It’s underremarked upon that stablecoins accomplish basically all of the original design goals for Bitcoin qua a transactional mechanism (instant free value transfer anywhere), but that nobody cares about this because nobody ever cared about that part of the pitch.

Torn between "I think losing $100 million when someone beats you at security research is pretty much exactly what you signed up for doing yield farming" and "Maaaaaaaybe not the future of finance you were expecting, huh."

How to put this in regular finance terms...

Suppose hypothetically you have an account at a brokerage with some valuable asset in it. You take a margin loan against that asset to fund your normal spending, or pay a tax bill, or maybe buy something at another brokerage.

For reasons known only to the brokerage, they don't denominate your loan in dollars. They denominate it in shares of a money market fund, which are worth $1 +/- epsilon and basically never deviate from that.

And you think "Hmm, I have a large equity cushion against this loan."

One day, a computer system at the brokerage reports, sorta-kinda erroneously, that the value of the money market fund is actually $1.30 per share. The equity cushion is gone. Your valuable asset is sold, at timing you didn't choose, at wrong price, to pay an inflated phantom debt

And your recourse is... probably tweeting at patio11 saying he finds too much joy in this.

Which I don't; I just feel like this is why you don't trust a CPU built out of redstone to build reliable financial infrastructure on top of.

One of the big promises of software is composability. You can build rich, powerful experiences out of basic building blocks.

APIs add new things to the toolbox. For example: Treasury, which lets an app/platform store, move, and track a business’

I've been a small business owner and can talk at length about SMB banking, and will later, but let's put on the software developer hat right now.

Lots of software talks about money, keeps records about money, does calculations about money, but can't *touch* money.

This is extremely frustrating when you're building SaaS apps for businesses, because you have total control over your UX right until your app needs to touch money... at which point all data about it lives in a silo you can't access.

So you generally push work to the operator.

For example, suppose you’re writing a business-in-a-box system for electricians, including an invoicing feature.

You need to be able to read bank transactions to reconcile. You probably can't. The owner can. So you ask the owner to do mind-numbing work a computer does better.

It sure would be great if your business customers had bank accounts you could actually introspect and operate on their behalves! You could just get the list of incoming payments and match against the invoices.

There is some software to write but it is not rocket science.

FAQ: “How do I get better at writing?”
Me: Write a million words.
Follow up: “Hah but seriously.”
Me: Start with 20,000 words. Everyone gets to that 50 times in their first million.
Follow up: “No seriously.”
Me: Nobody expects 10 Quick Tips To Play Violin At Carnegie Hall.

The Internet is so much better at teaching writing than the traditional educational system principally because it removes an artificial and limiting constraint on output imposed by ability of gatekeepers’ limited time to evaluate output.

(Interestingly in fields where we actually care about performance we’re good at encouraging students to practice when no one is watching but for writing we basically assume all the value is created by the teacher-minute of attention. Teacher-minutes are scarce and rationed.)

If you ever want to be deeply, deeply disillusioned about the state of the world, compare what we do where we care about output quality and what we do where we don’t, and which domains sort into which column by revealed preference.

The payments wars in Japan are heating up and one of the battlegrounds is convenience store coffee.

“Coffee? What does that have to do with payments?” I’m glad you asked.

Convenience stores are low net margin businesses, which sell some high gross margin goods/services but a lot of low ones, and have high fixed costs and a low ticket size. The typical transaction is under 500 yen ($5) and many are about $1.

They need repeat custom.

A few years ago, all of the chains had a good idea for increasing frequency of use: make a minor capital investment in automatic coffee machines. Sell access to them for the price of a cup / ice; customers self-serve with the machine.

The price point is $1 to about $2.

Coffee quickly became one of the most frequently repurchased items at convenience stores, in no small part because it’s the one thing they can sell which is phameceutically habit forming but totally unregulated. (Just telling it like it is.)

But the coffee is not very defensible

The problem, such that it is, is that competing chains are everywhere and *all* of them serve Thoroughly Adequate Coffee at similar prices, so you’re back into the brutal economics of “Who is 3 meters closer to 40 customers at 1 office?”

Enter payment apps.

We’ve recently seen research about so-called “bots” and misinformation on Twitter and wanted to share our perspective on why findings that might seem remarkable at first are likely inaccurate. We’re working on a more detailed explanation, but some comments for now.

We continue to be excited by the research opportunities that Twitter data provides. Our service is the largest source of real-time social media data, and we make this data available to the public for free through our public API. No other major service does this.

Many researchers, academics, and journalists use our public API — a set of tools for programmatically accessing information on Twitter. We make all public Twitter content available via our APIs. You can learn more about them here:

The basic issue with much of the research based on our public APIs is simple: The APIs don't provide insight into our defensive actions to protect Twitter from manipulation, including bots.

Because of this, API-based research can't distinguish between accounts we've already identified as bad (and hidden or removed) and real, authentic ones.

Here’s a SPAC thread covering some basics for new followers. I will pin this to my profile if you want to share to anyone interested in SPACs.

SPAC timelines consist of these stages:
IPO – SPAC raises cash and begins trading as a unit. The cash is placed in Trust.
Searching phase – After IPO, the SPAC management team looks for a company to merge with. This is typically 24 months but can be shorter depending on the SPAC

LOI/Rumor – A letter of intent is announced publicly or Bloomberg/Reuters etc. breaks news of a rumor that a SPAC is close to a deal with a target.

The LOI/rumor stage does not always happen, most go straight to a definitive agreement. Rumors should only be considered to have value if from a trusted news source, internet rumblings are pure speculation. During this stage, a deal can still fall apart and not be signed.

Definitive agreement (DA) – deal officially inked. The SPAC begins filing paperwork with the SEC to have the merger approved to take the target company public. This process typically takes 4+ months after the DA is announced.

An apostle was addressing his own members
If not for technology, you wouldn't be privy to his discussion with his members
He was sharing with them within the context of their understanding of his message, nature, and personality how he thrived in the middle of a season of casting

down
He mentioned what he achieved and even though it might sound like a boast, he was not boasting to you
He was boasting to his church members and as such, you cannot call it a boast
A father does not need to boast to his children and a shepherd surely does not need to boast to

his sheep
Newspapers needed a scandal and felt the message of the apostle was the right fit in their quest to get eyeballs
You read it and you began to insult the apostle
You, the son of a dog from Abatan refuse dump decided to drag an apostle on Twitter
Do you understand what it

means to be an apostle?
The angels working with an apostle are innumerable, they do not only work at his command, but they also work at his behest!
They are entrusted with the duty of ensuring that the Lordship of his office is respected by both spiritual and mundane entities

In the days of Jesus, many of the Pharisees and religious leaders treated his words and actions the same way many of the gutter bred stone casters with 100 Naira data and stolen or London used phone treated the words of the apostle
Jesus warned them at the time that they were