Many technologists fail to appreciate that security is not something which businesses want to provide at all margins.
(Consumers are similar; they're unwilling to literally or figuratively pay for security at all margins, too.)
However, since security is a sacred value, you're not really encouraged to voice aloud the necessary consequence of this, which is that e.g. there's some level of account takeovers or fraudulent claims or bank robberies which are acceptable losses (to be distributed somehow).
"You're being facetious about bank robberies, Patrick"
No I'm not. The direct cost of them is clustered around $8k per, which is less than the minimum buy-in for a lawsuit, which is why Don't Be A Hero is the first thing every bank employee learns at every training about this.
Society distributes the cost of bank robberies thus:
To deter potential scalable robberies, there is a bit of private investment in looking secure and some public investment in making "career bank robber" and "career prisoner" effectively synonymous.
Losses? Bank pays, the end.
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Correspondent: *situation* So how is it that my credit card at A shows a payment has posted but by checking account at B shows it as not withdrawn yet?
Me: That’s usual behavior for U.S. bank transfers. Each is an extension of credit, with various risk controls.
And now I’ll continue this with a character.
X: But the money is in two places at once. It cannot be in two places at once.
Me: Extension of credit creates money, yes.
X: Good thing this only happens for credit cards and not for checking accounts.
Me: Built into every account.
X: But a checking account isn’t a credit product.
Me: Oh no it is.
X: What I didn’t apply for credit.
Me: Try to remember what information was on the form you filled out when you opened it.
X: That was for KYC though.
Me: Also a purpose of that form.
Seems like the SEC finally got around to fining DCG for lying through their teeth repeatedly in 2022.
I think this finally lets me cash in a very old hash. Most is very old news, but there's one discussion topic that is perhaps not public yet.sec.gov/newsroom/press…
So back in November 8th, 2022 I dropped this hash on Twitter.
That is not actually a book, but let’s say there is a very rich subgenre of advice, much of it written by and for very successful people, which says what that book would say, in some cases literally by way of extended D&D metaphors it assumes the audience will grok.
*sigh*
You can tell more than a little bit about me from immediately feeling the need to clarify that that was not an actual book.
I sometimes get asked "Why don't you have a tip cup? I'd like to support you, but don't want to commit to a subscription." My macroed response is that I appreciate the gesture and suggest a donation to a local charity.
I do not take donations because I sell things to businesses.
Businesses do not customarily tip or donate to professionals. When they see someone with a tip cup, they think "Not a professional."
This is not something I want a business to think about me when quoting rates.
From time to time a business has suggested to me that they think my prices are too high. I tell them that they are welcome to their opinions on pricing strategy. Sometimes they then tell me they are confident I would make more if I lowered prices.
Matt Levine has a great entry today about the bank which motivated this tweet thread, which apparently ran afoul of the CFPB. He is… appropriately skeptical of their theory that this is improper in a way which should be illegal.
Two years ago I would have been pleasantly surprised that an LLM could math out what a QSR manager was and provide fictional examples. Today I’m pleasantly surprised one just extrapolated cultural commentary on why PMC values chefs more than QSR managers… without me asking.
Claude 3.5, FWIW. I am very new with Claude and have minimal system prompt or context it could be going on, unless it's cross-connecting with my public corpora.
The setup:
Claude then answers my question with a question of its own. I play along.