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Fraud topology and parting #RWRI stuff.
2008: We consolidated banks instead of breaking up banks.
Coordinated attacks on a small number of hubs can take out the entire network.
2008: We consolidated banks instead of breaking up banks.
Coordinated attacks on a small number of hubs can take out the entire network.
Biggest threats according to FSARC: maliciously executed trades, multi-day of a bank's wholesale payment system, multi-day SWIFT outage. Mostly talk unfortunately.
Moving to cashless society:
1. cost savings in not printing money and ease of transaction
2. crypto can dematerialize physical financial instruments
3. all money movement subject to surveillance and blocking
1. cost savings in not printing money and ease of transaction
2. crypto can dematerialize physical financial instruments
3. all money movement subject to surveillance and blocking
Some highlights / takeaways / thoughts / comments from #RWRI14, Day 1:
1. The best indicator of high blowup risk is stability (low volatility).
1. The best indicator of high blowup risk is stability (low volatility).
I believe this is because volatility provides us with information. So by reducing volatility, you are missing out on information, and thus accumulating hidden risks that will one day blowup.
2. Science isn't about predicting / forecasting; it's about understanding properties. You'd much rather have a deep understanding of the distribution than a single point estimate / forecast.
