rando18423

Location: Houston and Los Angeles

Remote: sure

Willing to relocate: absolutely

Technologies: Excel, VBA, various risk management software and trade management systems

Resume: Big 3 Swiss commodities trading house, Citigroup Sales & Trading, private equity fund (PM for details)

Email: rafraser10@gmail.com

Wide and versatile skill set, looking for anything interesting involving markets or risk management.

I'm not sure how these are legal, I'm in my twenties with 20/20 and only somewhat sensitive to light but even the normal ones are absolutely blinding to the point where I'm really not sure what I would do (other than have already crashed) without the "focus on the white line to the right" trick.

If you were building a company, would you recruit your colleagues from Berkeley, GS, or FB, and why?

They lend based on the 5 C's, anything else is considered speculative. Cash flow is the starting point and is nice, but even in college I was approved for a credit line from Chase... Up to about 85% of the value of our single asset, which they required us to pledge as collateral. The asset was a fairly popular model of a bus :)

Is this the kind of society we want?

Why not just group the fraudsters and the gangsters together like we normally do? These banks have had about 15x as much time to make that mistake, to me it looks like LC was headed that route.

really? I think if the justice department could prove personal fraud by one of the bank CEOs they'd be alllll over that.

I think market makers used technology to do exactly what they've always done at increasingly higher speeds. History also shows you're wrong, for hundreds of years market makers have sought an edge by trying to get information faster and faster. Hell, it used to be carrier pigeons that gave them the edge. There's really not much new here...

Lots of talk in here concerning superpowers falling, and not much about how it's way more favorable for companies to use debt financing in a low interest rate environment... Lol developers should stick to developing

Protect people! Ha! The laws covering cabs require them to go into undesirable areas so those that can't afford a full car can still get around, accept cash payments for those unable to get credit, vehicle inspections, and so on. When you say protect people, do you just mean the people in your bubble where everyone has a card?

...ok, how? I understand it's "all about execution" but were there not explicit laws governing taxis and related services, as well as running a hotel out of your home? Did we as a society not choose to put those in place?

Wow, I forgot we set up our society so tech developers got to decide what kind of society we wanted. Laws requiring cabs to serve disadvantaged areas? Accept cash so people without credit could get around? Provide safe living spaces, up to code, for visitors from out of town? How disconnected from reality are you?

Furthermore, what kind of precedent does flaunting legitimate laws set? Thankfully Austin was able to have some balls and not allow that shit to fly.

Yes actually? "Hail a cab."

I don't disagree with you, but your statement is incomplete without acknowledging these were also illegal services.

For what it's worth, this economist agrees: https://mobile.twitter.com/Noahpinion/status/746483638158561...

No you can't. Was there ever a law explicitly saying coding an OS was illegal? Versus operating a cab company without registering with the government to prove compliance with laws already in place to deal with those? Or similarly running an illegal hotel out of your house?

No, making cars was never outright illegal. Operating a cap company, (or rather an illegal one), without proper licensing was. Operating a hotel out of your house was. Nice strawman.

Exactly

Wow, so the crown of the "fintech" movement is just as bad as the banks, and the two biggest Silicon Valley successes of the last decade, Uber and AirBnB, are really just cases of massively successful regulatory arbitrage. Nice innovation!

You don't think having to stand down rioters, have molotovs and stones thrown at you by an entire community of people proclaiming they are fucking done with dealing with you around, have shots fired at you, have officers shot in their squad cars has any effect on long term behavior? Sorry I'm just sitting here scratching my head.

Only $15B?

Exactly!!!

come on, don't bash Texas. The way Marc Andreessen just talks his book nonstop and ignores anything else would make Wall Steet deathly proud.

Hong Kong is fucking awesome to get around. Why not moving sidewalks like they have there with the Midlevels Escalators? I used that to walk from Midlevels to Central every day and loved it.

Hold on you really don't think the Baltimore police will back off or hesitate before they do what they did again? The only thing that influences their decisions are if it cost them money or not????

I think his point is that the idea that knowing you will be retaliated against, even if it's a "net loss" in some ways for those retaliating against you, is an extremely powerful force for good in our society. Do you disagree? I think that because I'm a quant and I see people making pretty basic mistakes here, or making fallacious assumptions about other fields assuming they follow the same logic as software, quite often, and that seemed to be happening in this thread. I maintain that developers are usually not qualified to talk about economics in much beyond the most basic sense, because they haven't actually studied advanced economics beyond how it pertains to the tech industry. They just make linear extrapolations and are shocked (shocked!) when their narrow (and admittedly unique) model of the world breaks down.

Thanks. Step 3 and 4. You wire them the CNY, and how do they get your new BTC? I guess you're saying that the way most exchanges work is with a central depository of BTC and they just internalize (book out) their orders? (Unless the exchanges are really pseudo-derivatives dealers selling CFDs?) Isn't this exactly why places like Coinbase require your identity? (Does BTCe?) And if they aren't internalizing orders, particularly for massive sums which will be hard to find another side of the trade to internalize against, wouldn't that require a blockchain transaction to get more BTC in their depository, unless the exchange starts also acting as market maker, a la EnronOnline?

If I go to BTCe with a $50mm USD deposit, but they only have $25mm BTC equivalent deposited there, and "buy" an equivalent amount of BTC, will they not be required to obtain $25mmUSD equivalent more BTC from the blockchain?

Furthermore, do the exchanges take a position either long or short? If I then liquidate my $50mm worth of BTC, how do they get the fiat to wire to me, if they don't transact with somebody else?

I just fail to see how the major shifts in supply/demand are totally absorbed by the exchanges and never show up on the blockchain. Do the exchanges have an inter exchange market off of the blockchain or something? I agree with you, technically, that for small sums, there's no need for this and so the blockchain volume may not represent total size of the market, but at the scales we are talking about (see how much HSBC laundered for a single drug gang alone), how does this not show up, or rather, how does it never hit the blockchain? Particularly when somebody eventually wants to liquidate back to fiat?

"HSBC was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. currency from HSBC Mexico, allowing for money laundering, prosecutors said."

That is one subset of the problem. BTC has what, $12mm/day volume? This one subset is over 2 years worth of all the BTC volume. Honest question, is off blockchain BTC trading really that big?

can you elaborate? I'm not sure I follow

I had to download the LinkedIn newsfeed blocker it was getting so horrible. Like 90s grandma chain emails horrible. And I work in energy finance / investment banking / hedge funds.

Wow. Since when is every regulation supposed to pay for itself? Do police? SWAT?

I highly suggest reading Steve Randy Waldmann's analysis of the Baltimore riots and altruistic punishment. He is an actual economist, whereas this thread is as if he came in here and was telling you your code sucked.

For those curious, his blog is called interfluidity.