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madebylaw

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http://robmadethis.com

Cofounded: - https://www.saltlabs.com - https://www.dailypay.com - http://madewithcolor.com - http://spreadthegame.com

Formerly engineer #0 at https://www.referralexchange.com.

UChicago '08

[ my public key: https://keybase.io/roblaw; my proof: https://keybase.io/roblaw/sigs/x4E9kZHa1VD7ndq4-KbEuRVJKarznk2zxxjbpX_Mp5Y ]

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Doing Rails Wrong 10 months ago

I’ve done all those updates at real companies with millions of users. They took from an afternoon to maybe a week of single dev time. If you keep your garden tended, weeding it becomes less of a chore.

Doing Rails Wrong 10 months ago

AMIs were still pretty novel at the time I started (around 2007 like the GP). The standard deployment in the blogs/books was using Capistrano to scp the app over to like a VPS (we did colo) and then run monit or god to reboot the mongrels. We have definitely improved imho!

This is good advice. As a technical founder I have been through many offer ceremonies and I would always make 2 versions of an offer, one equity weighted and the other base salary weighted. The math should be easy if you’ve already had a priced round and you should be telling the candidate the price and fma of your equity anyway. I would say 90% took the higher base. And I wouldn’t up both unless they were a truly great candidate.

I am the technical co-founder of a company in the earned wage access space (link in bio). Happy to answer any questions. The main takeaways are:

- We are paid back by the company on payday so the credit risk is on the company not the consumer.

- Many (most?) of our users do not have access to consumer credit and would be classified as underbanked / unbanked. This is a great book for more background: https://www.amazon.com/Unbanking-America-Middle-Class-Surviv...

- We charge a fixed fee per transaction, no interest is accrued or carried.

- Philosophically, every day you work and are unpaid for it, you are selling your employer an interest-free bond of your labor whose term is payday.

Uber and Lyft are paying their largest referral bonuses in the "mature" markets (major US cities, e.g. $750 in Chicago recently). They are churning and burning part-time giggers who leave after the bonus is earned or the incentive expires.

I love Kay and you should absolutely read any of his recommendations or at least examine them with earnest. That said, I struggle to remember anything he's created or written that's moved the needle (my needle). I'm honestly not hating and I have way too much respect for him to say anything on this list is not worthwhile. But, in my experience, Kay has been one of those brilliant uncles who's (written) work never seems to approach the peripheries of my (self-guided) computer science study (or main stream relevance?). Obviously I've heard of and studied him but if you asked me at a bar "madebylaw is alan kay still relevant in computer science?"

Completely disagree regarding the network effect of Uber vs. Lyft. The system is highly network dependent. Most Uber drivers would prefer to drive for Lyft because Lyft pays more (partially why they're losing more money than Uber), but in most markets Lyft doesn't have as many riders that use the service. As a driver, you want to maximize time spent with a fare vs. fare-hunting. Similarly, as a rider, you are weighing price vs. time meaning most people will pay more $ to wait less for their ride.

Most drivers I talk to drive for both and keep both on, but get more pings on Uber than on Lyft. In SF Lyft has more mind-share and it's a more even split.

FWIW I've lived in both SF and NYC since the rise of these services.

Reminds me of a favorite Steve Jobs quote:

“When you’re young, you look at television and think, There’s a conspiracy. The networks have conspired to dumb us down. But when you get a little older, you realize that’s not true. The networks are in business to give people exactly what they want. That’s a far more depressing thought. Conspiracy is optimistic! You can shoot the bastards! We can have a revolution! But the networks are really in business to give people what they want. It’s the truth.”

I came here to say exactly this. I have been following Buffet/Graham's value investing principles for ~ 5 years and have well outperformed the market (S&P) in that time span. If you follow their approach, it's pretty clear to see when a valuable company is being undervalued by the market (this was happening a bunch during the '08/09 financial crises).

Mind you, it's much easier to buy index funds and sit on them than actively maintaining a value portfolio which you should be re-examining every 6 months, but it can be very worthwhile.