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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 2 Aug 2017
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      Replying to @patio11

      This is a surprisingly nuanced question, but let me give you the handwavy version: defined behavior implemented by professionals happens.

      1 reply 1 retweet 5 likes
    2. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      Now back to Bitcoin, the decentralized we-trust-no-god-but-math who-needs-a-counterparty my-database-is-a-blockchain financial system.

      1 reply 1 retweet 6 likes
    3. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      A consequence happened as a result of a token. This had never happened before, except for all the times that it had, and there was no plan.

      1 reply 0 retweets 3 likes
    4. Patrick McKenzie‏ @patio11 2 Aug 2017
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      So the trusted central parties that Bitcoin denies exist retroactively made plans, which were bad plans which had to be changed.

      1 reply 1 retweet 4 likes
    5. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      And then, as a result of the improvements, they closed the operational error on the distribution from about 25% to only about 15%.

      1 reply 0 retweets 3 likes
    6. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      If you own a single share of $SPY as of the ex-dividend date in your $NAME_A_BROKERAGE account, you will get the money coming to you.

      1 reply 0 retweets 2 likes
    7. Patrick McKenzie‏ @patio11 2 Aug 2017
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      There is a lot of hard, crunchy engineering (of both data and financial relationships) which makes that happen. It's actually really fun.

      2 replies 0 retweets 6 likes
    8. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      If you're wondering how 1 - 1 + 1 evaluates to 0.85, well, that was more of a policy decision than a math decision, because...pic.twitter.com/xKMQJVkCzI

      1 reply 2 retweets 5 likes
    9. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      Now you might wonder "In the bizarro world of the real economy, what happens to shorts when unexpected events impact the value of position?"

      1 reply 1 retweet 4 likes
    10. Patrick McKenzie‏ @patio11 2 Aug 2017
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      Replying to @patio11

      And if you guessed "I think they probably either gain or lose money, then, in fairly predictable way", you'd be mostly right.

      1 reply 0 retweets 3 likes
      Patrick McKenzie‏ @patio11 2 Aug 2017
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      And is this a terrible user experience for the short? Well, yes, to a certain point of view. Sufficiently poor that it's opt-in only.

      1:56 AM - 2 Aug 2017
      • 2 Likes
      • Eli Courtwright Guillaume Ceccarelli
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 2 Aug 2017
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          In fact, depending on your market, your broker is probably required by their regulator to have reasonable basis to certify your competency.

          1 reply 1 retweet 2 likes
        3. Patrick McKenzie‏ @patio11 2 Aug 2017
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          Replying to @patio11

          Because their regulator says "My it would be certainly negative if an unsophisticated investor was *surprised* a short could lose money."

          0 replies 0 retweets 6 likes
        4. End of conversation

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