Patrick McKenzie Profile picture
Oct 1, 2020 4 tweets 1 min read Read on X
This is in the category of “things which I have long believed which, on substantial experience, I believe I was underrating in importance for decades.”

Particularly the bit about raising the ambitions of folks who are new to things versus merely encouraging them.
(Or “not discouraging them.” Crikey our societal bar is so low.)

What’s difference? “I believe that if you work hard and apply yourself you can learn to program eventually” versus “You could write a compiler six weeks from now if you wanted one. Want to hear how?”
We have a weird cultural superposition in the U.S. of being extremely, extremely supportive of ambition in the abstract (“You can be whatever you want to be!”) and viciously critical of ambition in the concrete.
“I’m going to grow up to be president!” is an applause light in elementary school but God forbid you suggest that you have a plan to actually win a local election.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Patrick McKenzie

Patrick McKenzie Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @patio11

Jul 29
This letter is what happens when a credit card PM misunderestimates how much of an adverse selection effect they have in a new portfolio.
(In particular note the cap on cash back and the carveout for particular transaction types which some users are able to generate arbitrarily high amounts of or would naturally have arbitrarily high amounts relative to “normal” CC use.)
“How does this happen?”

Credit card PMs are extremely aware that there are multiple different personas for credit card use out there. One of them has a name in various banks, but you can think of them as Mercenary Financial Enthusiast.
Read 15 tweets
Jul 17
If I can give a slightly more optimistic take on this: much of how commercial software development is done trades some resources for others, in ways that might not be rational for people with very different strengths than e.g. AppAmaGooFaceSoft or BigCo customers.
A lot of AWS services exist so that two teams don't need to have a meeting.

That *is not a criticism of either AWS or those two teams.* That is a preference one can have about time allocation and corporate structure, and capitalism will help you satisfy it.
If you are not constrained on organizational complexity, if meetings with yourself are free, then a lot of the standard stack that BigCo uses is both overkill and underkill at the same time.
Read 5 tweets
Jun 17
So strange that card program managers make such a show of doing this careful balancing act when everyone who reads the Atlantic knows that the real source of rewards is cross-subsidization of elite cardholders by poor people. </sarcasm>
Less sarcastically: it’s a math problem conducted by people who are pretty good at math, and the marching orders they get are “In general and in steady state, all of our card programs should be margin accretive. Make it happen. If you can’t you’ll need a senior signoff.”
(The above is not private information from any particular issuer but rather is a pastiche representing industry standard practice.)
Read 7 tweets
Jun 14
I think the so-called Bitcoin treasury companies have just reinvented exchange tokens: there is an asset with X real world utility but not naturally leverageable. It should flow to place in world where most leverage is bolted onto it; immediately incentive compatible. Repeat 100x
And then “Holy %}*]^ how did so much of it end up in a place with grossly deficient risk management?!”
(I understand that MicroStrategy is the opposite of leveraged exposure from the common shareholder’s perspective but if someone with hands on keyboard believes they are allowed leverage if they hold more exchange tokens then the model happens regardless of whether that is true.)
Read 18 tweets
Jun 4
(n.b. This is extremely well-known among companies which have a business process where you sign things. Most of them use a signature to demonstrate solemnization rather than authorization or authentication.)
As I've mentioned previously, solemnization is a sociolegal tripwire to say "There are many situations in society and in business where you're Just Talking and up until this exact moment we have been Just Talking *and after this point* We Were Not Just Talking. Do you get it?"
People who are unsophisticated about this think that the signature is somehow preventing someone from retroactively changing the terms of the contract. People who are unsophisticated say thinks like "Oh use digital signatures to PROVE that that has not happened. Sounds great."
Read 11 tweets
May 27
Apparently Japan Post is debuting the most obvious improvement in addressing for last two decades: address virtualization.

You sign up with them and get a short alphanumeric code. Their DB holds a pointer to physical address. If you move, you tell them, pointer changes.
And then when dealing with an e-commerce merchant instead of doing the traditional laborious address entry (which in Japanese usually requires redundantly providing the pronunciation of the address as well) you just give them the code.
This follows some more limited experiments with address virtualization, like the double blinding of addresses used in e.g. P2P marketplaces, where neither buyer nor seller strictly need to know where other lives if packages can move between them expeditiously.
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(