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JohannesBorgen Profile picture
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22 May, 5 tweets, 2 min read
Sorry, but :
The amount of bullshit in their coin presentation is awesome

morioh.com/p/8f40314ec159
"DEFI100 is a Synthetic Index Token that works on the principle of elastic supply and uses rebase function to maintain the equilibrium between its Spot Price and Target price. Our Token is pegged to the total market cap of the Decentralized Finance sector at the ratio of 1:100bn"
"Peg" is the obvious red flag @Frances_Coppola 😅
I guess the 3 other projects aren't coming that soon after all
wrapp3d.com

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More from @jeuasommenulle

JohannesBorgen Profile picture
23 May
About those bots pushing bad narratives, something strikes me. The other day - for some reason - I read 3 academic papers on fake news, bots etc. All well written and interesting but deep down it's only platitudes: confirmation bias, echo chambers, power law network etc. 1/n
The truth seems to be that no one has a clue how to properly manage this problem. AI far from achieving anything.

My gut feeling (totally speculative) is that we should be more focused on the boundary conditions: where does it stop/start, where do the power laws truncate.
Instead of looking at nodes/links etc we should look at field equations, basically the Faraday revolution of physics (which gave Maxwell, general relativity, quantum field theory etc). In those settings border conditions are crucial to understand and stop physical processes.
Read 4 tweets
JohannesBorgen Profile picture
19 May
As always, the @ecb 's FSR is a treasure trove of information. Here’s a thread with my top 10 charts in the report and why I think they’re interesting. (No special order). 1/13
Investor sentiment on CRE

What’s interesting here is that the last time sentiment was 20% “at through”... the market was actually at a through! But since 2015, “peak” sentiment has been growing, and so have prices.
Regressing bankruptcies rate and GDP: this spectacular chart tells the economic story of Covid better than 1000 words: losses have been “socialized”, banks & SMEs have been shielded. I think we won’t get back to the regression line simply bc losses have already been transferred.
Read 13 tweets
JohannesBorgen Profile picture
18 May
*SCOR RISES 3.8% AFTER CEO STEPS DOWN

This story is bananas. Let me recap.

After years of fighting, Kessler, long time Chairman & CEO finally accepts to follow "good practices" and split the two roles.

Kessler looks around and finds the perfect CEO candidate, "French style" :
Benoit Ribadeau-Dumas, admin supreme court judge, former member of the PM's staff under Chirac and former chief of staff of Edouard Phillipe.

All is well in the country of France
He is to take the position in 2022, after Kessler steps down as CEO and some "training" (he's never been in the insurance business before).

But Kaboum
Read 5 tweets
JohannesBorgen Profile picture
18 May
Maybe I'm late here, but I've just realised why Tesla wants to allow crypto payments (Bitcoin or other) and it's definitely NOT because they want to jump on the crypto bandwagon.

Here's the crucial bit in the terms and conditions

1/2
So what you're doing here, is give them a free option on the Crypto. With a basic assumption of 3-month delivery time and the 70% vol we have on #bitcoin, this is worth around 13.5 of the price you pay 🤣

When deliveries are driven by efficient option exercise, it'll be fun.
13.5% obv
Read 4 tweets
JohannesBorgen Profile picture
15 May
Not sure if this of any use to any1 but that tweet raises a question: why is a bank safe? Here's my (very simple) take, by order of importance.
1. Because it makes money from clients - always the most important thing.
2. Because it has diversified businesses (country/product)
3. Because it has enough capital in case 1. is temporarily not true. (Shock absorber - but won't work if 1. is structurally not true)

4. Because it has access to capital : equity (1. needs to be true for investors to have appetite) and debt (with the CB just in case)
5. Because it understands its risks and has a strong compliance (this is slowly moving upwards in the hierarchy !) Risks can be high or low, it doesn't really matter if you understand and price them properly.
Read 5 tweets
JohannesBorgen Profile picture
14 May
#CreditSuisse International published its annual report which contains this useful information on #Archegos:
3 lessons:
1) Addt'l 600m loss in Q2
2) Still 3% exposure!
3) Thanks to the banking surcharge, UK taxpayer providing a "tax shield" of 1.3bn$ (maybe more with new budget)
Also interesting to notice that CSI didn't book the full DTA (54% by my quick calc), suggesting they won't pay any tax in the UK for more than a decade.
Final important point: 0 loss in the US, 0 loss in Switzerland, so the PRA might be the one who takes a close look at the operations and risk management.
Read 4 tweets

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