Peter
@peter
Followers
19,580
Following
3,013
Media
1,729
Statuses
21,411
something new 😉 prev: MP @m12vc ; serial fintech & product operator; head of @Visa Ventures; stats nerd; views my own, natch; 🧵 app: pberg
San Francisco
Joined July 2006
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
jungkook
• 1042893 Tweets
Arsenal
• 591464 Tweets
#HAPPYJKDAY
• 403697 Tweets
#خلصوا_صفقات_الهلال2
• 385659 Tweets
برشلونه
• 214654 Tweets
بلد الوليد
• 197197 Tweets
بورنموث
• 189555 Tweets
Rice
• 165127 Tweets
Georgia
• 136784 Tweets
Brighton
• 108190 Tweets
#SixTONESANN
• 93060 Tweets
Everton
• 75165 Tweets
Raphinha
• 57792 Tweets
Lamine
• 52197 Tweets
Fatman Scoop
• 46821 Tweets
Valladolid
• 33851 Tweets
Bournemouth
• 29453 Tweets
Hansi Flick
• 29193 Tweets
McLaren
• 27789 Tweets
Iowa
• 20439 Tweets
Clemson
• 20160 Tweets
Veltman
• 18328 Tweets
エネルギー補給
• 17720 Tweets
#الاتحاد_الاحق_بالدعم1
• 17382 Tweets
Cubarsi
• 17227 Tweets
West Virginia
• 14495 Tweets
飛び降り
• 13328 Tweets
Xavi
• 13307 Tweets
West Ham
• 13240 Tweets
All Blacks
• 13180 Tweets
Red Bull
• 12997 Tweets
#RSAvNZL
• 12893 Tweets
Penn State
• 12793 Tweets
Pinned Tweet
If the grass is greener on the other side, try watering your own lawn.
30
110
410
adulthood is saying “after this week things will slow down a bit” over and over until you die.
52
1K
12K
Thinking about this dad's take on Peloton from 2019 and wondering how his investment portfolio is doing, because he certainly called it.
134
862
11K
In every relationship there is one person who loads the dishwasher with the precision of a surgeon, and another who loads it like a squirrel on meth.
143
406
8K
My 2024 is off to a rocky start, as I just learned this is how Taylor Swift holds her pen 😱
176
351
7K
At times like this I'm glad I hold a diversified portfolio of stocks, bonds, cash and crypto, so that I can see my money lose value in all the ways.
34
192
3K
The pitch deck: “we have developed a proprietary machine learning model”
The tech stack:
14
358
2K
Kind of wild that one of the companies with the most revenue from generative AI is a consultancy: Accenture
Over $600M booked this quarter, on track for up to $2.4B annualized 🤯
74
148
1K
Seeing so many bad/misinformed hot takes about Apple Card, I might as well lend my payments perspective.
Trigger warning ahead for Apple True Believers. 😂
a thread... 🍎 💳
42
270
815
Is it possible to both believe NFTs are quite likely the start of something new & different, while also not understanding why anyone would buy one?
Because I think that’s where I find myself.
58
37
640
My childless friends in quarantine: "I've been working out every day, catching up on my reading list, binge watching shows... it's great."
My parent friends in quarantine: "We're just 1 week in and I'm on the brink of insanity. All teachers should be paid $1 million a year."
5
70
501
I regret to inform you that this is the way it’s been for most of startup history. We just had a wild run of free money and a lot of people forgot that entrepreneurship is mostly chewing glass and staring into the abyss.
Vibe check is that the typical founder I know is no longer having fun, all they can think about is their runway, lack of product market fit, that the broad market is going south, etc
87
28
667
17
44
472
Rarely does sheer laziness explain procrastination. Procrastination usually masks either 1) anxiety over fear of failure, or 2) overwhelm/confusion over how to break down a complex task into its component parts.
11
32
335
Apple claims NO FEES! None!
Except their own presentation shows foreign transaction fees on a statement. 🤔
47
77
320
Congratulations, SF. You just screwed yourself even harder.
Putting a public defender in the DA seat over 3 moderates who together got 65% of the "first choice" vote is INSANITY.
Brace yourself for more lawlessness with no real repercussions.
109
48
300
What ppl think business development is: closing big deals & counting money
What BD actually is: endless email threads & contract redlines.
17
31
317
We need a word to summarize “you’re so important to me, and I wanted to draft a thoughtful response to your note, which is why I haven’t replied yet, but now I’ve put if off so long that it’s awkward, but really it’s only because I care so much.”
16
33
311
I didn’t realize Nara, Japan had a portal to a parallel universe in which 2020 is blissfully perfect.
3
29
283
PSA: founders, if a VC wants to invest but tries to attach a side letter requesting to have a say in key hiring decisions, hands-on operating involvement, and/or onerous information rights, just say no 🚩🚩🚩
14
17
269
A walk down memory lane on the creation of the “payfac” (ie “payment facilitator”).
