Skip to content
By using Twitter’s services you agree to our Cookies Use. We and our partners operate globally and use cookies, including for analytics, personalisation, and ads.

This is the legacy version of twitter.com. We will be shutting it down on June 1, 2020. Please switch to a supported browser, or disable the extension which masks your browser. You can see a list of supported browsers in our Help Center.

  • Home Home Home, current page.
  • About

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?

    New to Twitter?
    Sign up
patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

Tweets

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

Tweets

  • © 2020 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Imprint
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list


    Under 100 characters, optional

    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    1. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      Businesses renegotiate contracts all the time, for many reasons, and the attempt to renegotiate a contract is both a) not a refusal to honor the original contract and b) not a thing you should, in general, be particularly offended by.

      4 replies 23 retweets 187 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      People have rather good intuitions for this when they're e.g. asking a bank CSR to waive an overdraft fee but they do not necessarily have the same intuitions when e.g. a client says "So, that money you think I owe you: can I pay you less than that, and later than you want it?"

      1 reply 1 retweet 38 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      And indeed there are some circumstances where you *should happily agree* to a renegotiation against your narrow interests!

      2 replies 0 retweets 21 likes
      Show this thread
    4. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      "That sounds implausible." If you're a B2B SaaS, and a client either says cashflow issues or is transparently hitting all their vendors and asking to trade in their good customer brownie points for money, there is a really simple calculation in good times or bad.

      1 reply 0 retweets 22 likes
      Show this thread
    5. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      a) If I give the customer a month free, I am out either COGS for one month or revenue for one month depending on boring specifics. Upside: potentially account doesn't churn. b) If I don't, very high likelihood that they pay what they owe and churn immediately.

      1 reply 0 retweets 34 likes
      Show this thread
    6. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation

      So if you valued goodwill at literally zero—this isn't a relationship it is a vending machine—then this is strictly a math problem and under most plausible assumptions the answer to the math problem is "Comp them a month, put a note on the account, done in ~3 minutes."

      2 replies 3 retweets 26 likes
      Show this thread
    7. James Harvey‏ @jmhredsox Apr 6
      • Report Tweet
      • Report NetzDG Violation
      Replying to @patio11

      Fwiw, even vending machine operators don't value goodwill at zero.

      1 reply 0 retweets 6 likes
    8. Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation
      Replying to @jmhredsox

      *thinks about it for three seconds* You are of course right. My apologies, vending machine operators, I know you would absolutely comp a soda if someone called you and said "I paid for a soda but didn't get one."

      1 reply 0 retweets 5 likes
      Patrick McKenzie‏ @patio11 Apr 6
      • Report Tweet
      • Report NetzDG Violation
      Replying to @patio11 @jmhredsox

      Thoughts in those three seconds: "Vending machines sell habit forming products. Low ticket price, high customer LTV, high likelihood any particular customer is a regular." "Vending machine operator depends on 'landlord' not getting complaints about the machine's performance."

      11:05 PM - 6 Apr 2020
      • 4 Likes
      • Jay Looney Ara Ghougassian James Harvey Kevin Riggle
      1 reply 0 retweets 4 likes
        1. New conversation
        2. James Harvey‏ @jmhredsox Apr 6
          • Report Tweet
          • Report NetzDG Violation
          Replying to @patio11

          It's a real shame that "traveling salesman problem" means something else entirely, because the problems embedded in "this is a one-time transaction and there is a vanishingly small chance either of us encounter one another again" are rare and interesting.

          1 reply 0 retweets 3 likes
        3. Patrick McKenzie‏ @patio11 Apr 6
          • Report Tweet
          • Report NetzDG Violation
          Replying to @jmhredsox

          One can dive fascinatingly deeply on this topic because a *lot* of finance is one-shot games which are turned into iterated games by intermediaries specifically to avoid "Oh hey backstabbing is entirely consequences free?"

          1 reply 1 retweet 8 likes
        4. 1 more reply

      Loading seems to be taking a while.

      Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

        Promoted Tweet

        false

        • © 2020 Twitter
        • About
        • Help Center
        • Terms
        • Privacy policy
        • Imprint
        • Cookies
        • Ads info