EugeneG

6 ms·

31.
by EugeneG 5y ago
Tether isn’t some new innovation that is it’s own animal. We know what to compare it to. The right comparison isn’t “the US Dollar.” The right comparison is money market funds - they are very highly regulated. If a money market fund said “w
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by EugeneG 5y ago
What do you use it for other than investing?
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by EugeneG 5y ago
Impressive.
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by EugeneG 5y ago
The guy is 65, has a net worth of $2bn. I genuinely don't think he gives a crap about bad mouthing bitcoin to save himself. He's won the game. At this point he's just trying to be credible and honest. There are crypto lovers
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by EugeneG 5y ago
I think "Digital Gold" is a legit use case, similar to "regular gold" Though it's not a very satisfying use case because it's like "hold bitcoin because we all agree we should hold bitcoin"
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by EugeneG 5y ago
why pay a traditional gatekeeper when you can pay a nontraditional gatekeeper and make it generally more convoluted
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by EugeneG 5y ago
JPMorgan and friends are so hyperregulated they literally have regulators who sit in their offices, company officers who are required to report to regulators on a whim, regular scheduled updates with regulators, audits, etc. etc. there is p
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by EugeneG 5y ago
And it's a crappy first approximation at that! "Banks are evil because I heard that banks are evil and I don't really understand what they do."
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by EugeneG 5y ago
It's not about fear of competition. Crypto doesn't remove the middle man. There are just other middlemen, but JPM also is not stupid and will figure out how to compete in this space. The new middlemen are folks like Coinbase, the
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by EugeneG 5y ago
"It's not a free market! Apple sucks and I want to use different products... and sure there are countless alternatives available for purchase online and in stores... but I can't and I don't switch because I love Apple an
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by EugeneG 5y ago
Correct. You can go to AWS, Azure, GCP, IBM, host yourself, others, if you want cloud infrastructure. It's more or less commoditized. On the other hand, if you want access thousands of customers who are willing to pay for and use your
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by EugeneG 5y ago
Don’t like them, don’t watch/upload. Just like he did. They can put in as many ads as they want, and those who are bothered can refuse to watch.
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by EugeneG 5y ago
Not a monopoly there’s a ton of video sharing sites - like I guess peertube? Creators can walk away and bring their business elsewhere, as he did. YouTube happens to be very good at advertising your videos and driving you viewers (just like
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by EugeneG 5y ago
They don’t expect that. They create an incentive structure to attract creators they want at the price they want and are ok I assume if others choose to not work with them. It’s not like YouTube called him and said “hey what the heck man, wh
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by EugeneG 5y ago
What's the web equivalent of this that's commonly used?
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by EugeneG 5y ago
It’s not a deli, it’s an alternative to fiat!
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by EugeneG 6y ago
Any uptick a pension fund would have had was lost once GME reverted back. Pension funds are buy and hold, so they could care less about short term fluctuations in 0.05% of their portfolio.
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by EugeneG 6y ago
You're wrong. Few reasons: 1. "A very large portion" - no, there are some motivated by different regulatory treatment for different transactions, but it's not "a very large portion." There's also nothing w
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by EugeneG 6y ago
What makes her brilliant/a good manager? Just curious about what specific habits made her stand out to you/
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by EugeneG 6y ago
My numbers were made up - they are illustrative. To rephrase that without numbers: "because banks are responsible for all AML, because all financial transactions go through banks, and even if you are very diligent in reviewing transact
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by EugeneG 6y ago
Are you suggesting that my post is part of some sort of conspiracy of people pointing out the way AML regulations work?
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by EugeneG 6y ago
Fwiw, HSBC is a pretty "onshore bank" whatever that means. HQ in London and $2.7 trillion in assets.
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by EugeneG 6y ago
Society outsources all money laundering compliance to banks. It’s an impossible task to stop it such that you can’t find examples where banks messed up. If 100% of flows go through banks and banks stop 99.99% of money laundering, that 0.01%
54.
by EugeneG 15y ago
Their main competitive advantage was their physical delivery infrastructure, which is very hard to replicate. If the DVD business dies slowly (as Hastings said it will) and is replaced by streaming, they are left with no competitive advanta
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by EugeneG 15y ago
Could this be the consequence of fewer updates to Joel on Software? Less pull with the community?
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by EugeneG 15y ago
"A market maker is merely a prop desk running a particulra strategy. They have no information on Goldman's clients. They behave exactly like any hedge fund." The common understanding is that a market maker is not exactly a prop desk. The cl
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by EugeneG 15y ago
No. You don't necessarily work in a brokerage. You work as a market maker. You are obligated to constantly show a price at which you will buy and a price at which you will sell. Inherent to being a market maker is using the information the
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by EugeneG 15y ago
The article is naturally pop-ish. The actual Principles book from the website is quite interesting though. It comes off sounding a bit like a self-help book, but nonetheless it attempts to solve certain significant issues in large organizat
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by EugeneG 15y ago
Not sure why you would say that. If you buy a stock from me, and I talk to 1000 more people just like you, who all buy more shares of the same stock, I will have a view that this stock is getting a lot of interest. Nothing illegal or crimin
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by EugeneG 15y ago
I think there are two main reasons. The first is that Goldman has two types of clients: banking and trading. Banking clients are generally unaffected by Goldman's trading misdeeds. These are very different businesses. Investment banking doe

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