# ![@patio11 Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::20844341.png) @patio11 Patrick McKenzie

Patrick McKenzie posts on X about money, japan, if you, insurance the most. They currently have [-------] followers and [----] posts still getting attention that total [-------] engagements in the last [--] hours.

### Engagements: [-------] [#](/creator/twitter::20844341/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::20844341/c:line/m:interactions.svg)

- [--] Week [-------] +32%
- [--] Month [---------] +97%
- [--] Months [---------] +52%
- [--] Year [----------] -59%

### Mentions: [--] [#](/creator/twitter::20844341/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::20844341/c:line/m:posts_active.svg)

- [--] Week [--] -11%
- [--] Month [---] -12%
- [--] Months [---] +236%
- [--] Year [-----] -8.20%

### Followers: [-------] [#](/creator/twitter::20844341/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::20844341/c:line/m:followers.svg)

- [--] Week [-------] +0.11%
- [--] Month [-------] +0.61%
- [--] Months [-------] +2.60%
- [--] Year [-------] +5.90%

### CreatorRank: [---------] [#](/creator/twitter::20844341/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::20844341/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [technology brands](/list/technology-brands)  [countries](/list/countries)  [stocks](/list/stocks)  [social networks](/list/social-networks)  [cryptocurrencies](/list/cryptocurrencies)  [travel destinations](/list/travel-destinations)  [currencies](/list/currencies)  [exchanges](/list/exchanges)  [gaming](/list/gaming) 

**Social topic influence**
[money](/topic/money), [japan](/topic/japan), [if you](/topic/if-you), [insurance](/topic/insurance), [llm](/topic/llm), [$googl](/topic/$googl), [business](/topic/business), [twitter](/topic/twitter), [finance](/topic/finance), [investment](/topic/investment)

**Top assets mentioned**
[Alphabet Inc Class A (GOOGL)](/topic/$googl) [Bitcoin (BTC)](/topic/bitcoin) [Chipotle Mexican Grill, Inc. (CMG)](/topic/chipotle) [Coinbase Global Inc. (COIN)](/topic/coinbase) [Ethereum (ETH)](/topic/ethereum)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Sounds like youre saying Americans pay more for a worse service. I prefer to think of it as one of the dividends of infrastructure. (And to be fair the batteries dont appear in nature and having expensive limited batteries beats no batteries by quite a bit)"  
[X Link](https://x.com/patio11/status/2022414297742340473)  2026-02-13T20:55Z 188.7K followers, [----] engagements


"Fundamentally I think food preparation is a very major bit of culture like organized religion is and that it is not a static or universal bit of culture similar to organized religion. My minority heretical view is much of population will simply not do it in future"  
[X Link](https://x.com/patio11/status/1557086424121294848)  2022-08-09T19:28Z 188.7K followers, [--] engagements


"As always Simon is a good way to understand these sort of things but I think I also increasingly expect shape of "LLM interacts with computers on your behalf" to mean "It writes disposable code" versus "It clicks buttons on a web interface poorly like Selenium but slower." Claude Skills are awesome maybe a bigger deal than MCP https://t.co/1wIYcTFrzI Claude Skills are awesome maybe a bigger deal than MCP https://t.co/1wIYcTFrzI"  
[X Link](https://x.com/patio11/status/1978939072027726000)  2025-10-16T21:40Z 188.7K followers, 103.4K engagements


"The fine print is even better Your chances of approval are excellent.* That asterisk is explained as follows verbatim:"  
[X Link](https://x.com/patio11/status/2018377413353144363)  2026-02-02T17:34Z 188.7K followers, [----] engagements


"Not for the first time Ill mention: You can get a great feel for company culture by asking what procedure for buying a $40 book is. Many acceptable options: Oh expense that Ask for p-card maybe even Youre highly paid Any of these better than Why would you buy a book"  
[X Link](https://x.com/anyuser/status/2020190526319055217)  2026-02-07T17:38Z 188.7K followers, [----] engagements


"Tornado Cash a service which exists to launder money was shut down and attainted for laundering money to the professed surprise of many crypto people. I am less surprised and to extent I am surprised it is that rigorous enforcement didnt start in like [----] or so"  
[X Link](https://x.com/patio11/status/1557044503889883136)  2022-08-09T16:41Z 188.7K followers, [---] engagements


"Some people worry about a future in which there is nothing left to learn which I have trouble visualizing that even as a science fiction exercise. Some people worry that some people might not be able to learn to the frontier which I think was status quo the day I was born"  
[X Link](https://x.com/anyuser/status/2021596269177671891)  2026-02-11T14:44Z 188.7K followers, [----] engagements


"I would invest in this company. @patio11 I have joked "an LLM-powered CLI tool that fulfils a single command 'fix my python environment' is a billion dollar company waiting to happen." Talk about pain points. @patio11 I have joked "an LLM-powered CLI tool that fulfils a single command 'fix my python environment' is a billion dollar company waiting to happen." Talk about pain points"  
[X Link](https://x.com/patio11/status/1942425906657780153)  2025-07-08T03:29Z 188.7K followers, 33.4K engagements


"In finance we don't have the luxury of pretending fraud was invented by political rivals. And so we've gotten good at detecting signals like e.g. an account with CAGR higher than Uber's best ever. New at Bits about Money: https://www.bitsaboutmoney.com/archive/fraud-investigation/ https://www.bitsaboutmoney.com/archive/fraud-investigation/"  
[X Link](https://x.com/patio11/status/2019822299650879824)  2026-02-06T17:15Z 188.7K followers, 26.9K engagements


"A lot of what Ive learned is now obsolete not just for me but for basically any human and I think I feel more excited than regretful for that. More things to learn and theyll matter more"  
[X Link](https://x.com/anyuser/status/2021595006830547033)  2026-02-11T14:39Z 188.7K followers, 20.1K engagements


"@simonw I remember when you started this bit and a successful entry included abstract expressionism gesturing in the directions of both a) a bird and b) a bicycle"  
[X Link](https://x.com/patio11/status/2022025846907670779)  2026-02-12T19:11Z 188.7K followers, 11.7K engagements


"Saw the American version of this service for the first time and its instructive in how logistics expertise and density make some things better in Japan. The U.S. offering is $8 for any portion of a day; $50 fee if you take [--] hours to return battery"  
[X Link](https://x.com/anyuser/status/2022413447632425136)  2026-02-13T20:51Z 188.7K followers, 32.2K engagements


"The Japanese version of this runs $2-5 for your first day depending on the number of minutes you use it and the non-return fee is about $25 and kicks in after [--] days. More importantly the kiosks are *everywhere* due to convenience stores as opposed to only at the station"  
[X Link](https://x.com/patio11/status/2022413711756136899)  2026-02-13T20:52Z 188.7K followers, [----] engagements


"What does the load balancing look like Your convenience store has long since added to the operating manual If a parcel arrives from the battery company addressed to us open it remove all batteries and put all batteries into the machine. Follow onscreen instructions"  
[X Link](https://x.com/anyuser/status/2022414775817507209)  2026-02-13T20:57Z 188.7K followers, [----] engagements


"Ruriko: Why did the train stop Me: Freight trains have priority over passenger traffic in America. This will happen a lot in next two hours. Ruriko: Haha this is your American humor. Me: No. Ruriko: Wat"  
[X Link](https://x.com/anyuser/status/2022428029834924045)  2026-02-13T21:49Z 188.7K followers, 110.5K engagements


"@amy @Accel @atlas Congrats Amy (And Accel.)"  
[X Link](https://x.com/patio11/status/1171796715105505281)  2019-09-11T14:44Z 188.1K followers, [--] engagements


"@patrick_oshag And you can bring in a lot of your intuitions from equity investing to bear here: there are growth opportunities and value opportunities there are accounts which are overpriced / underpriced (cost to acquire being the price) sectors/factors diversification what have you"  
[X Link](https://x.com/patio11/status/1307784702091096064)  2020-09-20T20:52Z 188.4K followers, [--] engagements


"A particular buyer of software I once sold told me to SFTP to their server to do a required integration. I noted that there was a folder whose name was alarming (think Disease_test_results) which was 777ed. Oh thats to get their integration to work. Just use your folder. I walk out of every conversation about cybersecurity in hospitals with an overwhelming feeling of existential dread. I walk out of every conversation about cybersecurity in hospitals with an overwhelming feeling of existential dread"  
[X Link](https://x.com/patio11/status/1569017540982239232)  2022-09-11T17:38Z 188K followers, [---] engagements


"Matt Levine today covers USDC and Tether which are differentials exposed to the substrates underlying their stablecoins because USDC is backed by money and Tether by a mystery. Value has (purportedly) flowed into Tether since the FTX collapse and actual money out of USDC"  
[X Link](https://x.com/patio11/status/1724839529192784360)  2023-11-15T17:19Z 188.6K followers, 177.8K engagements


