rojeee

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91.
by rojeee 5y ago
All banks in the EU must offer a data and payments API. The APIs are standardised and must allow third party service providers - which themselves must be regulated - to be able to build services using these APIs. With a user's authoris
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by rojeee 5y ago
Thanks this is really helpful information. In your experience, is it a waste of time taking magnesium oxide for sleep?
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by rojeee 5y ago
Differentiating between and audit and attestation is not pedantic but I can understand why you might think it is. I explained there difference here: https://news.ycombinator.com/item?id=27532670 TL;DR attestations do not p
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by rojeee 5y ago
To prove a stablecoin was backed you'd probably do the following: 1) review the processes and controls which operate the business to check they were operating correctly for the period under review 2) interview the various key stakehol
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by rojeee 5y ago
Good question. With an audit, the auditors get a representation from management that they will provide the truth etc. The auditors would also get third party evidence eg. from the bank providing the audit client's account. For importan
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by rojeee 5y ago
Former auditor here. An attestation offers considerably less assurance than an audit. An audit is the most comprehensive type of assurance. Often called positive assurance. A clean audit opinion means the auditor collected sufficient and ap
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by rojeee 5y ago
Sure, it's more an observation of the mechanics underpinning cryptocurrencies. My statement was actually incorrect in that there are not actually "issuers" per se in crypto and that can be a problem. Cryptocurrencies like BTC
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by rojeee 5y ago
I think the idea of money as credit is very interesting (look at my HN comment history for my ramblings on the topic!). > I think the system described is interesting, but for regular human commerce purposes, I think the downsides of it (
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by rojeee 5y ago
> What we want is to basically transfer work/resource tokens and make it resistant against depreciation. Lets add a simplistic example I help someone build a house and receive a fair token for that work. When I need to build a house
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by rojeee 5y ago
https://archive.is/Y7IFZ
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by rojeee 5y ago
If you like Graeber then you will also like Alfred Mitchell-Innes, a British diplomat, who in 1913-14 wrote two papers about money as credit. The first called "what is money?" [1] and the second called "the credit theory of m
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by rojeee 5y ago
no worries dude. Ah great, I'm sure you'll find the Oura ring really useful to lead a balanced lifestyle. You are right, _managed_ stress - or, exercise - is necessary to improve fitness and resilience. I guess the trick is to str
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by rojeee 5y ago
Ah good stuff! Ok so this is heart rate variability. It’s a measure of the time in milliseconds between each heart beat interval and is a good indicator for measuring stress - mental or physical - on the body. HRV is influenced by the auton
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by rojeee 5y ago
That’s good!
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by rojeee 5y ago
Are you sure you actually sleep well? Not trying to wind you up but usually if people sleep well they can handle stress much better - sleep builds resilience for us. I'd try a "good" sleep tracker if you don't already ha
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by rojeee 5y ago
Three most important things for reducing stress: 1. Sleep 2. Diet 3. Resilience You can improve them with the below: * Start monitoring your heart rate variability (HRV). You can use HRV to help you understand the triggers for your stres
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by rojeee 6y ago
Just to provide slightly more info: For crypto (read blockchain with PoW, PoS), other than censorship resistance - which most people don't actually care about because they are lucky enough not to need it - it doesn't really offer
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by rojeee 6y ago
I've worked in blockchain for 8 years across the crypto and enterprise space and I can tell you with utter certainty that it is stupid. And I'm stupid too for not seeing it earlier.
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by rojeee 6y ago
It's a good point and I'd love to see an analysis of how much electricity an average bank uses or a country's payment system uses. But until now I haven't seen one. I think another point to note is that Bitcoin (and Cryp
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by rojeee 6y ago
> You're arguing past the point of the topic. The composition of a receipt for gold on deposit, a gold certificate payable on demand to the bearer can vary widely. The important aspect is that the bearer is paid on demand. I guess m
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by rojeee 6y ago
Yes, I think we are in agreement. The money supply is endogenous and if all loans were paid back, there would be no money left.
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by rojeee 6y ago
Can you cite your sources? There's a lot to unpack in your post but let's just focus on a couple of things. Firstly, borrowing _does_ create money - it's how most money comes into existence. Straight from the horse's mou
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by rojeee 6y ago
To back you up somewhat with a personal anecdote... I've been working in the blockchain World for about 8 years across crypto and enterprise blockchain as an engineer, researcher and more recently a product manager, and and have come t
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by rojeee 6y ago
Wow! Accounting fraud? You do realise that if you kept personal accounts and you lent money to me, you would post exactly the same journals as the bank because you are carrying out exactly the same operation. The only difference between you
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by rojeee 6y ago
I think you are right. They can borrow as much as creditors are willing to provide. Also, borrowing money and creating it are the same thing! Indeed, when money is borrowed, money is created: DR Loan 100 CR deposit 100
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by rojeee 6y ago
I had a read of your essay. You should read “what is money?” by Alfred Mitchell-Innes. Some key things: The “double coincidence of wants” stylised by Adam smith is most likely nonsense. Do we really believe that people didn’t trade if they
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by rojeee 6y ago
Go to a museum (or pictures online) and look at old coins of the same fixed denomination. Often they will be made of different metals and of quite different shapes and sizes. The point being that the composition of the coin is mostly irrele
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by rojeee 6y ago
Lot's of comments to pick up on this post but one in particular stands out... > If Donovan's observation were accurate, how can he explain humanity's long history with monetary metals. Gold and silver are still regarded by
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by rojeee 6y ago
> But it's a necessary evil for a _distributed_ currency. Bitcoin is an equity based currency. If you have some Bitcoin you "own" it much like you would own a physical thing, like a lump of gold. And indeed, you are right,
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by rojeee 6y ago
Sorry about that! Yes, I agree, it's quite nice to be able to have such conversations. If you want to learn more about the modern monetary system I would recommend doing Perry Mehrling's - "Economics of money and banking&quot

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