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Patrick McKenzie Profile picture
@patio11
Nov 27, 2017 • 8 tweets • 2 min read • Read on X
Bitcoin as the world's biggest game of hot potato: prestonbyrne.com/2017/11/26/the… @prestonjbyrne

Liquidity crunch catalyzed by any disruption in the price would cause a bank run.
Bitcoiners think that they're structurally immune to bank runs because they repeat "we are not fractional reserves" as an article of faith. That is almost certainly false.

Most distressing bit in that article, which I cannot verify but which I do not find implausible:

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More from @patio11

Patrick McKenzie Profile picture
Apr 23
Next up at MicroConf, and possibly the only talk I’ll tweet today (dealing with some insomnia so might need to nap), @randfish on what he learned regarding the VC funding versus bootstrapping models.
“After publishing Lost and Founder [a guide inspired by Rand’s experience at Moz], some VC friends told me ‘What are you doing?! You’ll never raise money again.’ That was sort of the point.”
Rand: Many people who are accredited investors could not place the hundreds of bets on startups that one needs to statistically get a venture style outcome.
Read 24 tweets
Patrick McKenzie Profile picture
Apr 22
Next up at MicroConf: attendee talk from Austin Bouley on doing $100k much faster than typical in building a SaaS business.
Find a community: being a frequent participant in an online forum establishes you as an authority and makes it much easier to sell into that community in the future.

Austin says remember to build rep with admins so that they don't get annoyed with you for restrained promotion.
Deliver quick wins: you want to have a short feedback loop for getting users to value.

First business died because churn was too high. Users didn't see benefit until years after doing the thing.

Celebrate small wins of customer early. Confetti/etc, make it fun. Show progress.
Read 15 tweets
Patrick McKenzie Profile picture
Apr 19
I’ve been working with an executive assistant for the first time in my life.

I cosplay as being impressively organized, but I have limited amounts of that energy, and often deploy it in other-than-strategic ways.
This is how I’m both the person who has 125 pages of KYC information ready to fax to a Japanese regional bank and also forget to follow up with a consulting lead for a month at a time.
When I was working full-time, one of the most useful things my manager did was simply reminding me of commitments I had made and then checking to make sure they were done. Not rocket science, but not something computers are good at yet.
Read 13 tweets
Patrick McKenzie Profile picture
Apr 17
An internship project worth doing at any age: go out into the world, learn one relevant thing, write it down, then bring it back to us (who are equally capable of going out into the world and writing things down *but will not do this*).
I have literally suggested this to interns over the years, but it was also my default marching order for my executive assistant: if you don’t know what to do, to learn one interesting thing and write it down.

The ceiling for this being useful is crazily high.
And while one could perform years of academic effort to do a study with controls etc etc given how low the fruit hangs you can probably have an artifact worth reading for the price of a single coffee conversation or five user interviews or similar.
Read 6 tweets
Patrick McKenzie Profile picture
Apr 12
Swift on Security, one of my favorite "Twitter accounts", wrote up their life story:

It's a deeply personal and reflective one. A thing I would like to underline: in between long stretches of showing up, there are occasionally leveraged choices.
Sometimes, choices are made by people who have grossly insufficient ability to understand the tradeoffs presented or even that there is a choice to be made at all.

One of best acts of charity is noticing if you observe that and intervening to extent possible.
I did not grow up in the best of socioeconomic circumstances and owe a lot to a friend's dad, and I don't even remember whose dad it was, who saw me with an IIT pamphlet in high school and said "Patrick, come here a minute."
Read 11 tweets
Patrick McKenzie Profile picture
Apr 12
This is, FWIW, a fairly complicated area where the IRS’s position is “We won’t make trouble for small business owners unless you really go out of your way to turn your credit card into a business into itself.”
What many, many small business owners do is spend $50k on the business’ card and extract $1k of value (flights, cash back, whatever) for themselves personally without that value being taxed.

The IRS has a technical objection to this but doesn’t really care.
The technical objection is that the card rewards should function as a discount and then that discount reduces the value of the expense that your business is deducting. Few small business owners actually do this.
Read 14 tweets

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