"You cannot seriously believe there are computer systems capable of causing $100M in losses if a single trusted individual types in a single command. That seems astoundingly unlikely. Efficient Markets and all that. Yeah that is uncontroversial engineering reality. Point blank"  
[X Link](https://x.com/patio11/status/1764347489279213957)  2024-03-03T17:49Z 188.6K followers, 217.6K engagements


"Ruriko: The house contractor today has some obvious deficiencies in worksmanshop. Me: Will bring it up to the GC. Ruriko: Oh they left debris in the kitchen; maybe theyre coming back tomorrow and will finish things. Me: Hah good one honey. Ruriko: ARE YOU JOKING"  
[X Link](https://x.com/patio11/status/1841218941479231720)  2024-10-01T20:49Z 188.6K followers, 45.2K engagements


"first receiving your tax payments. Sometimes this causes something of a chicken and egg problem which we usually solve by Me: Begging your pardon but in most years I have paid through PayEasy which I can do online given possession of a few numbers. Could I impose"  
[X Link](https://x.com/patio11/status/1883723821733265553)  2025-01-27T03:48Z 188.3K followers, [----] engagements


"Earlier today: *unknown number calls* Caller: This is large U.S. bank and Im calling from a recorded line. Can I speak to Kalzu that is Patrick McKenzie. Me to self: I may be getting scammed here. But I suppose Ill keep listening. Me: Speaking. Caller: I am calling to"  
[X Link](https://x.com/patio11/status/1890354269359886363)  2025-02-14T10:55Z 188.6K followers, 324.6K engagements


"The voice and authority line is a treasure that I picked up from an early career manager in Japan in the course of him rejecting my request to intercede with a third party who didnt like needing to deal with me (a foreigner)"  
[X Link](https://x.com/patio11/status/1907440941515821170)  2025-04-02T14:32Z 188K followers, [----] engagements


"Approximately: Me: Boss can you take a call with $VENDOR. Boss: Why. Me: He is exacerbated he needs to talk to me. Boss: Whats his problem. Me: I think he would prefer someone who speaks Japanese with less of an accent. Boss: Oh. Are you a salaryman at this company Patrick"  
[X Link](https://x.com/patio11/status/1907441404135030969)  2025-04-02T14:34Z 188K followers, [----] engagements


"If you like factory tours and are in Chicago strong recommendation for Four Star Mushrooms near Fulton Market. They have a facility which resembles nothing so much as a series of server rooms except for mushrooms"  
[X Link](https://x.com/patio11/status/2012609694741737602)  2026-01-17T19:35Z 188K followers, 35K engagements


"@loobah_l @VicVijayakumar @Austen Differs state by state. Medical debt is not generally treated distinctly from consumer debt. Generally speaking youre looking at 5-7 years"  
[X Link](https://x.com/patio11/status/2012790128398242248)  2026-01-18T07:32Z 188.6K followers, [----] engagements


"Word to the wise: this also applies if you are doing non-trivial improvements to your home or office not just if you are doing professional amounts of construction. I did not keep to this during my own project and had cause to regret those decisions very frequently. Iron Law of Construction Management: Until the job is 100% done always owe your contractor money; never let him owe you work. Iron Law of Construction Management: Until the job is 100% done always owe your contractor money; never let him owe you work"  
[X Link](https://x.com/patio11/status/2013280865128747494)  2026-01-19T16:02Z 188K followers, 246.2K engagements


"@boneham12 What is your suggested Google query to bring it up starting from I notice I am cold. because I got nowhere until pointing camera phone at wiring diagrams and describing what I had noticed to LLM"  
[X Link](https://x.com/patio11/status/2013819401334591519)  2026-01-21T03:42Z 188K followers, [----] engagements


"@RuxandraTeslo I have previously described a successful intervention here as "I have read her writing for a while and she isn't an axe murderer." That is not a commitment to take a bullet for someone but is useful for dialing down the amount of gatekeeping institutions do habitually"  
[X Link](https://x.com/patio11/status/2014432398688076003)  2026-01-22T20:18Z 188.1K followers, [----] engagements


"@RuxandraTeslo You can read more about the project at and if you're hypothetically looking for highly leveraged ways to use a charitable dollar $25k increases velocity of thousands of $1 billion trials and so. (Pause to acknowledge: crazy equilibrium right.) https://www.ctdcommons.org/ https://www.ctdcommons.org/"  
[X Link](https://x.com/patio11/status/2014434871792349494)  2026-01-22T20:27Z 188.1K followers, [----] engagements


"@David_Kasten Yeah they exist in a professional superposition of high status and smol bean"  
[X Link](https://x.com/patio11/status/2015094387944849628)  2026-01-24T16:08Z 188.3K followers, [---] engagements


"I genuinely think journalism is societally important and if one wanted to write about large corporations acting lawlessly then there is an easily gettable story about widespread employment discrimination for several years"  
[X Link](https://x.com/patio11/status/2015096832007815439)  2026-01-24T16:18Z 188.2K followers, [----] engagements


"But the people who could be sources could quite reasonably interpret So I hear smoking guns are all over Slack and email to mean Could you please commit a firing offense so that I can scalp you in print and then have you blacklisted in your industry"  
[X Link](https://x.com/patio11/status/2015097290159952375)  2026-01-24T16:20Z 188.2K followers, [----] engagements


"(Really tough to report investigate or punish crimes committed by the PMC when all the orgs implicated to do that were themselves co-conspirators. It gets more difficult to climb mountain as the crimes get worse which is probably opposite of what we expect naively.)"  
[X Link](https://x.com/patio11/status/2015113952120700968)  2026-01-24T17:26Z 188K followers, [----] engagements


"A friend not in software asked what I thought AI meant for not-specifically-AI SaaS companies. Thought it would be useful repeating publicly: We do not yet know who will benefit most from AI being incorporating in software but there will be no non-AI SaaS companies in future"  
[X Link](https://x.com/patio11/status/2015520297223405618)  2026-01-25T20:21Z 188.1K followers, 35.3K engagements


"shift operations of the rest of the industry. The prior art on this is Salesforce which in addition to a database product basically made a method of industrial organization for sales processes then successfully popularized it in multiple industries with software being one"  
[X Link](https://x.com/patio11/status/2015524048361374164)  2026-01-25T20:35Z 188K followers, [----] engagements


"In what could be considered potent irony from the universe XX Bits about Money subscribers had transient payment failures on their renewals this month. Up until a few minutes ago I did basically nothing about this letting Stripe handle the automated retry and then giving up"  
[X Link](https://x.com/patio11/status/2016006231471628415)  2026-01-27T04:31Z 188.2K followers, 14.4K engagements


"But the alternative was having to write some fiddly code at the intersection of my payments provider (Stripe naturally) and my hosting platform (Ghost Pro) probably actually run that code elsewhere (since Ghost Pro is a hosted service) and then do additional fiddly code on UX"  
[X Link](https://x.com/patio11/status/2016006858692067831)  2026-01-27T04:34Z 188K followers, [----] engagements


"And every January I thought "Ehh that is a whole lot of work and it competes with actually writing another BAM and there are many many more readers and members than there are members-with-perhaps-transient-payment-failures and so I should prioritize them and not prioritize $.""  
[X Link](https://x.com/patio11/status/2016007636483752416)  2026-01-27T04:37Z 188K followers, [----] engagements


"And so of course the punchline here is "Claude Code grinds this out in minutes and everything is correct the first time and the deep dive into Ghost internals and forum posts about past patches which create undocumented API behavior was done by someone other than yours truly.""  
[X Link](https://x.com/patio11/status/2016007915472064774)  2026-01-27T04:38Z 188K followers, [----] engagements


"Most of the largest companies in capitalism have -- and please trust me on this -- not done the work here. These flows are routinely absolutely atrocious even when there are hundreds of millions of dollars on the line. Partly this is because Rev Ops or Payments has [--] eng time"  
[X Link](https://x.com/patio11/status/2016008526330568900)  2026-01-27T04:41Z 188K followers, [----] engagements


""Was there a no-code option for this" There are settings in (IIRC) both Ghost and Stripe to send an automatic email to attempt to recover revenue in this fashion and that setting is successfully used by many people but I have Strong Opinions and so didn't use those"  
[X Link](https://x.com/patio11/status/2016010722568761682)  2026-01-27T04:49Z 188K followers, [----] engagements


""What sort of Strong Opinions" In addition to the bit on the desired UX: 1) I can't send this email and not observe the irony that BAM needs to send this email right 2) "User doesn't pay for BAM" is more similar to not paying for local radio membership not SaaS / WSJ sub"  
[X Link](https://x.com/patio11/status/2016012710673093019)  2026-01-27T04:57Z 188.2K followers, [----] engagements


". I should probably write a BAM about transient payment failures huh"  
[X Link](https://x.com/patio11/status/2016018544081690634)  2026-01-27T05:20Z 188.3K followers, [----] engagements