I was at Visa when the “payfac” category was created. Before payfacs there was only such a thing as “Internet payment service provider,” or IPSP. The first to be an iPSP? PayPal. 1/
One of my favorite weekly FinTech newsletters made the claim that Stripe invented the PayFac category. The newsletter is a fantastic regular read, but this claim isn't true. Here's some background on the history of PayFac from someone who lived it.
1/
9
9
147
9
34
239
TFW your entrepreneurial dreams meet the reality of legacy payments infrastructure.
5
16
201
💳The Capital One / Discover acquisition is a big deal, and I've been discussing it this week with other fintech nerds, so I thought I'd post my thoughts here publicly... 🧵
🧠 In a nutshell, I think it’s a stroke of genius on Capital One’s part, but there’s a lot more intrigue
12
27
191
Unless you spend more on Apple products than gas, groceries and restaurants combined, there are many better rewards cards for you.
See
@NerdWallet
and thank me later.
4
15
155
Forbes 30 under 30 talking about how they bootstrapped their way to the top.
4
9
157
Apple pushing people to keep cash inside the Apple ecosystem is not to be underestimated!
They are playing a long game here. If successful, this is very bad for the card networks.
6
15
143
Most reporting I’ve seen on
@stripe
’s new issuing product has totally missed the biggest potential of the service. Stripe has the early building blocks of its own global closed-loop network; think an early, more modern version of American Express or Synchrony Financial. /1
6
27
140
Holy shit. I just got this insane Hex ad in the physical mail. The website is even more alarming.
Always a good sign when your header has a big “Scam” link between “How it Works” and the “FAQ”. Totally not problematic. Everything is fine.
This should be a layup for the SEC.
146
22
126
The pace at which LLMs have been adapted to run on edge devices has been insane to watch the last 2 weeks.
GPT4all - based off Llama & trained via ChatGPT 3.5 turbo API - now running on a TI-84 calculator. 🤯
Elite hackers have gotten gpt4all to run on a ti-84 calculator. AP calculus exams will never be the same again.
70
256
2K
3
30
126
Some Very Good news: 🚀
17
1
121
I really wish coffee shops had a “I just want black coffee” express lane to avoid a queue of 30 people with custom artwork orders.
8
1
120
🚨SVB-affected startups: I've compiled a list of resources that might help w bank & liquidity issues:
💰 Short-term loan options
🏦 Expedited bank account opening
⚖️ Legal docs for bridge loans
If you have more resources to add, please DM or email.
8
52
117
Love this story from Max Levchin on how PayPal got its start thanks to Nokia Ventures backing them after ~150 VCs said no.
3
25
117
@AdamSinger
and if you're going to film it, choose landscape or portrait, not both. catastrophe all around. 😂
5
0
112
Welcome to SF under Chesa Boudin & Prop 47.
San Francisco’s no arrest policy has anarchic results.
3K
8K
19K
13
15
115
Request for startup: ChatGPT + Zendesk
train an LLM on a company's documentation, knowledge base & past support tickets; then turn it loose as a support chatbot.
questions it can't answer get triaged by humans and/or forwarded to PMs responsible for given feature/product
12
10
109
RIP my DMs 😂
Thank you for all the outreach! I’ll try to get back to everyone; I just ask for a little patience as I work through my avalanche of DMs (a very good problem to have!)
And please keep sending interesting companies & entrepreneurs my way. 🙏 ❤️
10
1
109
Speaking of fees, they claim low interest rates, but fine print shows “13.24% to 24.24% based on creditworthiness”, which is a big range & also standard for credit cards. Plus, you do pay more for missed payments (again, typical industry terms).
9
12
102
Pushing cash rewards to Apple Cash card w/in Apple wallet is a clever move to spur peer-to-peer payments (think Venmo-killer) & keep $$$ inside Apple ecosystem.
Apple’s cost of funds is near zero if Apple Cash gets recycled to iTunes or P2P (vs card fees today).
7
11
98
I had a blast chatting with
@APompliano
about AI, venture investing, crypto and what we look for in startups at
@M12vc
Pomp asks thoughtful questions, and I hope you enjoy the conversation! As always, my DMs are open for founders in fintech, B2B SaaS and AI 🚀
Microsoft’s VC arm is one of the best corporate venture capital firms on the planet.
I sat down with
@peter
to talk about artificial intelligence, OpenAI, bitcoin, software, and where he is investing capital now.
Listen:
15
23
102
6
27
94
Some good news to round out 2023 — Moderna’s mRNA skin cancer vaccine reduces recurrence or death by 49% over existing treatments!
7
8
90
Big announcement from Facebook on the launch of a new cryptocurrency & blockchain, Libra, with some giant brand-name partners.
The payments nerd in me is intrigued, but some big unanswered questions remain. (a thread) 🤔♎️
1/
7
29
84
A note on usability: Apple touts no card number on the physical card! No CVV! Security! Privacy! Yay!
Ok... but what happens when I want to pay somewhere w/o Apple Pay or Safari? Do I have to open Apple Wallet and key enter everything? Sounds like a PITA.
