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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 16 Dec 2017
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    I know that strictly speaking it is irrational but I wish there was a way to swap airline miles / hotel reward points / etc for shares. I mean if the desire is to make a traveler invested in a relationship, why not make that official.

    10:23 AM - 16 Dec 2017
    • 7 Retweets
    • 95 Likes
    • Mohammad Jouni Chad Huber M the network is just an abstraction layer James Burns Andrew Sweet Kirk Fernandes David Atkinson Simon Hartley
    12 replies 7 retweets 95 likes
      1. Patrick McKenzie‏ @patio11 16 Dec 2017
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        (It’s irrational because if I had $500 in my pocket I would never choose a single undiversified airline stock and the most valuable way to spend points is generally “instead of transferring money from pocket to pay for planned use of services spend points instead.”)

        3 replies 0 retweets 18 likes
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      1. Dave O'Flynn‏ @daveoflynn 16 Dec 2017
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        Replying to @patio11

        The goal is to keep you coming back as cheaply as possible. Miles/points can be arbitrarily restricted and devalued; shares cannot.

        0 replies 0 retweets 7 likes
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      1. Eric Nakagawa‏Verified account @ericnakagawa 16 Dec 2017
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        Replying to @patio11

        They don’t want a long term relationship. They want you to spend as much of your travel budget with them as is possible.

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      1. alex‏ @0xD34D833F 16 Dec 2017
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        Replying to @patio11

        sooo you wished they ICO'ed?

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      1. @jayfallon@mastodon.social‏ @jayfallon 16 Dec 2017
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        Replying to @patio11

        Man, that’s a leap of faith.

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      2. Ataraxis‏ @ataraxisfinch 16 Dec 2017
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        Replying to @patio11

        You make a good point. It used to be more like this. Shareholder incentives etc. The trend (a la FB, SNAP etc) is to reduce influence of shareholders, and distance them from other stakeholders. Most investment platforms hold shares in nominee accounts, further diminishing rights.

        1 reply 0 retweets 0 likes
      3. Ataraxis‏ @ataraxisfinch 16 Dec 2017
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        Replying to @ataraxisfinch @patio11

        Most modern public companies want their customers to be loyal but not to feel any semblance of power by investing. It may be the first market cycle we’re really seeing this, and the rise of cryptocurrencies in 2017 is a symptom of it. Something @jimcramer et al ought to discuss.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. D. Valley‏ @diablovalleycap 16 Dec 2017
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        Replying to @patio11

        The airlines and hotel companies could definitely implement this, and I’m sure there would be takers. Very interesting idea!

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      1. Ron Bronson‏ @ronbronson 16 Dec 2017
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        Replying to @patio11

        I've always felt like the design of reward programs should be helmed by actual designers, right now I assume it's marketers & biz types and they aren't especially creative. Could generate way more loyalty w/a bit more elbow grease.

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      1. Mike Wendling‏ @mikewendling 16 Dec 2017
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        Replying to @patio11

        Points are irrational as the entire premise it to get you to pay more for something than makes sense in exchange for a reward that is smaller than the additional cost you pay.

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