"@moseskagan @friedmandave Bundling the milk and justifying a 2X premium on it are both harder after the patient switches to My monthly maintenance medication arrive like an Amazon package does except I click no buttons in most months"  
[X Link](https://x.com/patio11/status/2016178308820373768)  2026-01-27T15:55Z 188K followers, [---] engagements


"@moseskagan @friedmandave Sorry [--] years of dinner table discussions with dad about pharmacy real estate. I should do an episode with him on this"  
[X Link](https://x.com/patio11/status/2016178541402955852)  2026-01-27T15:56Z 188K followers, [---] engagements


"@andreamatranga @krishnanrohit @ARishi_ Japan broadly suffers less financial abuse than the US does but still stuffers from this particular thing quite a bit. Government knows it. Banks know it. Cops know it. Considered acceptable losses. US would flip out; not considered OK for grandma to lose everything here"  
[X Link](https://x.com/patio11/status/2016255904283337122)  2026-01-27T21:04Z 188K followers, [---] engagements


"@TheStalwart The tool you built was quite fun when I tried it and FWIW would have been way past the threshhold for "publishable paper" back in the early 2000s when I got my CS degree including some coursework and research projects on NLP"  
[X Link](https://x.com/patio11/status/2016258281346351430)  2026-01-27T21:13Z 188.3K followers, 33.2K engagements


"@TheStalwart (This is part of my problem with "vibecoding." Drop the "vibe"; it's cleaner. I'm being entirely unironic here; if one is unambiguously doing engineering work one is unambiguously doing engineering work regardless of whether some people self-minimize/minimize particular work.)"  
[X Link](https://x.com/patio11/status/2016258623446389109)  2026-01-27T21:14Z 188.3K followers, 16.3K engagements


"@TheStalwart Oh no we gave degrees to lots of people who couldn't have built that"  
[X Link](https://x.com/patio11/status/2016258742409482531)  2026-01-27T21:15Z 188K followers, [----] engagements


"@David_Kasten @TheStalwart I am really in favor of maintaining liminal spaces for low-stakes play. but I also don't want people to understand e.g. Claude Code to be *solely* a tool for low-stakes play because there is absolutely real engineering work happening in a discussion with it"  
[X Link](https://x.com/patio11/status/2016260096729174422)  2026-01-27T21:20Z 188K followers, 17.8K engagements


"@David_Kasten @TheStalwart Incidentally: coming to a podcast on your local Internets this Thursday a deep dive into a computer/engineer symbiote doing real boring engineering work on payments failures"  
[X Link](https://x.com/patio11/status/2016260425474834458)  2026-01-27T21:22Z 188K followers, [---] engagements


"Roon would know better due to working at a lab but a coding harness is a thing you can actually build then hook to a pay-by-token API and then observe that it does dollars-per-day of usage then compare to e.g. $200 a month subscription. these products are significantly gross margin positive youre not looking at an imminent rugpull in the future. they also dont have location network dynamics like uber or lyft to gain local monopoly pricing these products are significantly gross margin positive youre not looking at an imminent rugpull in the future. they also dont have location network dynamics"  
[X Link](https://x.com/patio11/status/2016280802145743036)  2026-01-27T22:42Z 188.3K followers, 62.6K engagements


"Minimum viable coding harness is probably 200-1000 LOC by the way and if you cant write it just ask your favorite non-minimum coding harness to do it. A loop and tool calls. Done"  
[X Link](https://x.com/patio11/status/2016281781549302156)  2026-01-27T22:46Z 188K followers, 10.3K engagements


"What is your basis for confidence here Built something similar just to make structured files for a homebrew RPG system. That seems significantly geekier and less lucrative. Have you met me"  
[X Link](https://x.com/patio11/status/2016283259249033566)  2026-01-27T22:52Z 188K followers, [----] engagements


"@friedmandave @deanwball killing SaaS company margins How"  
[X Link](https://x.com/patio11/status/2016286136528773332)  2026-01-27T23:04Z 188K followers, [---] engagements


"@patrickc The binding of quotation marks in English is fundamentally incorrect he added"  
[X Link](https://x.com/patio11/status/2016347796199084537)  2026-01-28T03:09Z 188K followers, 11.6K engagements


"The individual IRS accounts website which is relatively new to me since was impossible to access as a USian outside the country is surprisingly competently done. Pip pip for straightforward competent execution like e.g. copies of letters account status payments"  
[X Link](https://x.com/patio11/status/2016355021999206405)  2026-01-28T03:37Z 188.5K followers, 18K engagements


"Things I never enjoy: server maintenance. Things I smiled at a minute ago after asking Claude Code "As long as I'm up and have [--] minutes suggest some maintenance tasks to check in on." :"  
[X Link](https://x.com/patio11/status/2016386326845677919)  2026-01-28T05:42Z 188.4K followers, 18.7K engagements


"*tsk tsk* But Claaaaaaude we plan for exponential growth in this household. . Not entirely sure I'm joking"  
[X Link](https://x.com/patio11/status/2016386694665162858)  2026-01-28T05:43Z 188K followers, [----] engagements


"Have I mentioned I don't enjoy server maintenance"  
[X Link](https://x.com/patio11/status/2016387079203155969)  2026-01-28T05:45Z 188.1K followers, [----] engagements


"Entire diagnosis courtesy of Claude Code by the way. All I did was act as a (ludicrously overpaid) SSH key to prod"  
[X Link](https://x.com/patio11/status/2016387225261314153)  2026-01-28T05:45Z 188.1K followers, [----] engagements


"@KrautFishing Should be entirely optional. This is mostly for the benefit of Europeans who need their tax ID printed on invoices so they can claim the invoice on their VAT returns / business expenses"  
[X Link](https://x.com/patio11/status/2016388207072407585)  2026-01-28T05:49Z 188.1K followers, [--] engagements


"@KrautFishing There are very many US businesses which don't understand why anyone would need a feature to do this and very many (without loss of generality) German bookkeepers who are not particularly polite in explaining the rationale to US SaaS businesses. International business huzzah"  
[X Link](https://x.com/patio11/status/2016388450274980174)  2026-01-28T05:50Z 188.1K followers, [---] engagements


"@KibrGual @micsolana @eshear [--] categories and IMHO Western observers slightly overweight "standardized" because it's not precisely equivalent to the US's maximally-locally-controlled system. https://www.mlit.go.jp/crd/city/plan/03_mati/04/index.htm https://www.mlit.go.jp/crd/city/plan/03_mati/04/index.htm"  
[X Link](https://x.com/patio11/status/2016571790022103140)  2026-01-28T17:59Z 188.1K followers, [---] engagements


"@TheStalwart Automatically Categorizing Written Texts by Author Gender Koppel et al [----] in case you want a fun thing to read and also a time capsule in how primitive analytical techniques that demonstrate really interesting results were cutting-edge paper-worthy science recently"  
[X Link](https://x.com/patio11/status/2016584736672464994)  2026-01-28T18:50Z 188.1K followers, [----] engagements


"@TheStalwart Primitive Trying to be descriptive not dismissive here. Relative to modern ML or transformers or similar they describe a very simple method that a high schooler could implement. Full implementation of it could get prompted in less than a tweet of payload"  
[X Link](https://x.com/patio11/status/2016585663051657299)  2026-01-28T18:54Z 188.1K followers, [---] engagements


"@deanwball I do not have a good go-to example of what a higher tier of energy abundance would almost trivially unlock but I do think that some examples might sound less like aspirational sci-fi and more like Wait why would that even be hard to someone who grew up with them"  
[X Link](https://x.com/patio11/status/2016587928651055278)  2026-01-28T19:03Z 188.1K followers, [----] engagements


"@David_Kasten I wish I had written down the day and instigating event that had caused me to upgrade to the $200 plans which are well above the price points my business typically hits for SaaS but I still remember the feeling: Wait OBVIOUSLY being without this capability for an hour is -EV"  
[X Link](https://x.com/patio11/status/2016591625447768175)  2026-01-28T19:18Z 188.1K followers, [----] engagements


"I think this is a really good article and also need to carry a bit of water for charging the government $19 to do a database lookup. Today Luke Farrell explains how complex eligibility requirements have turned Americas safety net into a lucrative revenue stream for monopolistic private contractors. https://t.co/KsAJVMBdWm Today Luke Farrell explains how complex eligibility requirements have turned Americas safety net into a lucrative revenue stream for monopolistic private contractors. https://t.co/KsAJVMBdWm"  
[X Link](https://x.com/patio11/status/2016638124181344284)  2026-01-28T22:22Z 188.3K followers, 24.6K engagements


"Programs have administrative costs. If you express the cost of a clerk on a per-participant basis fully loaded it is much more than $19. She is a sympathetic recipient of public funds and is *invisible* in these discussions as a result of the hidden jobs program mandate"  
[X Link](https://x.com/patio11/status/2016638498439045481)  2026-01-28T22:24Z 188.1K followers, [----] engagements


