patio11

7 ms·

31.
by patio11 2y ago
For some context on why this sort of side channel is routinely effective in banking but the front door is frequently not, see: https://www.bitsaboutmoney.com/archive/seeing-like-a-bank/
32.
by patio11 2y ago
This has been studied and the results comparing Tokyo and NYC are directionally what you'd expect: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=316119
33.
by patio11 3y ago
Good news on this specific issue: the current year will be both the final year of the old era and the 元年 (first year) of the new one. The following calendar year is the 2nd of the new era. So in most cases you have a window of time to get
34.
by patio11 3y ago
That’s going straight into my blueprint book; solves a problem I have at almost every mining train station much more elegantly than the standard linear 4x4 does.
35.
by patio11 3y ago
They’re certainly not instantly cleared in the standard banking use of the term? I don’t doubt that you can reduce risk by e.g. using novel infrastructure which looks up the account number on the check then uses (for example) a debit card n
36.
by patio11 3y ago
“Gremlins.” All financial infrastructure is a patched-together collection of systems spread across multiple different firms made of multiple suborgs with vastly different levels of observability into and understanding of their local part of
37.
by patio11 3y ago
Checks also let you do fairly complex multiparty commerce without needing to spend millions of dollars engineering it, like an apartment broker requiring you to give them a check for deposit/first month’s rent and signed lease prior to
38.
by patio11 3y ago
A thing I try to keep as a through line in discussing legacy infrastructure, and checks in the U.S. are definitely legacy infrastructure, is both a) how we ended up here despite later-generation systems getting to leapfrog off what earlier-
39.
by patio11 3y ago
I’m glad you liked the interview. Some people do not enjoy my writing style. That is fine; it’s a big Internet and there are writers with many styles on it. Some people think my style is poorly considered or unnecessary. I invite them to at
40.
by patio11 3y ago
In the alt text, but it is DALL-E.
41.
by patio11 3y ago
I am describing actual literal appears-in-the-movies James Bond villains with these sentences, not anyone you know or any real-world political ideology. The way you would know this is to have read the previous two sentences: "James Bon
42.
by patio11 3y ago
There is a famous joke about standards: the great thing about common standards is that you have so many to choose from. A corollary to it: if none of the existing common standards meets your need, how about letting some of your senior staff
43.
by patio11 3y ago
Please accept this as a handwavy gesture at the halting problem for an audience which has on average something like 0.2 engineering degrees.
44.
by patio11 3y ago
Interestingly the Tokyo Stock Exchange did not countermand an order from Mizuho in 2005 which flipped order quantity and price in yen, a rather catastrophic thing to do when the intended trade was one share for about 600,000 yen. Regulators
45.
by patio11 3y ago
I sometimes joke that my investors in my first two software companies were Visa and Mastercard (i.e. I was actually loaned money from two large American banks) and by exit they made ~$20k in interest payments. I’m annoyed that signature loa
46.
by patio11 4y ago
I don’t understand what the fintech is adding to the equation. The goal of these products is that, to you the user, it feels like "money in your account." You don't need to think of the mechanics of brokered CDs if you e.g.
47.
by patio11 4y ago
If they thought you were really money-laundering, they wouldn't close your account unless you were actually charged as that could count as "tipping off". FYI: not accurate. A bank (etc etc) cannot will not tell a person the
48.
by patio11 4y ago
The document I am alluding to is here. It says what it says. https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFP...
49.
by patio11 4y ago
There has been, over the nearly century we’ve had the institution, many many waves of feelings regarding it. That said, three prominent ones: the amount one needs to reserve, and therefore the rates one needs to charge banks to build the re
50.
by patio11 4y ago
Per Merriam-Webster, which for the benefit of international HNers I will mention is a well-known English dictionary: “the quality or fact of meriting reward or punishment”
51.
by patio11 4y ago
The true answer, which may not be useful, is that style is what happens when one writes five million words. For the first few hundred thousand you end up sounding a lot like your favorite authors and what your teachers wanted. Then you star
52.
by patio11 4y ago
I hope to hire an editor one of these days, but some of my characteristic style is intentional and some is just a reflection that the production function is "Crikey I've put the kids to bed and now have checks watch four hours t
53.
by patio11 4y ago
I also think this is a very important mental model for the job to be done of Compliance departments, and I think I cited it in the KYC piece.
54.
by patio11 4y ago
<Actually ChatGPT> Thank you for taking the time to provide your feedback. I appreciate your perspective and years of experience in the industry. ... I apologize if the articles did not meet your expectations. Thank you for your comme
55.
by patio11 4y ago
This is not the usage of the word "settlement" which prevails in the financial industry, which tends to use it to describe the transfer of funds to give effect to a promised transaction. It is factually not the case that credit ca
56.
by patio11 4y ago
They're not settled instantly, but broadly, this is one of the reasons the credit card networks are a massive accomplishment; they settle deterministically enough that a commanding majority of financial institutions will trust the netw
57.
by patio11 4y ago
> In that case they make their money back on fees for late payments. Not primarily accurate; several BNPL providers don't even have a late payment fee. BNPL manufactures ~25% APR debt out of 0% consumer contribution and ~6% merchant
58.
by patio11 4y ago
I’ll probably write in more detail this coming week, but Genesis was the largest prime broker in crypto. It provided liquidity, credit, and important financial infrastructure to other members of the DGC group, including they Greyscale Bitco
59.
by patio11 4y ago
I've written about it previously; let me know if there is anything you'd want more detail on. https://www.bitsaboutmoney.com/archive/moving-money-internat...
60.
by patio11 4y ago
I think the costs involved in financial services are often more nuanced than given credit for. The nature of the services provided aren't simply a communications protocol, not that banks treat communication protocols as rounding to fre

More ›