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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 14 May 2015
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    There might not exist a single more odious social institution than the lottery. It's the Bureau of Convincing Poor People To Lose Money.

    9:03 AM - 14 May 2015
    • 49 Retweets
    • 52 Likes
    • Michael Jim Gray AndreasS Sam Fenster Web Surfer 🏄🌎 Jonathan Compton Jeff Madsen cat /dev/urandom Martin Strandgren
    14 replies 49 retweets 52 likes
      1. New conversation
      2. evan  💎‏ @moneyscarf 14 May 2015
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        Replying to @patio11

        @patio11 it depends on how you look at it. Besides the whales, its a cheap form of entertainment. Cheaper than seeing a movie.

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 14 May 2015
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        Replying to @moneyscarf

        @510_boatswain Average yearly expenditure on lottery tickets by the poorest American households is $450 or so.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. New conversation
      2. Maciej Ceglowski‏ @baconmeteor 14 May 2015
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        Replying to @patio11

        @patio11 @tqbf I have mixed feelings about it. A lot of people are paying a buck or two to indulge the fantasy of not being poor anymore

        2 replies 0 retweets 3 likes
      3. Thomas H. Ptacek‏ @tqbf 14 May 2015
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        Replying to @baconmeteor

        @baconmeteor @patio11 The big problem I have with lotto is the incentives, pathological promotion schemes.

        2 replies 0 retweets 0 likes
      4. 1 more reply
      1. Jason Gilmore‏ @wjgilmore 14 May 2015
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        Replying to @patio11

        @patio11 Pat, Pat, Pat, but it's "for the children".

        0 replies 0 retweets 2 likes
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      1. Jonathan Chambers‏ @jon_cham 14 May 2015
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        Replying to @patio11

        @patio11 @raganwald Freakonomics episode on no lose lottery (savings+lottery) was eye opening. Guess who is opposed? http://freakonomics.com/2010/11/18/freakonomics-radio-could-a-lottery-be-the-answer-to-americas-poor-savings-rate/ …

        0 replies 0 retweets 1 like
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      2. Colin Percival‏ @cperciva 14 May 2015
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        Replying to @patio11

        @patio11 The usual justification in Canada is "people are going to gamble anyway, so we might as well have their losses go to a good cause."

        1 reply 0 retweets 1 like
      3. Rod Fitzsimmons Frey‏ @rodfrey 14 May 2015
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        Replying to @cperciva

        @cperciva @patio11 For the lotteries, sure. For the casinos, it's "how else are we going to get the drug money?"

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Christopher Hawkins‏ @chris_hawk 14 May 2015
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        Replying to @patio11

        @patio11 I've heard some liken the stock market to the lottery, for not-poor people. I'm not sure I buy that, but I do buy your statement.

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      1. Stephen Bateman‏ @IAmBateman 14 May 2015
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        Replying to @patio11

        @patio11 Completely agree, but it *did* pay for 50% of my college.

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