Tweet
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    Patrick McKenzie Retweeted Amy "Social Distancing" Hoy

    a) Plausibly someone who reads this should consider doing that loan. b) I probably cannot licitly write a CDS on Amy but you might find it useful to know that I would do that (and cheaply). c) I can't shake the feeling that there should be a Bank of Internet People.https://twitter.com/amyhoy/status/1206760561439981569 …

    Patrick McKenzie added,

    Amy "Social Distancing" Hoy @amyhoy
    plz someone loan me $210k (i got 20% down) at, say, 9% APR amortized over 15-20 years with a 5-year balloon, secured by real estate, you will make like $70-90k in interest and we all win 😂😭 man non-conforming mortgages are a BITCH
    Show this thread
    1:21 PM - 17 Dec 2019
    • 3 Retweets
    • 73 Likes
    • Denis Andrejew microsponsors.io Jack  Clancy Filippo Valsorda 🇮🇹 Steven Loi Nadeem Mohsin Ziyad Parekh Jonny Nate Meyvis
    10 replies 3 retweets 73 likes
      1. Patrick McKenzie‏ @patio11 17 Dec 2019
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        In the meanwhile there is a lot of money flowing around Silicon Valley on friends-and-family terms, extended kin networks, etc etc, but you could totally imagine a bank saying "Here's a Ruby method. If you can tell me what it does, you're approved. Tell your friends; I'm hungry."

        7 replies 3 retweets 52 likes
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      2. kevin lord barry‏ @kevinwlordbarry 17 Dec 2019
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        Replying to @patio11

        Lending Club tried to be the bank of internet people, but it turns out institutional investors have way more risk appetite at scale. I think less than 5% of their loans are made by everyday folks.

        1 reply 0 retweets 5 likes
      3. Daniel Vassallo‏ @dvassallo 17 Dec 2019
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        Replying to @kevinwlordbarry @patio11

        I lost ~2% over 2 years lending to A & B grade loans on Lending Club. Tons of defaults within the first 4 months of the loan issue. I have no interest in participating anymore. I'd rather lend to the US gov.pic.twitter.com/cQE1pkaC2i

        3 replies 1 retweet 14 likes
      4. 3 more replies
      1. Tom Schmidt‏ @tomhschmidt 18 Dec 2019
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        Replying to @patio11

        This is literally possible today between @compoundfinance and @RealTPlatformhttps://defirate.com/tokenized-real-estate-on-uniswap/ …

        0 replies 1 retweet 7 likes
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      2. Daniel Vassallo‏ @dvassallo 17 Dec 2019
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        Replying to @patio11

        I wish there was a thing like Lending Club, but not anonymous. Like a merge between Lending Club and Kickstarter. I have no interest lending money to anonymous people who default after 4 payments, but this would be more interesting than keeping money in treasury bonds.

        2 replies 0 retweets 6 likes
      3. Jeff Barg‏ @jeffbarg 17 Dec 2019
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        Replying to @dvassallo @patio11

        I believe @DCoolican worked on something similar. Would be super interested to hear why it didn’t end up working out.

        1 reply 0 retweets 1 like
      4. 2 more replies
      1. Conor Durkin‏ @ConDurkin 17 Dec 2019
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        Replying to @patio11

        I've no stake in this but ostensibly there'd be a way to make you a recourse co-signer/guarantor on the loan and pay you some fee up front to take that role? Which kind of sort of looks like CDS if you squint?

        0 replies 0 retweets 1 like
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      1. ryan‏ @FatMoth 17 Dec 2019
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        Replying to @patio11

        I have seen a few companies come and go that do this. Small scale doesn’t really last, mostly ones that do syndication like a REIT stick around.

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      1. Daniel Thomason‏ @danieljthomason 17 Dec 2019
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        Replying to @patio11

        Something like peer-to-peer lending but without the anonymity, maybe? Intermediary handles the contracts and money flows but the matching has to happen elsewhere (e.g. Twitter).

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      2. Rishab Hegde‏ @rishab_hegde 17 Dec 2019
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        Replying to @patio11

        This honestly got me thinking - would it be (legally) possible to create a system where people can write CDS' for each other and get compensated for that? I think this was Venmo's initial vision but they never got there

        1 reply 0 retweets 0 likes
      3. Jake Nyquist‏ @Jake_Nyquist 18 Dec 2019
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        Replying to @rishab_hegde @patio11

        Rishab, would you insure my debt 🤣

        0 replies 0 retweets 0 likes
      4. End of conversation

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