Comp packages at startups are going up and they’re opening both the geographical and life story hiring windows.

One structural reason, framed as a sketch:
Founders: The hiring market is absolutely mad!
Me: Good thing capital is abundant then.
Founders: No you don’t understand. We can’t even find engineers for mad money.
Me: Press X to doubt.
Founders: Not helpful.
Me: *sigh* What creative things are you doing to fix this.
Founders: Asking our network for referrals and hiring sourcers.
Me: Neither of those is creative, and both of them are trivially duplicated by every other firm your lead invests in, which all have *the same* network.
Founders: So what would you do?
Me: Probably tweet a bit.
Founders: That’s cheating.
Me: Is it though.
Founders: You have a 15 year head start.
Me: Yes but you own the company so rub some brain cells together and figure out a reason why a few hundred engineers should give you their email address 2 weeks from now.
Founders: What would that even look like!?
Me: Have you considered building a video game.
Founders: Well that would take a lot of work.
Me: Have you considered writing one artifact which advances the state of the art in any sub field.
Founders: Well that would take a lot of work.
Me: Can you pair one front-end dev, one designer, and one fun API which has no good front-end and create an engaging way to display literally anything you want? Look at the crypto people; they have lots of fun examples.
Founders: So. Much. Work.
Me: Pay in $ or brainsweat.

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More from @patio11

13 Oct
It’s surprising, but maybe not, how much Social Network and Big Short impacted peoples’ views on the typical behavior within the depicted industries and the metaphors and memes they used to refer to them in the future.
“It’s just like X said in…”
“You realize that person does not exist.”
“No it’s the story.”
“No that person literally did not exist. That character is a dramatic convenience. Their lines are not historical evidence.”
And a truly surprising number of technologists of my acquaintance learned everything they know about investment banking from the scenes designed to make investment bankers look like incompetent / corrupt actors.
Read 6 tweets
11 Oct
The cell phone camera may end up being one of the most important anti-fraud technologies ever developed.
Without going to much into secret sauce, and acknowledging there are a million different use cases:

Yesterday I tried to buy $50 of Steam credit, a transaction I have made many times before, with a credit card issued by a U.S. BigBank. They denied it due to perceived risk.
There are a few different loops you can imagine for instantly resolving this, and I’m sort of professionally irked that the bank has not long since fixed it using e.g. my authed phone session as a 2FA, but “Tell the user to take a photo of X” will feature into many in future.
Read 4 tweets
8 Oct
Got a “Happy 21st year anniversary” message from my first bank account, which a) I feel old, b) goodness am I a bit of a pack rat for bank accounts, c) you have to love the LTV versus CAC math that makes a bank happily open accounts for kids with $20 in expectation of this email.
In “could have come directly out of a strategy presentation” my mom called the university I was going to attend, asked them who ran the campus branch, and then drove me to their local branch to open an account so that I’d be able to deposit work study checks.
And so that’s how I chose which business card I started using ~7 years later and which currency desk to rip my eyes out on buying yen for dollars in those dark days pre-TransferWise.
Read 7 tweets
8 Oct
Kind of want to update my Tether post for the 2 year anniversary: kalzumeus.com/2019/10/28/tet…

The short version would have to be "The skeptics have been vindicated left and right but there's something like $60 billion more Tethers now."
I might or might not get around to it as I have a number of writing projects going through the pipeline now. (Which is good news! One will hopefully hit the Internets in the next week or two.)
Remember when this was a controversial assertion and the crypto community said "Nope nope this is a cash-and-carry business. We are believers in hard money here."

Now the line is "Oh pishposh we are grown-ups with prime brokerages. Capital efficiency, my good chap." Image
Read 8 tweets
8 Oct
Worth reading both for a lucid explanation of Tether and for a great mental model (“senior and junior claims”) to import from finance into your worldview. (It is also extremely extremely applicable to engineering compensation among other things.)
Employees have de facto a (relatively small) senior claim to cash in their employer’s bank account AND a (hopefully larger) junior claim on enterprise value, via equity.

That junior claim is junior claim among junior claims, due to the preferred/common structure, until success.
By law and custom, a company crashing will attempt to satisfy payroll first.

Which tends to be a lot less than employees were *counting on* but the feature of being paid what one *is owed* is a notable one in case of business failure!
Read 6 tweets
7 Oct
Who could possibly have seen that coming.
One great social ability for large media orgs which independent journalists don’t have: they can email you a pointed question and, if you don’t answer it, your non-answer will be treated as an answer by everyone that matters, and so you straight-up disclose unfavorable facts.
And so Bloomberg, arriving to the story (it has to be said!) several years late, called up the plausible Tether contras and asked something rhyming with “It’s been alleged that Tether loans out tethers to contras. Have you borrowed tether? Have you borrowed more than a billion?”
Read 6 tweets

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