IntFee588 (u/IntFee588)

IntFee588 commented on Banking in uncertain times bitsaboutmoney.com/archiv... · Posted by u/tiniuclx

IntFee588 · 2 years ago

Not to be conspiratorial, but the situation is much worse than the fed is letting on. "Trying to forestall" might be optimistic.

https://www.bloomberg.com/news/articles/2023-03-12/us-moves-...

https://archive.is/FMuYW (archive)

Think of what this means, and how precarious a position the nation's banks must be in for the fed to take actions like this. We needed to reimplement Glass-Steagall yesterday.

IntFee588 commented on Americans lost a record $10.3B to online scammers last year, FBI says wsj.com/articles/american... · Posted by u/thm

IntFee588 · 2 years ago

People often act like victims of scams need to be smarter, however widespread scamming places an immense burden on the broader economy. It increases the cost of doing business, since you have to do more verification for any transaction. We don't blame victims of other crimes, scamming shouldn't be an exception.

Imagine if you went to a restaurant, and the staff refused to serve you until you showed them your bank account balance to prove you could pay. It is an immense failure of law enforcement to not crack down harder on widespread scams.

IntFee588 commented on Why I am learning category theory the.scapegoat.dev/why-i-a... · Posted by u/larve

IntFee588 · 3 years ago

You learn category theory for intellectual curiosity. I learn category theory to pass a Haskell course. We are not the same.

IntFee588 commented on The Casino-Chip Society brettscott.substack.com/p... · Posted by u/Gigamouse

jimmaswell · 3 years ago

So I'm paid in casino chips, pay my mortgage and credit cards with casino chips, pay my taxes with casino chips, and only ever use real money at the laundromat. Seems like the chips are more "real" and relevant at this point than the pieces of paper with no intrinsic value.

IntFee588 · 3 years ago

That's not what he's saying. The "digital money" can be real if it is put into circulation by the central bank, by buying assets. There is no inherent connection to paper currency.

You may feel like you're above this, but this excess leverage in the economy affects everyone who has a mortgage, works a job, or participates in the traditional economy in any way. For instance, businesses regularly draw on their credit facilities to make pay, and even well-run businesses usually hold debt. The artificially set price of these "chips" has a massive effect on all sectors.

IntFee588 commented on Cyber Guidance for Small Businesses cisa.gov/small-business... · Posted by u/Trouble_007

IntFee588 · 3 years ago

"Select and support a 'Security Program Manager.' This person doesn’t need to be a security expert or even an IT professional. The Security Program Manager ensures your organization implements all the key elements of a strong cybersecurity program."

Somewhat contradictory. A "security program manager" can't implement good security if they don't know what it looks like, even if given a checklist.

This reads like the sort of document that the government publishes because it has a fiduciary to protect the vaunted "small business owner," similar to "fraud awareness" campaigns, but is more laying the groundwork to say that they told you so, rather than real protection.

IntFee588 commented on The Need to Read paulgraham.com/read.html... · Posted by u/ignoramous

IntFee588 · 3 years ago

I think it's a tradeoff. As a comparison, I like learning about coding and software architecture through videos and other online resources. The field is so vast that looking at other peoples' code is the easiest way to absorb the broadest amount of material. However, eventually, actually sitting down and writing original software is key to achieving true expertise. I suspect reading & writing follows a similar pattern.

IntFee588 commented on Ask HN: How's the job hunt going? (For those laid off) · Posted by u/thunkle

IntFee588 · 3 years ago

Just got hired doing firmware stuff. Core technologies seem to still be doing okay.

IntFee588 commented on Money Creation in the Modern Economy – Its a Wonderful Lie andrewleahey.com/its-a-wo... · Posted by u/tldrthelaw

IntFee588 · 3 years ago

Reserve requirements as of 2020: https://www.federalreserve.gov/monetarypolicy/reservereq.htm

Remember, the balance in your account is nothing more than the bank's record of its liability to you.

IntFee588 commented on Money Creation in the Modern Economy – Its a Wonderful Lie andrewleahey.com/its-a-wo... · Posted by u/tldrthelaw

shash · 3 years ago

https://web.archive.org/web/20221114011419/https://andrewlea...

“ Since the United States came off the gold standard formally in 1971 – that is to say, after that there was not gold bullion worth one dollar backing every dollar bill.”

Wasn’t Breton-Woods already a fractional system? I don’t think there was ever $1 in gold for every $1 USD…

IntFee588 · 3 years ago

The Federal Reserve Act had the original reserve requirement at 40% IIRC (as in, what the fed needed to keep).

Current reserve requirements: https://www.federalreserve.gov/monetarypolicy/reservereq.htm

IntFee588 commented on Tell HN: Beware 'Ungrowth' in Your Job · Posted by u/throwarayes

IntFee588 · 3 years ago

> But the reality is that growth only works when you build on someone's strengths.

Respectfully disagree. Growth comes from going beyond what you're comfortable with.

Also not sure this is "ungrowth" and more a general misallocation of human capital. Good bosses are proactive, yes, but that doesn't mean randomly messing with team dynamics and roles like you're a chemist trying to find the philosopher's stone.

u/IntFee588

KarmaCake day135June 29, 2020View Original