""What's the relevance of this Isn't that just a sideswipe at public servant" Well the alternative to the database lookup contingent on having an eligibility requirement is a) you impose a burden on the applicant to get records together then b) you pay a clerk to review them"  
[X Link](https://x.com/patio11/status/2016643413387460824)  2026-01-28T22:43Z 188.1K followers, [----] engagements


"Even if you discount the cost on the applicant to zero which is something government does far too frequently (in part because civil society / preferences of voters / etc) the number of minutes you can buy of a professional employee necessarily based in the US for $19 is low"  
[X Link](https://x.com/patio11/status/2016643765075595666)  2026-01-28T22:45Z 188.1K followers, [---] engagements


"This week on Complex Systems I'm joined by. Claude Code I think people who don't program professionally extensively underrate the discontinuous advance in productivity engineering is going through. So we step through real eng work basically verbatim with me commenting"  
[X Link](https://x.com/patio11/status/2016937291298550003)  2026-01-29T18:11Z 188.4K followers, 41.6K engagements


"The specific business problem presented is a real one which a real business (mine) actually lost money over: transient payment failures in collecting annual memberships for Bits about Money. Analogous problems bite almost every Fortune [---] company to tune of billions"  
[X Link](https://x.com/patio11/status/2016937622812189019)  2026-01-29T18:12Z 188.2K followers, [----] engagements


"They largely go unsolved because the problems are illegible to the parts of orgs which are not payment experts. For the parts of orgs which are like Business Operations or Payments teams this is not salient enough to draw executive attention to get engineering hours"  
[X Link](https://x.com/patio11/status/2016937814147875128)  2026-01-29T18:13Z 188.1K followers, [----] engagements


"Some engineers sniff that while these modern coding tools can write code they probably can't write aesthetically pleasing or correct code. The business owner in me reports that the code actually does what it is designed to do as demonstrated by "money arrived immediately.""  
[X Link](https://x.com/patio11/status/2016939033058767296)  2026-01-29T18:18Z 188.1K followers, [----] engagements


"As for aesthetic considerations I link to a long sample. It's soul-crushingly boring bookkeeping manipulation of APIs and passing information around subsystems. and looks not too dissimilar to when I'm done soul-crushingly boring work myself the last two decades"  
[X Link](https://x.com/patio11/status/2016939287204274574)  2026-01-29T18:19Z 188.2K followers, [----] engagements


"Ive never worked for the IRS but I have definitely been that agent. It is dramatized in a few popular works of fiction including the Incredibles and so here is your friendly neighborhood infrastructure nerd saying this is very real. Always an adventure calling the IRS Me: "Hi I'm calling about penalty relief for my client. He's disabled and --" Agent: "What's the account number" Me: "He lost his job. Couldn't afford to file. He has severe anxiety and --" Agent: "I see. The penalty is $847. Next" Me: Always an adventure calling the IRS Me: "Hi I'm calling about penalty relief for my client."  
[X Link](https://x.com/patio11/status/2016996396264562776)  2026-01-29T22:06Z 188.6K followers, 320.9K engagements


"Trainee: That didnt answer my question. Trainee: Didnt it. Moving on"  
[X Link](https://x.com/patio11/status/2016996967272849410)  2026-01-29T22:08Z 188.2K followers, 17.1K engagements


"This is bizarre and perverse. Retrospective review of the written rules which must exist will discover that they contain a rule which the company is extremely comfortable with defending. Retrospective review of the understanding of an [--] year old trainee is not a risk"  
[X Link](https://x.com/patio11/status/2016997990687211886)  2026-01-29T22:12Z 188.2K followers, 13.4K engagements


"Can you say a few more words about escape hatch The trainee will eventually work in a call center attached to a telephone and a computer program. Clicking a button in the computer program awards the caller money from the company"  
[X Link](https://x.com/patio11/status/2016998535892222164)  2026-01-29T22:14Z 188.2K followers, 12.4K engagements


"And this is one reason why I when talking to CS reps sometimes whether is there a set of facts under which they have personal authority to click a button. Very few businesses specifically anticipate that question in the rulebook"  
[X Link](https://x.com/patio11/status/2017001867356602819)  2026-01-29T22:28Z 188.4K followers, 12.9K engagements


"@alexhillman Have had mixed results from LLMs on which read as uncertainty and which read as user needs emotional support. I now use something similar to If this plan is executable move forward. If there is an obvious issue with it either resolve or discuss prior to execution"  
[X Link](https://x.com/patio11/status/2018007321465454751)  2026-02-01T17:03Z 188.3K followers, 25.4K engagements


"I think relatively few people should have the threat model Adversary is US government and they will have physical control of my person and laptop while also respecting rules but if that is you dont use biometrics because they do not have testimonial privilege. It's an odd feature of constitutional law that passwords are protected by the 5th amendment but fingerprints aren't. It's an odd feature of constitutional law that passwords are protected by the 5th amendment but fingerprints aren't"  
[X Link](https://x.com/patio11/status/2018368831803048430)  2026-02-02T17:00Z 188.5K followers, 42.4K engagements


"n.b. This was part of the reason Uber had a turn-off-all-access-from-orbit button for their local offices. Some people when they heard Uber had that plan were furious that it was trying to stymie legitimate investigations into business practices. I felt differently"  
[X Link](https://x.com/patio11/status/2018372613794402323)  2026-02-02T17:15Z 188.5K followers, [----] engagements


"@proales Worth knowing that when the feds are serious about this they can start the interaction with a flying tackle or other physical contact to make it difficult with you to actuate devices"  
[X Link](https://x.com/patio11/status/2018373478592725032)  2026-02-02T17:18Z 188.6K followers, [----] engagements


"Hall of fame email subject line for demonstrating two suborgs at each others' throats: "You have excellent approval odds for the Venmo credit card" (Marketing really wants to say "pre-approved" Legal/Compliance says "We can't say that anymore.")"  
[X Link](https://x.com/patio11/status/2018376452027117611)  2026-02-02T17:30Z 188.5K followers, 38.9K engagements


"Excellent means the estimated chance of approval is 80%+ Great is 70%+ and Very Good is 60%+. Subject to credit approval.""  
[X Link](https://x.com/patio11/status/2018377619402539443)  2026-02-02T17:34Z 188.6K followers, [----] engagements


"Commentary from yours truly: This is likely in response to enforcement actions like the [----] FTC wrist slap of Credit Karma. Credit Karma is an intermediary and may not have had constructive authority to pre-approve clients for bank credit cards. See: https://www.ftc.gov/legal-library/browse/cases-proceedings/2023138-credit-karma-llc https://www.ftc.gov/legal-library/browse/cases-proceedings/2023138-credit-karma-llc"  
[X Link](https://x.com/patio11/status/2018379279982075970)  2026-02-02T17:41Z 188.6K followers, [----] engagements


"Now when you're a fintech that doesn't have a banking license you might want to be really careful about saying whether you have constructive authority to pre-approve clients for bank credit cards. Your partner bank has that but you're not puppeting them. You do. prospect intro"  
[X Link](https://x.com/patio11/status/2018379578473947566)  2026-02-02T17:42Z 188.6K followers, [----] engagements


"And thus if people are sophisticated enough to move their own behavior in advocate because they understand that pre-approval does not mean 100% likelihood you'll get a credit card it feels a bit annoying to get a $3 million fine from the FTC because "customers don't understand.""  
[X Link](https://x.com/patio11/status/2018380380831715522)  2026-02-02T17:45Z 188.5K followers, [----] engagements


"Anyhow: comments in personal capacity only about the general issue. This wouldn't have been the place I would deploy a limited budget for improving the lives of the U.S. consumer and will result in a bit of kabuki for the next few years as demonstrated by the email"  
[X Link](https://x.com/patio11/status/2018380779970072695)  2026-02-02T17:47Z 188.3K followers, [----] engagements


"@mndl_nyc Do you have a citation for this Would love to mention it in Bits about Money sometime"  
[X Link](https://x.com/patio11/status/2018381460143501319)  2026-02-02T17:50Z 188.6K followers, [---] engagements


"Random comment about coding LLMs: They are preternaturally good at writing domain specific languages (DSLs). A DSL appears to be an easier target for an LLM to write code for than e.g. Python or Ruby is"  
[X Link](https://x.com/patio11/status/2018656532112814559)  2026-02-03T12:03Z 188.5K followers, 42.8K engagements


"It was almost disgustingly easy. Not only was the first generation of the DSL successfully created from a spec about a page long but a lot of refinements to it were possible in tweet-length and some were successfully implied by etc"  
[X Link](https://x.com/patio11/status/2018658351694151998)  2026-02-03T12:10Z 188.4K followers, [----] engagements


"What tasks map very cleanly to DSLs Do you have a complicated configuration file or system for something A DSL can output that configuration while being readable testable easily auto-generated etc"  
[X Link](https://x.com/patio11/status/2018659595405934992)  2026-02-03T12:15Z 188.5K followers, [----] engagements


