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VOICE ARCHIVE

Patrick McKenzie

@patio11
83 posts
2026-02-25
Stripe's annual letter is out: https://stripe.com/... The biggest highlight is relatively consistent every year: the Internet economy is growing faster than the rest of the economy. This has compounded for enough years that it is essentially _the_ growth engine in places.
2026-02-25 View on X
Financial Times

Stripe hits a $159B valuation after an employee share sale to investors like Thrive, Coatue, and a16z, a 70% jump from its $92B valuation in February 2025

2026-01-22
A very interesting document, on many dimensions.
2026-01-22 View on X
The Information

Sources: Anthropic projected a 40% gross margin from selling AI to companies and developers in 2025, down from est. of 50%, due to 23% higher inference costs

www.theinformation.com/articles/ ant... …

A very interesting document, on many dimensions.
2026-01-22 View on X
Fortune

Anthropic overhauls Claude's “constitution” to enable the AI model to “generalize and apply broad principles rather than mechanically follow specific rules”

Anthropic is overhauling a foundational document that shapes how its popular Claude AI model behaves.

2026-01-21
A very interesting document, on many dimensions.
2026-01-21 View on X
Fortune

Anthropic overhauls Claude's “constitution” to enable the AI model to generalize and apply broad principles rather than mechanically follow specific rules

Anthropic is overhauling a foundational document that shapes how its popular Claude AI model behaves.

2026-01-11
I moderated a discussion between Dwarkesh, Dr. Burry, and John Clark (of Anthropic) on disagreements among the set of people better informed about AI, including future impact on employment, whether it's a bubble, etc. Thanks to Substack for making it happen.
2026-01-11 View on X
The Substack Post

Michael Burry, Anthropic co-founder Jack Clark, and Dwarkesh Patel on the future of AI, whether AI tools improve productivity, job losses due to AI, and more

The man who predicted the 2008 crash, Anthropic's co-founder, and a leading AI podcaster jump into a Google doc to debate the future of AI—and, possibly, our lives

2026-01-10
I moderated a discussion between Dwarkesh, Dr. Burry, and John Clark (of Anthropic) on disagreements among the set of people better informed about AI, including future impact on employment, whether it's a bubble, etc. Thanks to Substack for making it happen.
2026-01-10 View on X
The Substack Post

Michael Burry, Anthropic co-founder Jack Clark, and Dwarkesh Patel on the future of AI, whether AI tools improve productivity, job losses due to AI, and more

The man who predicted the 2008 crash, Anthropic's co-founder, and a leading AI podcaster jump into a Google doc to debate the future of AI—and, possibly, our lives

2025-11-18
Might be a good day to inventory “What here goes down if AWS/Cloudflare/etc are down.” Assuming you're at a scale where “Meh that will never be more than basis points of our downtime so not worth worrying about” no longer applies.
2025-11-18 View on X
The Independent

Cloudflare says “a fix has been implemented and we believe the incident is now resolved”, after a major outage impacted X, ChatGPT, and others from 11:48am UTC

Outage comes around a month after Amazon Web Services outage also took much of the internet offline

2025-06-03
I've mentioned that some of the most talented technologists I know are saying LLMs fundamentally change craft of engineering; here's a recently published example from @tqbf. https://fly.io/...
2025-06-03 View on X
Fly

A software developer explains how AI agents help automate tedious coding tasks, and addresses concerns like hallucinations, job losses, mediocre code, and more

Tech execs are mandating LLM adoption.  That's bad strategy.  But I get where they're coming from.

2025-02-13
The company whose literal name references their greatest contribution, ending commissions at discount brokerages through competition, has found a way to charge retail users billions of dollars of commissions again. [image]
2025-02-13 View on X
Bloomberg

Robinhood reports Q4 revenue up 115% YoY to $1.01B, vs. $940.8M est., crypto transaction revenue up 700%+ to $358M, above est.; HOOD jumps 15%+

almost 40% from crypto Coinbase due up tomorrow. Look for more of the same https://fortune.com/... Patrick McKenzie / @patio11 : The company whose literal name references their gre...

2025-01-19
@SilvermanJacob It's intellectually interesting to me where there will be a de facto amnesty for prior misconduct at e.g. Tether (or pick any other members of rogue's gallery), likely not requiring a pardon, simply using ordinary prosecutorial discretion based on desire to please bosses/etc.
2025-01-19 View on X
Decrypt

Donald Trump is promoting a Solana memecoin called TRUMP from his social media accounts, with 200M $TRUMP available now and growing to 1B “over three years”

Have Fun!  —  [image] GetTrumpMemes : The Official Trump Meme Dishita Malvania / The Crypto Times : Solana Hits $295 ATH Amid $TRUMP Token's Grand Launch Felix Mollen / CryptoPotat...

