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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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    1. Patrick McKenzie‏ @patio11 Dec 31
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      A really marvelous example of financial engineering, via email: https://inkind.com/  It's "0%* interest loans for restaurants" and all of the magic is in the asterisk.

      12 replies 25 retweets 182 likes
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    2. Patrick McKenzie‏ @patio11 Dec 31
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      This is sort of the limit case of the theory that banks can manufacture money by taking something which definitely exists but which is other-than-concrete (a borrower's future ability to repay) and, by extending credit, make it legible and, crucially to the borrower, liquid.

      1 reply 3 retweets 23 likes
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    3. Patrick McKenzie‏ @patio11 Dec 31
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      This is an extension on that model: If you owned a functioning pizza restauraunt, you would be able to produce pizzas into the future. But you do not, currently, because of lack of some expensive wood-fired furnace. Traditionally, this is the point where you get a bank loan.

      3 replies 1 retweet 21 likes
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    4. Patrick McKenzie‏ @patio11 Dec 31
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      For a variety of reasons, banks have pulled back from that sort of lending, so InKind gives you this proposition: You know those future pizzas? We are going to securitize them for you. We are then going to buy them from you, at a number below pizza par but above marginal cost.

      3 replies 2 retweets 35 likes
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    5. Patrick McKenzie‏ @patio11 Dec 31
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      We will then sell those securitized pizzas to the happy customers your effective pizza-producing operation is sure to generate, at a smaller discount to pizza par than we bought from you. Some of them will be redeemed for actual pizza.

      4 replies 1 retweet 28 likes
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    6. Patrick McKenzie‏ @patio11 Dec 31
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      I have no idea whether this will actually work or not, but the person who emailed it to me said "This seems like very your sort of thing" and, Internets, this is very my sort of thing.

      4 replies 2 retweets 72 likes
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    7. Patrick McKenzie‏ @patio11 Dec 31
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      I particularly like their packaging for House Accounts, which feel to me like something basically every restauraunt with regulars should have available in some form or another. https://www.inkind.com/house-accounts 

      1 reply 1 retweet 30 likes
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    8. Patrick McKenzie‏ @patio11 Dec 31
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      House accounts, broadly, enable the transaction "You could pay me $10 for a burger or you could pay me $1,000 for 100 burgers. What do I need to do to get you to pick option #2?" I've only ever had one at a tiny bar in Gifu but they're such a magic UX.

      2 replies 3 retweets 32 likes
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      Patrick McKenzie‏ @patio11 Dec 31
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      (For folks who have never had this interaction before: "Your total for today is $56.80, Patrick. Should I charge your account?" "Yes." "OK see you next time!" (plus optionally a reminder of what the remaining balance is) )

      10:04 PM - 31 Dec 2019
      • 2 Retweets
      • 27 Likes
      • Mike Ray Tsaihong sameer shahid Sam Ovidiu Ciule Jackson Josh Herritz Felix Pomerantz Jason Estey
      4 replies 2 retweets 27 likes
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        2. Patrick McKenzie‏ @patio11 Dec 31
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          ("Why would a tiny bar in Japan offer that and what do their clients get from it?" Because businesses broadly benefit from having cash flow earlier, because that bar expects to be in business for 40+ years, and because it announces to client's table "He's a regular here.")

          1 reply 3 retweets 42 likes
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        3. Patrick McKenzie‏ @patio11 Dec 31
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          ("Why would a client want you to announce to their table that you were a regular at the hip bar?" Well you might have a date or business partner at the table who you were trying to impress and, prior to Instagram, this was a useful way to have hip waitstaff say "He's got taste")

          3 replies 0 retweets 37 likes
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        4. End of conversation
        1. Marie 🐧 💖 👩‍💻‏ @jamuraa Dec 31
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          Replying to @patio11

          I do this manually (with @shadow) at some local places that want to support by purchasing a personal gift card and using that instead of credit. The one credit charge happens up front and minimizes the bank fees. We recharge whenever it gets empty.

          0 replies 0 retweets 3 likes
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        1. Liz Fong-Jones (方禮真)‏Verified account @lizthegrey Dec 31
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          Replying to @patio11

          Persistent open tabs are amazing, indeed.

          0 replies 0 retweets 1 like
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        1. Bert "0x58" Regeer  🌱‏ @bertjwregeer Dec 31
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          Replying to @patio11

          I love having open tabs where I have prepaid.

          0 replies 0 retweets 0 likes
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