"A random mundane utility example: LLMs are extremely capable of writing a Statement of Work which is historically an hour of one's life you can't bill for and will never get back sacrificed at the altar of legibility to a purchasing process"  
[X Link](https://x.com/patio11/status/2018806598031049106)  2026-02-03T21:59Z 188.5K followers, 15.4K engagements


"If we decrease the barrier of performance of class to zero will various processes have to react Very plausibly yes. You know what an invoice looks like in sufficient detail to write one was once not dispositive evidence that you were not a criminal but non-zero"  
[X Link](https://x.com/patio11/status/2018809992644898902)  2026-02-03T22:13Z 188.3K followers, [----] engagements


"Now that plausibly formatted invoices are abundant in the universe well processes which relied on them being scarce have to tolerate higher agency criminals asking the Plausibly Fabricate Evidence oracle"  
[X Link](https://x.com/patio11/status/2018810317900587163)  2026-02-03T22:14Z 188.3K followers, [----] engagements


"I took Claude Copilot out for a spin today. Nothing will surprise you if you're a Claude Code user: yeah it does great work. My use case was "Congratulations you're now financial advisor to a sophisticated client who is *variably* organized. Let's scratchbuild balance sheet.""  
[X Link](https://x.com/patio11/status/2018905948476092891)  2026-02-04T04:34Z 188.5K followers, 32.8K engagements


"Most surprising moment: Me: OK what am I forgetting. Claude: [--] things I model you as having. Me annoyed: Why do you not-people always assume I have crypto when clearly if you thought about that for five more tokens. Me less annoyed: Oh yeah I *do* have a Treasury acct"  
[X Link](https://x.com/patio11/status/2018906919981736186)  2026-02-04T04:38Z 188.5K followers, [----] engagements


"By the way infinitely patient ingest/transform engines if you have say several years of statements haphazardly accumulated with varying naming conventions in Dropbox. "Read several thousand PDFs organize and rename sensibly and exclude anything not relevant to task.""  
[X Link](https://x.com/patio11/status/2018910687368487253)  2026-02-04T04:53Z 188.4K followers, [----] engagements


"Note that this is a computer system which is really comfortable with ambiguity which is not something that years of Excel or Ruby will have trained you to expect. Approximate recounting of real interaction:"  
[X Link](https://x.com/patio11/status/2018913827799396667)  2026-02-04T05:05Z 188.5K followers, [----] engagements


"Claude: What's FMV of the Tokyo condo Me: You tell me. Rent is XX per month and it is *brief descriptive phrase.* Claude: Justifies a 4.5% cap rate due to location in central Tokyo and market expectations for that class of residential RE. Mathing that out FMV is ___ JPY"  
[X Link](https://x.com/patio11/status/2018914439248924952)  2026-02-04T05:08Z 188.5K followers, [----] engagements


"Me: Note those assumptions on balance sheet. Claude: Noted. Me: Next"  
[X Link](https://x.com/patio11/status/2018914535759810946)  2026-02-04T05:08Z 188.5K followers, [----] engagements


"Props to Tier One CS two verification questions and then account re-activated. Also: yeah clearly this is not how the system should work but an hour hold time didn't actually stop me from writing a material portion of the BAM draft while on hold"  
[X Link](https://x.com/patio11/status/2019129778977271921)  2026-02-04T19:23Z 188.4K followers, [----] engagements


"I think the reason for the inactivation was because I had pre-funded my Pacer account with $10 and the government wanting to make sure nobody misappropriated funds saw that $10 balance on an inactive account and said Extraordinary Due Diligence Required For This User"  
[X Link](https://x.com/patio11/status/2019130038470533285)  2026-02-04T19:24Z 188.5K followers, [----] engagements


"@tr_babb BigCo decided it didn't need engineers and would do everything through system integrators. Japan Inc and U.S. government software are structurally fubared for basically the same reason"  
[X Link](https://x.com/patio11/status/2019515569683460420)  2026-02-05T20:56Z 188.5K followers, [----] engagements


"@jpdaigle @tr_babb It was not broadly believed by management (changing only a tiny bit around the edges) that customers made purchasing decisions based on software quality. I worked at a systems integrator for universities. Did you choose your university based on course catalog UX"  
[X Link](https://x.com/patio11/status/2019599695191155000)  2026-02-06T02:31Z 188.5K followers, [---] engagements


"Of course we should expect this for all Operations roles (and similar) as they trend towards automated anything you can but be willing to roll sleeves up for things you havent automated yet. Okay so there is magic sauce and part of it is paying your warehouse workers $100k+ https://t.co/fQq8cNfP8x Okay so there is magic sauce and part of it is paying your warehouse workers $100k+ https://t.co/fQq8cNfP8x"  
[X Link](https://x.com/patio11/status/2019801430916304953)  2026-02-06T15:52Z 188.6K followers, 17.6K engagements


"There has been a decade-long campaign of industrial-scale fraud in Minnesota. It has been consistently documented in e.g. reports to the legislature in [----] and in mainstream press articles"  
[X Link](https://x.com/patio11/status/2019823029241733552)  2026-02-06T17:18Z 188.5K followers, [----] engagements


"(Curiously the NYT's reporting puts the first major public evidence as being dated to [----]. Ordinarily I'd consider a report to the legislature to hit that bar but then again I only wrote for them the once.)"  
[X Link](https://x.com/patio11/status/2019823528024109061)  2026-02-06T17:20Z 188.5K followers, [----] engagements


"However in the rush to dismiss that reporting I think the great and the good continued doing something that had been done for a decade: turning a blind eye towards a program which was believed by investigators to have a gobsmacking 50% fraud rate"  
[X Link](https://x.com/patio11/status/2019824161330528642)  2026-02-06T17:23Z 188.5K followers, [----] engagements


"Some of the mechanisms signals and epiphenomena of benefits fraud rhyme with things one will encounter in finance. I think some of the countermeasures to them have applicability as well even acknowledging different constraints and value systems"  
[X Link](https://x.com/patio11/status/2019824384463257776)  2026-02-06T17:23Z 188.5K followers, [----] engagements


"And fundamentally if we're not willing to identify expose and interdict fraud in ways which minimize impact on innocent participants and respect the constitutional order the people will ask someone who doesn't operate under those constraints to clean up the mess"  
[X Link](https://x.com/patio11/status/2019824841734647837)  2026-02-06T17:25Z 188.7K followers, 18.6K engagements


"Some random qualitative notes for AI use on the new gen models from real work not explicitly intended to test the models mostly writing/editing/research with a potpourri of math/bookkeeping involved: Im think this week was first time I added new paragraphs at behest of AI"  
[X Link](https://x.com/patio11/status/2019862780468425160)  2026-02-06T19:56Z 188.6K followers, 17.9K engagements


"@fulligin Thanks"  
[X Link](https://x.com/patio11/status/2019959289553760689)  2026-02-07T02:19Z 188.5K followers, [---] engagements


"@eigenrobot mRNA vaccines though the institution really worked its damndest to fumble the ball and sideline the principal investigator"  
[X Link](https://x.com/patio11/status/2020016316758073823)  2026-02-07T06:06Z 188.6K followers, 12.2K engagements


"@TheZvi If you had asked me a few years ago would have said Computer systems should generally be extremely deferential to operator except where theyre making a mistake. Responsibility to interdict fraud clearly elsewhere in society"  
[X Link](https://x.com/patio11/status/2020179616921502140)  2026-02-07T16:55Z 188.5K followers, [----] engagements


"(This is one of the reasons BAM doesn't have a paywall; federal employees don't find it very easy to expense subscriptions to professional journals in the general case and even less so in the case of not-obviously-related-to-day-job. Why read X if you're in law enfrocement)"  
[X Link](https://x.com/patio11/status/2020183429598572865)  2026-02-07T17:10Z 188.5K followers, [----] engagements


"(We're in a really quirky equilibrium in the US government on fraud/waste. Let someone who routinely carries a lethal weapon have authority to determine $180 is a legitimate business expense: crazy talk book of regs disallows that obvious opportunity for graft. Meanwhile.)"  
[X Link](https://x.com/patio11/status/2020184439213674581)  2026-02-07T17:14Z 188.5K followers, [----] engagements


"@LeahLibresco @gekaminsky And so from a legal perspective the buck stops with you where you are often paying a relatively junior operations employee to rubber stamp 100+ suggestions a day and then chase down the checks that get returned calls from a random church saying What is this etc"  
[X Link](https://x.com/patio11/status/2021307281766297785)  2026-02-10T19:36Z 188.6K followers, [---] engagements


"In the future essentially all CSS questions will be directed at a computer and its quite likely that most of them will be coming from a computer because the set of knowledge required to pose a good CSS question also doesnt make for a particularly fulfilling challenge"  
[X Link](https://x.com/patio11/status/2021595763164242412)  2026-02-11T14:42Z 188.6K followers, [----] engagements