@SilvermanJacob It's intellectually interesting to me where there will be a de facto amnesty for prior misconduct at e.g. Tether (or pick any other members of rogue's gallery), likely not requiring a pardon, simply using ordinary prosecutorial discretion based on desire to please bosses/etc.
2025-01-19 View on X
CoinDesk

Coinbase and Binance plan to list the TRUMP token, with Binance opening trading on Jan. 19; CoinGecko: $TRUMP is trading on Bitget, Kraken, and other exchanges

The ‘official’ memecoin of the second Donald Trump administration will be listed on major cryptocurrency exchanges including Coinbase …

2025-01-18
Seems like the SEC finally got around to fining DCG for lying through their teeth repeatedly in 2022. https://www.sec.gov/... I think this finally lets me cash in a very old hash. Most is very old news, but there's one discussion topic that is perhaps not public yet.
2025-01-18 View on X
The Block

Digital Currency Group agrees to settle and pay $38.5M in civil penalties to the US SEC over charges that it misled investors via crypto lender Genesis Global

a $38.5m fine from SEC US Securities and Exchange Commission : SEC Charges Digital Currency Group and Soichiro “Michael” Moro, Former CEO of Genesis Global Capital, for Misleading ...

By my read of the SEC's enforcement action and the settlement, the SEC's view is that DCG was already defrauding the public by July. The subsequent blowup in November merely made it unable to obscure that any further.
2025-01-18 View on X
The Block

Digital Currency Group agrees to settle and pay $38.5M in civil penalties to the US SEC over charges that it misled investors via crypto lender Genesis Global

a $38.5m fine from SEC US Securities and Exchange Commission : SEC Charges Digital Currency Group and Soichiro “Michael” Moro, Former CEO of Genesis Global Capital, for Misleading ...

2025-01-15
In news related to this thread from a few years ago, Tether announced it has just been licensed by El Salvador.
2025-01-15 View on X
Bloomberg

British Virgin Islands-based Tether plans to move its corporate entity and subsidiaries to El Salvador after obtaining a digital asset service provider license

- Company and all subsidiaries will relocate to El Salvador  — Stablecoin firm incorporated in the British Virgin Islands

2024-12-28
Oof. [image]
2024-12-28 View on X
The Information

Bookkeeping startup Bench, which raised $100M+ including from Shopify, closes down effective immediately; several employees say Bench also laid off staff

it's reputation-ending Leadership means accountability Rohit Mittal / @rohitdotmittal : Does anyone know how to go about buying Bench's assets? I'm sure investors have counsel to s...

2024-12-10
Oh yeah FWIW I've been debanked twice. Stories are in there as well. Try to guess why Bingo Card Creator is a compliance risk before you read them. Nope, nothing to do with gambling and nothing to do with fraud risk.
2024-12-10 View on X
Bits about Money

A deep dive into “debanking”, which crypto advocates, including a16z, claim has been used against them by US political actors and agencies without due process

Recently, noted VC Marc Andreessen kicked off a discussion about debanking, in a podcast with his co-founder Ben Horowitz …

The things which scholars of unbanked/underbanked Americans said a lot in the early 2000s, which is that they are much more likely to have demographic disadvantages than an American picked randomly, is straightforwardly true. Owning crypto wasn't one of their problems in '07.
2024-12-10 View on X
Bits about Money

A deep dive into “debanking”, which crypto advocates, including a16z, claim has been used against them by US political actors and agencies without due process

Recently, noted VC Marc Andreessen kicked off a discussion about debanking, in a podcast with his co-founder Ben Horowitz …

The recent debanking discussion has a very crypto-focused lens on it. I spent a few years in the same place I am usually, attached to a message board and an inbox, helping regular ol' Americans through banking/debt problems. I ghostwrote several hundred letters.
2024-12-10 View on X
Bits about Money

A deep dive into “debanking”, which crypto advocates, including a16z, claim has been used against them by US political actors and agencies without due process

Recently, noted VC Marc Andreessen kicked off a discussion about debanking, in a podcast with his co-founder Ben Horowitz …

Operation Choke Point: it happened and I think crypto characterizes it much more forthrightly than the postmortems did, in part because the postmortems were written by civil servants that had fellow-feeling with other civil servants who'd lose pensions over if postmortem honest.
2024-12-10 View on X
Bits about Money

A deep dive into “debanking”, which crypto advocates, including a16z, claim has been used against them by US political actors and agencies without due process

Recently, noted VC Marc Andreessen kicked off a discussion about debanking, in a podcast with his co-founder Ben Horowitz …

Were people debanked in 2007? Absolutely. Many for what they perceived as arbitrary and random reasons, like posing a risk of costing the bank money, actually costing the bank money, having their activities evolve out of the bank's comfort zone, or having the comfort zone evolve.
2024-12-10 View on X
Bits about Money

A deep dive into “debanking”, which crypto advocates, including a16z, claim has been used against them by US political actors and agencies without due process

Recently, noted VC Marc Andreessen kicked off a discussion about debanking, in a podcast with his co-founder Ben Horowitz …