16
4
85
Supporting evidence!
0
1
85
One thing to add: the death of $V and $MA is typically grossly exaggerated, but Apple Card could become a big threat if Apple Cash gains traction & keeps funds w/in ecosystem and/or acts as a bridge to banking directly w/ Goldman, cutting networks out of txns when possible.
10
7
85
Big winners in the traditional payments world here are Goldman Sachs (new entrant in consumer cards!) and MasterCard.
I have no special insight into how MC beat out Visa, but I have a hunch they were willing to do stuff V wouldn’t (new rules or backing up the 💰 truck :-).
6
5
85
📣 🗣 Some personal news…
1/ This is overdue, as the last several months have been quite busy & I’m not much of a self-promoter to begin with, but I was recently called out (ahem,
@mengxilu
!) for my stealth profile update, so I figured it’s time to share with a wider audience…
17
2
85
Who says Fintech isn’t exciting?
Maybe that Stripe mafia conspiracy theory was onto something. 🤔
6
0
77
Rewards - 2% cash back is good (not great), and only comes when you use Apple Pay. Clearly designed to drive usage/customer demand for NFC.
3% back on Apple purchases is nice, but it’s far from best in class.
Everything else gets you 1% cash back, which is meh.
7
3
78
In my experience, the people with the most interesting & valuable insights often have little incentive to broadcast them.
6
4
79
Turns out the popular sound bite that 40% of Americans can't afford a surprise $400 emergency expense is wrong.
It's closer to 15%, not 40%. Still not great, but nowhere near as dire as we've been led to believe.
7
14
78
Why, in the year 2024, are people still making Venmo payments public by default? What am I missing?
21
0
75
Google domains is a fantastic product, so of course Alphabet is killing it off, like they do for nearly every elegant product they own. 🤦♂️
So much broken user trust over the years 😞
Google Domains is winding down and Alphabet sold these assets to Squarespace for $180m, company confirms our scoop
15
33
185
7
10
74
Oh, but wait! It's not all bad news! My savings rate is increasing! Take that, inflation!
6
1
72
Oh man. Yahoo Pipes was so far ahead of its time.
Yahoo! Pipes would be a $1B no-code startup today.
RIP. 🕯
67
342
2K
2
3
68
People may forget that SF had a public defender as DA not long ago: Terence Hallinan. He was an unmitigated disaster & eventually had his law license suspended.
Thoughts & prayers to all the future victims of crime in SF, because that's about all the help you'll get going fwd.
8
3
58
All in all, Apple Card is a cool development in the payments world, and the impact on Apple Cash will be especially interesting to watch (P2P payments & Apple Pay activation).
10
6
64
Why does almost every New York apartment look like they forgot to build a kitchen and then hastily threw one in the corner at the very end?
8
2
63
Great read on why SF has fared better than any other big city in the US on COVID-19 deaths.
In short, trust in science, lots of mask wearing, good city & health leadership, and world-class hospitals have kept us safe(r).
4
25
64
Still amazes me that Square bought Tidal to merge creator economy & fintech, yet Square and Twitter share a CEO & co-founder, but apparently no one has thought to merge the two, or at least embed fintech deeper into Twitter?
So much value left on the table (by Twitter).
9
4
62
Your periodic reminder never to confuse *revenue* with GMV or processed volume in payments/fintech.
5
4
62
Working for startups is like angel investing with your time. Choose wisely. :-)
6
5
59
@matthew_d_green
Doing 60K transactions a second, having processing connections to nearly every bank in the world, & offering the same brand experience & consumer protections in Manhattan as in a remote 3rd world village is certainly a non-trivial accomplishment.
6
4
56
I just recalled a fraudulent $59K international wire transfer that my mom was scammed into initiating. How’s your Thursday going?
21
2
58
This developing thread is amazing. Can’t wait to see what Greg makes.
if you buy an ipad pro with apple pencil you can literally draw an nft and make your money back in 60 minutes
what’s your excuse
72
40
843
2
2
58
Matt Levine asking the question that we're all wondering... what exactly did $44B buy, if nearly everything ends up on the scrap heap?
19
10
58
I’m headed to
#Money2020
next week for the first time in a couple years! Looking forward to catching up with folks old & new.
If you’re building in fintech, let’s chat! DMs are open.
11
3
57
Real-time news: Visa nearing deal to buy Plaid, per WSJ.
5
15
58
PSA: when pitching investors, it's in your own best interest to explain, up front, in simple language, what your company does.
Flowery marketing copy or gauzy vision statements don't make you sound sophisticated; they mostly frustrate & confuse the uninitiated.
5
2
60
First off, to appease the fanboys, this is a pretty good offering from Apple. Some genuinely novel features, wrapped in the typical Apple sexiness/walled garden.
But... it’s far from revolutionary.
4
2
55
That said, text-based customer assistance is pretty nice, so there’s that.
2
1
56
Of all the changes to Twitter, ads in reply threads has got to be one of the most user hostile choices.
7
4
57