"@DKThomp @marco_argent Did this if you need some inspiration. Probably boring to people who havent spent their career doing similarly boring grunt work but Holy cow no more grunt work is an important takeaway. https://www.complexsystemspodcast.com/episodes/claude-code/ https://www.complexsystemspodcast.com/episodes/claude-code/"  
[X Link](https://x.com/patio11/status/2021597283351974031)  2026-02-11T14:48Z 188.6K followers, [---] engagements


"PayPal changing to require accounts for CC transactions after July. If you're not on @stripe yet you've still got time ;) via @JasonWinder"  
[X Link](https://x.com/patio11/status/334521583819431936)  2013-05-15T04:12Z 188.6K followers, [--] engagements


"Of the number of work Worst Days Ever the count whose crisis du jour really mattered six months later: zero. Not even a tiny exaggeration"  
[X Link](https://x.com/patio11/status/636723751736836096)  2015-08-27T02:15Z 188.1K followers, [--] engagements


"There is an actual dollar (or yen or won or whatever) underlying all of the "money" in the below statement: The ICO industry (using that term lightly) has raised $15 billion dollars. Zero. *Zero.* That is how many actual usable products have shipped"  
[X Link](https://x.com/patio11/status/1032031626417467392)  2018-08-21T22:28Z 179.9K followers, [---] engagements


"Remember Cryptokitties Cryptokitties is not just a joke; Cryptokitties got a lot of press coverage because it was the only thing running on the Ethereum network which was not either an explicit Ponzi scheme or an ICO. ICOsinvestment scamsare Ethereum's killer app"  
[X Link](https://x.com/patio11/status/1032032167491035136)  2018-08-21T22:30Z 179.9K followers, [---] engagements


"In "interesting things learned in Sunday annual report reading": the Softbank Vision Fund will be consolidated with Softbank for accounting/etc purposes and a material portion of their funding of it was with ARM shares which they apparently intend not to liquidate"  
[X Link](https://x.com/patio11/status/1038639099349848064)  2018-09-09T04:03Z 173.6K followers, [--] engagements


"Tether the cryptocurrency which is theoretically backed 1:1 by USD held in a bank account and available on demand is currently in the early stages of a bank run"  
[X Link](https://x.com/patio11/status/1051560132235030528)  2018-10-14T19:47Z 184.7K followers, [---] engagements


"It is amazing to me that email marketing tools which have the proverbial one job cant detect things like this tktk $FRIST_NAME etc. Its not exactly pathbreaking natural language or AI work. Serious serious recommendation: don't use XXX as a placeholder for future links when you write copy 🙈 Serious serious recommendation: don't use XXX as a placeholder for future links when you write copy 🙈"  
[X Link](https://x.com/patio11/status/1062722506547650561)  2018-11-14T15:02Z 183.8K followers, [--] engagements


"@justindross While I agree that the CRAs are user hostile the system they enable is one of the most important innovations in the last [--] years. It substantially ended arbitrary retail discrimination in lending enabled securitization of mortgages and greatly increased access to credit"  
[X Link](https://x.com/patio11/status/1075780848656486400)  2018-12-20T15:51Z 173.7K followers, [--] engagements


"And to be fair investors have historically used a lot of phrases which a) are not Yes and b) have the property of sounding Yeslike c) intentionally"  
[X Link](https://x.com/patio11/status/1084965057681735681)  2019-01-15T00:06Z 176.5K followers, [--] engagements


"e.g. I love this deal and want to do it at $TERMS sure sounds like a Yes but it is critically not a Yes. (Consider the case where your counterparty may ahem lack independent authority to commit the firm to the deal.)"  
[X Link](https://x.com/patio11/status/1084965544942481409)  2019-01-15T00:08Z 176.6K followers, [--] engagements


"And if the opportunity to invest in e.g. Just give me video games gets people to actually save $1k a month and underperform an index by probably 50bps over the long run. maybe that isnt *entirely* against their interest [--] year olds become [--] year olds and learn"  
[X Link](https://x.com/patio11/status/1091690489173151744)  2019-02-02T13:31Z 173.7K followers, [--] engagements


"Better to learn and then do the more optimal thing like a Vanguard retirement fund or roboadvisor with the portfolio that has underperformed but exists because you socked away money because it was fun than wake up at age [--] with no investments"  
[X Link](https://x.com/patio11/status/1091690833399762944)  2019-02-02T13:32Z 173.7K followers, [--] engagements


"Redemptions were impossible directly through Tether between approximately November [----] and [----]. Tether pointed interested holders at Bitfinex or other exchanges but pointedly refused to redeem and Bitfinex couldn't redeem (because it lacked reliable USD-banking)"  
[X Link](https://x.com/patio11/status/1123263133777256448)  2019-04-30T16:29Z 173.7K followers, [--] engagements


"One of several times that cryptocurrency enthusiasts decided to praise the practice of *checks notes* fractional reserve banking without implementing things that banks often do like having credit risk monitoring an audit committee 2+ loans diversity of funding sources etc"  
[X Link](https://x.com/patio11/status/1123264046445223936)  2019-04-30T16:33Z 173.7K followers, [--] engagements


"Intriguing survey question from Wealthfront:"  
[X Link](https://x.com/patio11/status/1139179325347905541)  2019-06-13T14:34Z 180.2K followers, [--] engagements


"Microsoft is the Japan of AppAmaGooBookSoft in that it is an economic colossus whose stats are trivially discoverable but since it doesnt get a headline every day peoples ambient impression is that it sunk into the Pacific and is no longer a major world power. Still impressed that Microsoft -- "missed the internet" "missed the phone" -- is worth more than Amazon Google and Apple. Still impressed that Microsoft -- "missed the internet" "missed the phone" -- is worth more than Amazon Google and Apple"  
[X Link](https://x.com/patio11/status/1172062221347672065)  2019-09-12T08:19Z 173.7K followers, [---] engagements


"Apparently Charles Schwab just cut commissions to zero which was always going to happen but feels plausibly sped up by RobinHood. (If you dont understand why they could do that c.f. ) https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/"  
[X Link](https://x.com/patio11/status/1179039203671203842)  2019-10-01T14:23Z 173.7K followers, [---] engagements


""Wait why did that happen" Short version: the ATM makes each bank branch need less tellers to operate at a desired level of service but the growth of the economy (and the tech-driven decline in cost of bank branch OpEx) caused branch count to outgrow decline in tellers/branch"  
[X Link](https://x.com/patio11/status/1181063386030694400)  2019-10-07T04:27Z 179.8K followers, [---] engagements


"@mengxilu I dont think that was what drove Prospers business model transformations in early days relative to: 1) Having [--] people determine which person has stuffed each for $50 is a recipe for generating a lot of violations of state law. 2) Illiquidity kills utility for best customer"  
[X Link](https://x.com/patio11/status/1183343625972830209)  2019-10-13T11:28Z 173.6K followers, [--] engagements


"I bought some WeWork bonds with the intention of holding them to maturity. My thesis: 1) I believe the business is a good one on a per-location basis over medium term. 2) SoftBank is pot committed to success of it. 3) I distrust bandwagons and wanted to short this one"  
[X Link](https://x.com/patio11/status/1186986835941060608)  2019-10-23T12:44Z 173.7K followers, [---] engagements


"You probably shouldn't make any investment decision based on what I think and plausibly I shouldn't either but I have a small pot of money that I use as substitute World of Warcraft to give myself permission to do the right boring thing with the rest of the retirement fund"  
[X Link](https://x.com/patio11/status/1186987104540061696)  2019-10-23T12:45Z 173.7K followers, [---] engagements


"@markbao SaaS isn't saturated Those tools don't have nearly 100% adoption in most niches and the amount of money available for business process automation in $FIELD would pay a *lot* of founders $250k a year"  
[X Link](https://x.com/patio11/status/1193001100787380224)  2019-11-09T03:03Z 182.8K followers, [--] engagements


"32/ Deposit pricing is like taxes one of the largest line-item bills on a household or business and this is underappreciated because of how the bill is delivered to you and the relative level of sophistication required to understand that there was actually a bill"  
[X Link](https://x.com/patio11/status/1208915960473833472)  2019-12-23T01:03Z 173.7K followers, [--] engagements


"33/ Geeks who grok this the first time often think of deposit pricing as being if not outright theft theft-adjacent but partly it's tradition for how financial services are priced and partly it is a progressive cross-subsidization of some customers by others"  
[X Link](https://x.com/patio11/status/1208916427035566081)  2019-12-23T01:05Z 173.7K followers, [--] engagements


"A position I think should exist at medium-sized to large companies: the Intro Concierge. "IC who is the best person internally to ask about credit risk in Southeast Asia" "IC need a warm intro to a a VC specializing in healthcare SaaS.""  
[X Link](https://x.com/patio11/status/1223713157966749696)  2020-02-01T21:02Z 173.7K followers, [---] engagements


"I am just amused by this UX which I found on iShares site under the heading How do I buy the ETF described on the page I was on"  
[X Link](https://x.com/patio11/status/1234502637136957440)  2020-03-02T15:35Z 173.6K followers, [--] engagements


