Patrick McKenzie Profile picture
Jan 19 6 tweets 2 min read
Alex and I worked together on Stripe Atlas, and I’m thrilled that his next adventure is in helping companies hire remotely. (I am a tiny investor.)
If you haven’t ever had the experience of hiring your first person in a new state it is *so unbelievably bad* that it results in companies keeping lists of states that they can hire in, states that they could hire in given a superstar, and states where absolutely not no way.
As an example, VaccinateCA, a relatively tiny non-profit, had almost everyone in California but with two very effective people in two other states.

I spent about as much time on regulatory compliance for them as I spent on hiring our first 10 employees combined.
And now a year later I’m still on the hook for “No we’re no longer in business. No we don’t employ anyone in your state; our one employee separated 6 months ago. No I will not have a 2022 sales tax filing. No we already resigned our foreign qualification. No we had no revenue…”
Another thing I think is a longer term opportunity: no individual company hiring remotely gets a seat at the table with authorities in designing their policy.

But if Mosey can act as a focal point for their needs, and say “Our customers created 2k jobs in your district”…
… then there is a way to actually leverage company to get policy to *change* in a direction which is better for *all* similarly situated employees and employers.

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More from @patio11

Jan 19
This is one of those facts that make one go “Huh”, and suggests there might be fewer physical dollars in the hands of people who have long-term positive views on Bitcoin than there are widely believed to be, or that those dollars are somehow not available.
“Is he subtweeting tether?” I mean dollars are dollars and they’re all fungible. I’m referring to longs in their entirety.
Markets can have weird discounts for a long time for structural reasons! But they generally close.

A favorite anecdote of mine: way back in the day, McDonalds spin out Chipotle and retained (then sold) a B share class which was equivalent to As but had more voting rights.
Read 9 tweets
Jan 18
A thing I've been expecting to come to the U.S. en masse in coming years is niche banks. An example I have previously used is "There should be a bank for Beyonce fans."

You know what *obviously* must exist? A bank that speaks Spanish. Launched today:

seis.com
When I heard @TrevMcKendrick was building this I offered to invest on the spot, and am now a tiny angel (or is that ángel) in it.

Heavily informed by my experience of being an immigrant dealing with a banking system, which longtime readers know doesn't quiiiiiite get me.
Most U.S. banks don't quiiiiiite get many millions of Americans. They can't easily open an account for someone without a SSN. They think that international money movement is an obscure need for retail customers.
Read 6 tweets
Jan 18
It’s always interesting seeing U.S. companies try to import bento culture (variety in lunches through a choice of a large number of pre made SKUs) and Japanese companies trying to import a culture/business model of per-order customization.
This is one of those “Hidden facts about infrastructure percolating up into the experience of everyday life” anecdotes, by the way.

A huge amount of what people like about Japanese food culture is actually something they like on market organization for food prep labor.
Bento work at e.g. convenience stores because there is a value chain connecting commissaries (commercial kitchens) with huge standing daily demand for bento boxes at widespread locations close to end user.

Commissaries do prep, ingredient sourcing, and collaborative menu design.
Read 6 tweets
Jan 18
There’s a really interesting UX in PayPay that they trialed recently to get people to increase engagement.

It’s similar to a lootbox, except themed for a non-gamer audience using a familiar device in Japan. (くじ, analogous to a raffle lottery if you’re familiar with those.)
You were awarded tickets for various actions during a qualification period. Receive money from someone, 2.0 tickets. Open campaign page and click a button, 1 ticket (offered daily, presumably to get people to anticipate the later redemption period and get over toothbrush test).
Then after qualification period you had 2 weeks to redeem tickets, in a very lootbox/gotcha adjacent animated experience where you could e.g. redeem 10 at a time.

Value in expectation per ticket appears to be a bit higher than 1 JPY.
Read 8 tweets
Jan 18
An underrated skill in basically every field is knowing how to structure a Google query such that you get actually responsive information.
Somebody had a query about conforming mortgages that they were having difficulty conclusively Googling and I, a talented amateur on this topic, resolved it in two seconds because I know the right answer is "fannie mae sellers guide $TOPIC"
There's a related skill, much beloved of Dangerous Professionals, in knowing how to navigate the constellation of sites/providers/etc relevant to a particular topic.

e.g. You can put character points into getting good at irs.gov
Read 6 tweets
Jan 16
Spotted at a Japanese burger chain: this Americana aesthetic is a recurringly on-trend thing in Tokyo, so much that there is an entire economy of stores which sell Americans (some authentic imports, some Chinese modern replicas) so you can have it at your shop/cafe/home.
Partly interesting me for the usual reason that globalization is interesting.

Partly interesting because of what the appeal is. 40+ years ago foreign observers said that it was just imitation by an upcoming economy, but that clearly cannot explain enduring appeal in new contexts
I think it’s that this reflects an optimism and energy that (certain segments of) Japan projects onto America, which ironically (certain segments of) America largely doesn’t believe about itself anymore.
Read 5 tweets

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