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mister_tee

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mister_tee
·vor 3 Jahren·discuss
late followup, it might indeed be that FDIC removed insurance limits for these two banks?

I had seen the first round of announcements around receivership certificates https://www.fdic.gov/news/press-releases/2023/pr23016.html

I'm not sure on the time of that but the Fed press release the evening of the same day has the exception and "all depositors will be made whole" phrasing:

https://www.federalreserve.gov/newsevents/pressreleases/mone...
mister_tee
·vor 3 Jahren·discuss
Apologies if I'm missing something, is this discussing the new Bank Term Funding Program or some other guarantee?

(edit: I see the phrasing "fully protected by the FDIC" -- this might be the general idea that depositors won't lose anything, but not literally that FDIC is officially extending insurance, I think?)

Anyway, for the BTFP, I think it is generally available to all banks. Seems to allow borrowing against underwater assets at par value, at roughly 4.6% interest.

https://www.federalreserve.gov/newsevents/pressreleases/file...

While it came together over the weekend[1] there are some guardrails -- including that it only applies to collateral that was already owned at the time of announcement (so far...).

[1] based on zero evidence, I wouldn't be surprised if they have stuff like this war-gamed and sketched out in case
mister_tee
·vor 3 Jahren·discuss
And to go with that you can use $500 ethernet cables, with directional arrows painted on. ACK, and that's not talking about TCP (sorry).

https://www.wired.com/2008/06/snake-oil-alert/

(unfortunately this was from Denon who I've had great luck with an entry-ish-level AVR from for years)
mister_tee
·vor 3 Jahren·discuss
Recognizing these are some unique circumstances, over the last week, expectations for next week's FOMC meeting swung from a near-certain +25bp, to 75% +50bp / 25% +25bp, to 60% +25bp / 40% 0bp. Tomorrow, February's CPI data will be released which might help collapse this wave function.

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch...

2-year US treasury rate has moved from 5% to 4% over the last few days:

https://www.cnbc.com/quotes/US2Y
mister_tee
·vor 3 Jahren·discuss
Tether claims they have completely exited their position in commercial paper and are currently over 70% in US T-Bills.

https://tether.to/en/transparency/#reports

Disclaimer that I'm a bit of a Tether skeptic, but if I'm wrong and they either were in, or have been able to get to, a fully-collateralized position of mostly treasuries and are earning 5% interest while paying 0% on USDT, good for them and good for regular people who won't be left holding bags.

I'll always consider Tether in the context of their July 2021 CNBC interview with Deirdre Bosa. Timestamps are relative to the copy at https://www.youtube.com/watch?v=ZBEqyiO35cQ

I don't think they've said who the commercial paper counterparties were and claim it was an important trade secret. Traders in the US commercial paper market say they had never heard of the Tether folks which was odd given their attestations would have given them a top 10 global holding (17:20). Explanation, they use intermediaries. Will they give names or details on the intermediaries? Can't, trade secret.

Did they hold Chinese commercial paper? Dodged the question twice (6:30 and re-ask 7:35).

Where are the CEO and CFO of this company that holds $60B of assets? Why don't they talk to media? (24:40)

But hopefully we'll get assurance regarding the reserves soon. They were excited to promise a formal audit in "months not years" during that interview (27:42)... looking forward to this spring so the audit can be released before we hit two years.

(edit: trying to shorten)
mister_tee
·vor 3 Jahren·discuss
I enjoyed this meme on Twitter (saw a link to it, not familiar with any associated authors/commenters/threads): https://twitter.com/dgntec/status/1634621865485271041

Accessible description / save-you-a-click:

Left image: USDC: kitchen cabinet with a glass door; you can see on the inside a stack of dishes has mostly toppled, held up only so long as the door is closed

Right image: USDT: photo of kitchen cabinets with completely opaque wooden doors

(edit: spelling)
mister_tee
·vor 3 Jahren·discuss
I was trying to look up a Tesla special case (where upgrading the infotainment unit removes the radio unless an additional $500 upgrade is purchased) and learned that several EV manufacturers have already removed AM radio because electric motors interfere with that frequency range.

https://www.nytimes.com/2022/12/10/business/media/am-radio-c...

"Carmakers noted that drivers can still stream AM radio on apps and not all electric vehicles have dropped it."
mister_tee
·vor 3 Jahren·discuss
My understanding, anyone is welcome to correct: the 51% attack doesn't apply, but that's because there is a central party with full control from the start.

CBDCs are digital currencies but do not have to be cryptocurrencies with distributed consensus, blockchain, proof of work, etc.

Instead they are likely to be completely centralized; at an (absurd) extreme a global Excel sheet with edit access enabled for the Treasury Secretary and Fed Chair.
mister_tee
·vor 4 Jahren·discuss
Quick PBS summary of company towns: https://www.youtube.com/watch?v=F7AOWLOOT-U

https://en.wikipedia.org/wiki/Sixteen_Tons
mister_tee
·vor 4 Jahren·discuss
mine was set to 500 (not 5000) as well. I'd moved on from lastpass earlier this year but didn't delete my account... though I suppose in that case I'd wonder if I'd deleted in time, or if they really deleted all my info.

Also frustrating that they decided to drop this update on December 22.

And how do they square "Zero-knowledge security" and the diagram in https://www.lastpass.com/security/zero-knowledge-security

with URLs and last-accessed times being plaintext? I suppose "items in your vault" is doing a lot of work there if they don't count urls as "in" the vault.
mister_tee
·vor 4 Jahren·discuss
if we're looking "at any point," lots of neutral coverage back in the 90s when cable news was boring, and there was Reform Party Candidate-era Trump.

Trump proposes massive one-time tax on the rich

https://www.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.ric...
mister_tee
·vor 4 Jahren·discuss
the coverage of him winning in 2016 was fairly neutral

live: https://www.cnn.com/2016/11/09/politics/moment-cnn-projects-...

article: https://www.cnn.com/2016/11/08/politics/election-day-2016-hi...
mister_tee
·vor 4 Jahren·discuss
a bit out of date, missing at least one global financial crisis, but there's a 2004 paper looking at the returns of holding the original S&P500 companies from its start 65 years ago, with some alternative portfolios too.

Some of the particular decisions in the setup may or may not agree with grandpappy, I only skimmed, but it looks like the "survivor's portfolio" has returns in line with S&P500-with-replacement and even outperformed the newcomers slightly.

19 of the largest 20 companies were still around in some form when including mergers and acquisitions... however again this is 2004, and at least Kodak and Sears went out of business since then, IIRC?

https://rodneywhitecenter.wharton.upenn.edu/wp-content/uploa...
mister_tee
·vor 4 Jahren·discuss
not an argument but just an FYI for people reading about that idea for the first time: some NAS enclosures (QNAP, Synology?) and some power supplies can use the drives directly without disabling that 3.3V pin.