"Also when one of the parties to the loan is a business theyll often want Maximum Papertrail for e.g. record keeping / tax purposes"  
[X Link](https://x.com/patio11/status/1235034189226889218)  2020-03-04T02:47Z 173.7K followers, [--] engagements


"e.g. If you have a cash flow crunch and borrow $25k from the Bank of Best Friend for your LLC if that is legitimately for use of your business any interest you pay is deductible. Because this looks awfully similar to tax evasion you want a very thorough papertrail on it"  
[X Link](https://x.com/patio11/status/1235034679666868224)  2020-03-04T02:49Z 173.7K followers, [--] engagements


"@mengwong @visakanv Bringing new meaning to lifetime value. Built for a perpetual asset strategy. If you dont invest its your funeral"  
[X Link](https://x.com/patio11/status/1236130459920158720)  2020-03-07T03:24Z 183.5K followers, [--] engagements


"Evergreen tweet but: read Matt Levine today on bond market liquidity specifically how the existence of bond ETFs have softened the blow for firms attempting to sell bonds to raise cash in times of crisis where the primary market is illiquid. https://www.bloomberg.com/opinion/articles/2020-03-12/the-bull-market-caught-a-virus https://www.bloomberg.com/opinion/articles/2020-03-12/the-bull-market-caught-a-virus"  
[X Link](https://x.com/patio11/status/1238198497544826880)  2020-03-12T20:21Z 173.7K followers, [--] engagements


"This has a sort of homespun aww shucks feel to it but it is descriptively accurate and aimed at the homespun aww shucks notion that youd really want to buy stocks for nice consistent dividends like a bond with a little bit of upside but not too much not enough to ever sell"  
[X Link](https://x.com/patio11/status/1242171045076848641)  2020-03-23T19:27Z 173.6K followers, [--] engagements


"Speaking of aww shucks logic: yes moving cash reserves off the balance sheet to shareholders does magnify exposure of remaining shareholders to the business future prospects including in bad times. That was a major point of the exercise"  
[X Link](https://x.com/patio11/status/1242172078440067077)  2020-03-23T19:31Z 173.7K followers, [--] engagements


"You would not guess that level of improvement trivially available for someone who had been on math team and casually solved a few hundred sudoku puzzles over the years right"  
[X Link](https://x.com/patio11/status/1264758179319042048)  2020-05-25T03:20Z 173.7K followers, [---] engagements


"I'm wondering in particular how much routine cognitive work like mortgage underwriting or radiology diagnosis or what have you is "Watch an expert narrate this process and show you a few things from their toolkit which you'll apply [--] times a day for forever" improvable"  
[X Link](https://x.com/patio11/status/1264831601180991490)  2020-05-25T08:12Z 173.7K followers, [---] engagements


"Everything a counterparty says during a negotiation should be assumed to be a negotiating position rather than a statement of objective fact about the world as a general rule. As a specific instance: this line is *such* a line. 5/ Whereas all the white/male CS degree candidates who signed their offer were allowed to negotiate their offers. We went to HR with this disparity and our HRBR old us that people who come to work at FB don't come for the industry level compensation. You come for the knowledge. 5/ Whereas all the white/male CS degree candidates who signed their offer were allowed to"  
[X Link](https://x.com/patio11/status/1269538728470409218)  2020-06-07T07:56Z 173.7K followers, [---] engagements


"This is a particularly strong discussion around underremarked upon parts of startup hiring like how it is often (too) spikey based on when capital raising happens to the detriment of startups ultimately and the people they hire. Sometimes I need you to trust me and listen to an episode without knowing the guest. This is one. When I've asked my favorite people who to host the answer is often Charlie Songhurst. We discuss all things business investing and people. Enjoy https://t.co/xD4kSR7nFH https://t.co/CaVS9d0YXE Sometimes I need you to trust me and listen to an episode without knowing the"  
[X Link](https://x.com/patio11/status/1280707632517443585)  2020-07-08T03:37Z 173.8K followers, [---] engagements


"Request for startup: Palantir but for government software contracting. Companies like Deloitte and IBM have made millions building state unemployment websites that didn't work yet keep getting contracts to fix them (@colinlecher / The Markup) https://t.co/ETwSqRvreF https://t.co/W8NHH9NxJt Companies like Deloitte and IBM have made millions building state unemployment websites that didn't work yet keep getting contracts to fix them (@colinlecher / The Markup) https://t.co/ETwSqRvreF https://t.co/W8NHH9NxJt"  
[X Link](https://x.com/patio11/status/1284644090479427584)  2020-07-19T00:19Z 173.8K followers, [---] engagements


"Ally Bank has a roboadvisor offering for free* which they describe as cash enhanced. * They hold 30% of your assets in cash and earn the advisory fee off the interest spread. Thats just taking Schwabs pricing to logical conclusion"  
[X Link](https://x.com/patio11/status/1286438178694430720)  2020-07-23T23:08Z 173.6K followers, [--] engagements


"Roboadvisors are such a brutal business to be in. Theyre phenomenal for the user but anchored so cheap as to have sustainability problems and the fundamental technology is not defensible"  
[X Link](https://x.com/patio11/status/1286438830849966080)  2020-07-23T23:11Z 173.7K followers, [--] engagements


"Interestingly since they already had the technical financial and regulatory plumbing to do crowdfunding rather than getting a credit facility they decided to do rolling crowdfunded debt issuance. Which Ive never seen before but which is extremely amusing"  
[X Link](https://x.com/patio11/status/1292010325097582592)  2020-08-08T08:10Z 182.7K followers, [--] engagements


"So people (and if my math is right most retail investors) crowdfund their debt (owed by a subsidiary LLC which Ill call DebtCo). The main company is TechCo. TechCo originates a loan and immediately sells to DebtCo. TechCo then crowdfunds (resells) the loan"  
[X Link](https://x.com/patio11/status/1292011044806615047)  2020-08-08T08:13Z 182.7K followers, [--] engagements


"DebtCo recovers the cost services their own debt and (in steady state) takes on very little borrower repayment risk (since theyre holding [--] month loans for only a few weeks). Its a legible example of how funding works in the real world and a very interesting model"  
[X Link](https://x.com/patio11/status/1292011473531596802)  2020-08-08T08:15Z 184.3K followers, [--] engagements


"If you look laterally from startups I think youll see some spiritually similar trends in other investing areas by the way. Real estate for example starting to have a lot of newly multi city operators who are raising money from across country (especially top metros)"  
[X Link](https://x.com/patio11/status/1292035074846683137)  2020-08-08T09:49Z 173.8K followers, [--] engagements


"This is both enabled by standard consumer Internet platforms snapping together business processes out of [--] SaaS apps and a WordPress freelancer and the sort of Cast a wide net with podcasts close on a Zoom call execute on DocuSign common in the startup industry"  
[X Link](https://x.com/patio11/status/1292035496445583362)  2020-08-08T09:50Z 173.7K followers, [--] engagements


"Cash App is testing micro loans; $20 to $200 with a 5% fee due [--] weeks later with a one week extension and then 1.25% week non-compounding penalty. Lending is a natural product for them. I suspect many reading that will think payday loan though"  
[X Link](https://x.com/patio11/status/1293958710700544001)  2020-08-13T17:12Z 182.3K followers, [---] engagements


"Interesting new Wealthfront feature which Ive heard personal finance geeks pine for for [--] years:"  
[X Link](https://x.com/patio11/status/1301210380539174917)  2020-09-02T17:28Z 180.2K followers, [---] engagements


"Community banks are your friendly beloved local financial institution which treats you like a human rather than a database entry. They're *much* smaller than banks whose names everyone knows. The continued existence of community banks is a policy goal of the United States"  
[X Link](https://x.com/patio11/status/1302136118066855937)  2020-09-05T06:46Z 173.7K followers, [--] engagements


"*A lot* of financial regulation in the US is based around "We can't kneecap the community banking industry" and that industry is extraordinarily widely distributed tied up directly with commercial real estate (and landlords/etc) nationwide and very very vocal about needs"  
[X Link](https://x.com/patio11/status/1302136369863487488)  2020-09-05T06:47Z 173.7K followers, [--] engagements


"And it is very possible that the coronavirus environment and branch closures have assisted people throughout the age/assets spectrum into trying mobile banking for the first time and maybe they find that the convenience is even better than chatting up their favorite teller"  
[X Link](https://x.com/patio11/status/1302139128243343365)  2020-09-05T06:58Z 173.7K followers, [--] engagements


"Another wrinkle: a lot of the economics of community banks is driven by "the traditional business of banking": take deposits make sensible loans (mostly backed by commercial real estate) at a higher cost then deposits go to golf course at [--] PM"  
[X Link](https://x.com/patio11/status/1302139818747469826)  2020-09-05T07:01Z 173.7K followers, [--] engagements


