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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 May 12
    • Report Tweet
    • Report NetzDG Violation

    Patrick McKenzie Retweeted Byrne Hobart

    This is a very counterintuitive way of looking at the world. Speaking generally rather than specifically: one generally wants a budget for fraud (or similar negative things) and to spend that budget prudently, not drive to zero. Socially non-desirable to say in as many words.https://twitter.com/ByrneHobart/status/1260264924967768064 …

    Patrick McKenzie added,

    Byrne Hobart @ByrneHobart
    If anything, we should tell banks there’s a *minimum* quota for fraud. If you don’t lend at least 1% of your emergency stimulus funds to crooks, you dragged your feet. https://twitter.com/TDucklo/status/1260182200466706434 …
    10:54 AM - 12 May 2020
    • 29 Retweets
    • 186 Likes
    • Edouard Theron Vašek Ostrožlík Tweet News Michael Langford Risqué Rebecca 🌹🇸🇬 Eugene Dobry Jake Martin jobhunter50 Polytropian
    9 replies 29 retweets 186 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 May 12
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        “We have below the optimum amount of fraud; which margins are we underperforming at” is a very real conversation to have. Some organizations have incredible social difficulties acknowledging tradeoffs exist and find themselves in unhappy space on N dimensional graph as a result.

        4 replies 6 retweets 71 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 May 12
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        I remember a conversation with a lawyer I had when I was six and didn’t really understand for many many years later. I thought I was a smart kid because I knew his job was winning “cases”, so I asked whether he won all his cases.

        1 reply 2 retweets 33 likes
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      4. Patrick McKenzie‏ @patio11 May 12
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        Approximately: Ah, good question. I would be a very bad lawyer if I won all my cases. The majority of disputes are settled out of court. Resolving with a lawsuit that goes all the way to trial is an option in the toolbox for generating better outcomes for clients.

        4 replies 3 retweets 56 likes
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      5. Patrick McKenzie‏ @patio11 May 12
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        If I won literally every time, that would mean that I was likely being insufficient aggressive at choosing litigation over settlement on some cases which were a) winnable and b) where counterparty’s final offer was substantially worse to client than what they’d get if they won.

        2 replies 3 retweets 47 likes
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      6. Patrick McKenzie‏ @patio11 May 12
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        So no Patrick, I don’t win every case. I cannot say “I do not try to win every case I bring” because of professional ethics, but I can tell you that law is strategic and pursuing a strategy of always winning would be pursuing a poor strategy.

        8 replies 4 retweets 71 likes
        Show this thread
      7. End of conversation
      1. New conversation
      2. james henny‏ @Jamesthesnake May 12
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        Replying to @patio11

        I'm may be misunderstanding ,but I want to summarize what you are saying : too strict enforcement of negative externalities leads to more drawbacks due to the cost of enforcement vs. the amount of fraud prevented.

        2 replies 0 retweets 2 likes
      3. Matthew Hardeman‏ @mdhardeman May 12
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        Replying to @Jamesthesnake @patio11

        I suspect perhaps it’s more than just that? If your filters are so tight that you can demonstrate no frauds/negatives, you have in any practical environment improperly excluded non-fraud/positive opportunity?

        2 replies 0 retweets 9 likes
      4. 1 more reply
      1. Ben Kuhn‏ @benskuhn May 12
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        Replying to @patio11

        Google SRE (and other places) turned this into an explicit rule with "error budgets:" https://landing.google.com/sre/sre-book/chapters/embracing-risk/ … In some cases, e.g. with Chubby (a piece of locking infra), they have actually *forced services to go down* so that they use up their budget:pic.twitter.com/CfWsf3HZcS

        0 replies 1 retweet 23 likes
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      1. New conversation
      2. Byrne Hobart‏ @ByrneHobart May 12
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        Replying to @patio11

        Umeshisms are everywhere, but you have to optimize for them in secret

        1 reply 0 retweets 18 likes
      3. Steve Pulec‏ @spulec May 12
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        Replying to @ByrneHobart @patio11

        Some good examples here:https://www.gwern.net/Epigrams#umeshisms …

        1 reply 0 retweets 6 likes
      4. 2 more replies

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