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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 Feb 23
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      Patrick McKenzie Retweeted

      I had one of those funny juxtapositions visiting Vegas one year: 6 PM: Walk past friends playing at craps table, which has an ATM next to it. Highest allowed chip (and bet) at table: $5,000. Can buy that chip for cash with no questions asked. 9 PM: $5,000 investment to startup. https://twitter.com/BullyEsq/status/1231301801355436032 …

      Patrick McKenzie added,

      This Tweet is unavailable.
      8 replies 19 retweets 218 likes
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    2. Patrick McKenzie‏ @patio11 Feb 23
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      The investment required: a) That I factually be an accredited investor. b) A check with my professional advisor that they had due diligenced my accredited investor status. c) Bespoke professional services work documenting same for startup's future reliance. d) Call to bank.

      5 replies 4 retweets 61 likes
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      Patrick McKenzie‏ @patio11 Feb 23
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      Also the startup doesn't say "Contemplating an investment? Awesome! Can we interest you in free liquor?"

      10:39 PM - 23 Feb 2020
      • 2 Retweets
      • 69 Likes
      • Thomas "If in doubt, don't go out" Clarke NothingBetter Jon Colverson Jonjo purpleposeidon dapper.alanfalcon.eth Jim Weisser Last Of The Fools ‏pix
      3 replies 2 retweets 69 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Feb 23
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          Similarly, have you seen the user experience or marketing for Robinhood? "Are you an unsophisticated investor with high risk appetite? Would you prefer to contribute capital to startups but are denied for being unaccredited? Then do we have a proposition for you: weekly options"

          1 reply 2 retweets 52 likes
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        3. Patrick McKenzie‏ @patio11 Feb 23
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          Robinhood: "Naked calls on Tesla with a 5 delta expiring this Friday!" Investor: "What does that mean?" Robinhood: "I dunno dawg are you man enough to figure out?" Narrator: It means sophisticated investors assess 95% probability of that position going to zero on Friday evening.

          4 replies 10 retweets 107 likes
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        4. Patrick McKenzie‏ @patio11 Feb 23
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          Robinhood: combining crypto's attitude regarding compliance and risk-taking with public markets' presumed legitimacy in the eyes of all stakeholders.

          4 replies 4 retweets 67 likes
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        5. End of conversation
        1. New conversation
        2. Justin Searls‏Verified account @searls Feb 23
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          Replying to @patio11

          Same. And now 5 years later, AngelList fails to produce a schedule K each year that just says I earned $8 in interest (because in year 1, the fund took so long to close that I earned interest in the clearing account that's still there b/c the investment was fixed at $5k)

          1 reply 0 retweets 0 likes
        3. Justin Searls‏Verified account @searls Feb 23
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          Replying to @searls @patio11

          Meanwhile I'd already been mercifully allowed to forget about the $5k I blew on craps 5 years ago

          0 replies 0 retweets 1 like
        4. End of conversation
        1. New conversation
        2. Kamil Choudhury‏ @kchoudhu Feb 23
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          Replying to @patio11

          Kamil Choudhury Retweeted Dan McMurtrie

          There are systemic concerns at play with investments that are not present in gambling. If you want a healthy tech ecosystem instead of a crypto-style anarchy, the rules are a new positive for society.https://twitter.com/SuperMugatu/status/1231303586543538176?s=20 …

          Kamil Choudhury added,

          Dan McMurtrie @SuperMugatu
          Replying to @AdamSinger @BullyEsq
          Well, the issue is not the underlying. The issue is everyone has the same info on blackjack or slots. It is known to be dumb. But investment schemes introduce incentives for fraud, and false information abounds. The agency argument systemically fails vs the reality of bad people
          1 reply 0 retweets 0 likes
        3. Kamil Choudhury‏ @kchoudhu Feb 23
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          Replying to @kchoudhu @patio11

          (Also, @supermugatu is great and you should follow him!)

          0 replies 0 retweets 0 likes
        4. End of conversation

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