"My air conditioner has three settings: * Slack off * Slack on * #%()&) it Slack Known to HVAC engineers as [--] [--] and 26C respectively"  
[X Link](https://x.com/patio11/status/1303240521049989125)  2020-09-08T07:55Z 179.7K followers, [--] engagements


"@kapitanpetko American in financial technology: Yes so few"  
[X Link](https://x.com/patio11/status/1312626166021332992)  2020-10-04T05:30Z 173.7K followers, [--] engagements


"FYI: starting in about [--] minutes if you're interested about securitization and the broader topic of SaaS finance. Doing a bit of an experiment: at [--] PM PST on Wednesday I'm going to have an open discussion with Luke Constable (@l_constable) on the topic of securitization of SaaS contracts on Clubhouse. Doing a bit of an experiment: at [--] PM PST on Wednesday I'm going to have an open discussion with Luke Constable (@l_constable) on the topic of securitization of SaaS contracts on Clubhouse"  
[X Link](https://x.com/patio11/status/1319079706453368832)  2020-10-22T00:54Z 173.7K followers, [--] engagements


"In general demand shocks increase the price of supply-limited opportunities like this example where the commodity being sold is assistance with money laundering. (See second Tweet; the money being laundered is from ) https://www.coindesk.com/defi-platform-harvest-finance-exploit Uniswap's volume just had a massive outlier and spiked from $148M yesterday to $2 billion today. Why The $FARM exploiter is running money through Uniswap. Good day for Uniswap LPs. https://t.co/g4HQ3sHFU7 https://www.coindesk.com/defi-platform-harvest-finance-exploit Uniswap's volume just had a massive outlier and"  
[X Link](https://x.com/patio11/status/1320652638078160897)  2020-10-26T09:05Z 173.6K followers, [--] engagements


"(Two variants are impersonating CEO at victim company and directing someone to wire $X million immediately (to a compromised bank account for forwarding) because youre CEO darn it why ask questions and inserting oneself into ongoing real transaction but replacing bank info.)"  
[X Link](https://x.com/patio11/status/1326671694296051714)  2020-11-11T23:42Z 173.4K followers, [--] engagements


"(Hey this is $VICTIMs Accounts Receivable department. Just wanted to let you know that our new bank account is. Oh this months invoice says different Must have gotten sent just before the transition but nope this is the right one.)"  
[X Link](https://x.com/patio11/status/1326672103249076226)  2020-11-11T23:44Z 173.4K followers, [--] engagements


"This lunch is [---] yen ($4.80) at Sukiya a Japanese fast food restaurant which belongs to a category with about three big competitors. I love the aesthetics of this category and theyre under remarked upon"  
[X Link](https://x.com/patio11/status/1340870796344840193)  2020-12-21T04:04Z 173.2K followers, [---] engagements


"I'm enormously bullish on this thesis and some Stripe Atlas' work is featured in the book. Importantly the key to a lot of our success was a cross-functional dynamite-all-the-silos approach to building the Atlas product. Many of our best ideas came from User Ops"  
[X Link](https://x.com/patio11/status/1348810092410359808)  2021-01-12T01:52Z 173.7K followers, [--] engagements


"This harkens back to a phrase that I flagrantly steal from Jeff all the time: "software people." I think that there is an emerging mindset almost a tribe of people who truly Get It with respect to the capabilities of software. Not all software people write it directly"  
[X Link](https://x.com/patio11/status/1348810220789661698)  2021-01-12T01:53Z 173.7K followers, [--] engagements


"And nobody seems to want to confront the obvious implications of that. The contractor will say accurately it was to spec. The government will say to protect patient privacy that they collected no conversion data (and privately that that *was not a success metric*)"  
[X Link](https://x.com/patio11/status/1389746434417709061)  2021-05-05T00:59Z 173.7K followers, [---] engagements


"And then the usual suspects will within a few months go back to talking about Its a shame engineers dont get ethics training* and instead choose to e.g. build social networks when this single form more important than every eng ethics thinkpiece published. *citation needed"  
[X Link](https://x.com/patio11/status/1389746929072951297)  2021-05-05T01:01Z 173.7K followers, [---] engagements


"One of the most important of Dangerous Professional skills is that sometimes a counterparty decides often via a suborg declining to act that X is Not My Problem and you need to be able to convince them Oh Dear X Is Actually My Problem Urgently Isnt It. TFW on the phone you realize that from their point of view the bag no longer exists. But they tell you to keep calling back in case it turns up. Could you call me Im sorry sir this is an inbound call center. TFW on the phone you realize that from their point of view the bag no longer exists. But they tell you to keep calling back in case it"  
[X Link](https://x.com/patio11/status/1432538415216553997)  2021-08-31T02:59Z 173.7K followers, [---] engagements


"A thing I've long wished existed in the marketplace: It's a credit card and (for transactions where they can do it) the rewards are auto-invested in the stock of the company you're doing the transaction with so you get e.g. 5% $SBUX with your latte. https://www.m1finance.com/ownersrewards/ https://www.m1finance.com/ownersrewards/"  
[X Link](https://x.com/patio11/status/1441170670558187534)  2021-09-23T22:40Z 173.7K followers, [---] engagements


"What are you building Ask me next week"  
[X Link](https://x.com/patio11/status/1448912124651048961)  2021-10-15T07:22Z 184.1K followers, [--] engagements


"Innovations in product design for consumer staples: Kaoh a Japanese CPG firm has a hand soap container designed to make handwashing more joyful for children. The experience in [--] seconds:"  
[X Link](https://x.com/patio11/status/1451760664150634502)  2021-10-23T04:01Z 173.7K followers, [---] engagements


"The quilt of red flags is now on fire. Oh no another Celsius exec is in trouble. More bad news for the Celsius Ponzi scam. https://t.co/YNsyUiYqyj Oh no another Celsius exec is in trouble. More bad news for the Celsius Ponzi scam. https://t.co/YNsyUiYqyj"  
[X Link](https://x.com/patio11/status/1471132581345513472)  2021-12-15T14:58Z 173.7K followers, [--] engagements


"None of this is all that surprising to anyone who knows the words binary options given the company kept there and shady characters abound in crypto but were largely forced out / marginalized / conveniently ignored as the industry has may a play for legitimacy"  
[X Link](https://x.com/patio11/status/1471132989103173632)  2021-12-15T15:00Z 173.7K followers, [--] engagements


"Lest I be accused of fraudulent popcorn reserves this photo is from two years ago during a prior round of Tether tomfoolery. I wrote a long essay about how they were the largest fraud since Madoff. I am still waiting to taste warm buttered justice"  
[X Link](https://x.com/patio11/status/1479518226732453888)  2022-01-07T18:20Z 173.5K followers, [---] engagements


"You may have read about mortgages before but have you ever read about them using an extended analogy to electronic flow meters No you have not. Until now: https://bam.kalzumeus.com/archive/mortgages-are-a-manufactured-product/ https://bam.kalzumeus.com/archive/mortgages-are-a-manufactured-product/"  
[X Link](https://x.com/patio11/status/1482046781626093569)  2022-01-14T17:47Z 173.6K followers, [--] engagements


"A currency peg is a story with an arbitrary beginning and middle followed by and then it broke"  
[X Link](https://x.com/patio11/status/1487260989317783555)  2022-01-29T03:07Z 173.7K followers, [---] engagements


"Risk pfft have you read the whitepaper It is financial magick No in finance people pay you value when you absorb risks they would rather not have. The more millions you have in this structure to balance out your non-dollars the more risk youre absorbing. Lalalalala"  
[X Link](https://x.com/patio11/status/1487262156550639622)  2022-01-29T03:11Z 175.4K followers, [--] engagements


"Im always confused about this point of view. Regulation E doesnt have a we decided not to invest in operational competence for the new tech thing exception. Scams and fraud are widespread on P2P payments app Zelle but the US banks backing the app say returning money to defrauded customers is not their responsibility (New York Times) https://t.co/YEkWjKWk5q https://t.co/9FSbRkUElS Scams and fraud are widespread on P2P payments app Zelle but the US banks backing the app say returning money to defrauded customers is not their responsibility (New York Times) https://t.co/YEkWjKWk5q"  
[X Link](https://x.com/patio11/status/1500993875627761666)  2022-03-08T00:36Z 173.7K followers, [---] engagements


"Its fairly settled that if e.g. someones credentials get purloined or given out wrongly and then they get damaged financially that thats an improper operation of an electronic funds transfer and the bank is liable. Thats how it has always worked in e.g. credit cards"  
[X Link](https://x.com/patio11/status/1500994487971028993)  2022-03-08T00:39Z 173.7K followers, [--] engagements


"I'm making salarymen proud this year and awarding myself a pat on the back. It's tax season. This year when I opened the "open when you do Japan taxes" drawer I had ready:"  
[X Link](https://x.com/patio11/status/1504643367375814656)  2022-03-18T02:18Z 173.7K followers, [---] engagements

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