reese_john

6 ms·

1.
by reese_john 3mo ago
It is a testament to the bloat and overreach of the Brazilian state in the economy. Such endeavors should be left to the private sector
2.
by reese_john 4mo ago
I suggest you go read the SFN messaging manuals from BCB if you truly want to understand how interbank communication works. It is very well documented. You clearly don’t know what you are talking about since you are conflating the STR (tran
3.
by reese_john 4mo ago
I don’t even understand what you mean by “banks had to talk to each other” and why you are referring to TED in the past tense when it’s still the largest settlement method by BRL amount
4.
by reese_john 4mo ago
Have you ever worked in a financial institution? This is such a common occurrence that the BCB had to impose a default $200 nightly limit for Pix trns between 8pm and 6am. The way it works is, criminals use money mules, or stolen identities
5.
by reese_john 4mo ago
> Second, good - they should have an _algorithm_ checking every transaction. MasterCard and VISA do it and do nothing for me; You are confusing transaction authorization done by card networks/issuers with the kind of fraud analysis
6.
by reese_john 4mo ago
… and yet they both suffer from availability issues despite not having nearly the same scale as e.g. Nubank who uses AWS Caixa was down yesterday: https://www.techtudo.com.br/google/amp/noticias/2026/05&#
7.
by reese_john 4mo ago
Yes, but my point was more nuanced, I didn't mean to say that the state needs a fully owned solution. The original article opens up with "Pix is igniting a geopolitical and commercial battle." The point I was trying to make,
8.
by reese_john 4mo ago
> I'm here just to clear out the confusion regarding the infrastructural pieces. The core PIX is undeniably sovereign and state-owned Sure, I can see the confusion, I should have made that clearer. Let me rephrase it: the "core
9.
by reese_john 4mo ago
> The "investigations" are political posturing. PIX is not "unfair business practice" Agree > its a modern, cheap, state-of-the-art payments system that is better than what private businesses like MasterCard and
10.
by reese_john 4mo ago
> Banco Central controls the core, and that's all it needs to. This is good design. Descentralized, modern, resilient and efficient. I agree. But was that not the case before Pix/SPI? It really didn’t change the status quo. The
11.
by reese_john 4mo ago
> US officials involving themselves in your national market because they are unhappy with the market share of their companies in it Just to clarify, for anyone who’s been paying attention to the matter, it’s clear that the true reason fo
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by reese_john 4mo ago
Please, he literally went on national TV on Brazil’s Independence day to claim that “We will defend PIX from any attempt at privatization. PIX belongs to Brazil, it's public, free, and will remain so.” Lula has been historically hostil
13.
by reese_john 4mo ago
This is a minor technicality, if private banks are down then the SPI is basically useless. Banks can send money to each other but clients can’t see it. > What went down were apps Plus, this is an oversimplification. Transaction authoriza
14.
by reese_john 4mo ago
> But mentioning Brazil's president on this meter just adds even more politics to the discussion. This quote is literally from the linked article — he is mentioned there > Do you have the same opinion about the European leaders t
15.
by reese_john 4mo ago
This is not a real problem outside of niche industries American companies are great to do business with. Most countries, including Brazil, simply don’t have the capability to pull this on their own. Not enough tech talent nor infrastructure
16.
by reese_john 4mo ago
USD is a hard currency unlike the BRL. It is not supposed to move that fast by design. Google “Regulation E”. Brazil has no such strong provisions for protecting unauthorized transfers out of your account
17.
by reese_john 4mo ago
It is worth noting that despite all this cheap sovereignty talk from Brazil’s president, in practice Brazil would not be able to operate Pix at that scale without heavily relying on American hyperscalers companies. Brazilian institutions ar
18.
by reese_john 4mo ago
TED is still very much alive. In fact, the BRL amount settled via TED is still higher than Pix, although the gap seems to be closing
19.
by reese_john 5mo ago
The treasury has an account at the FED called TGA[0] which is funded by tax payments and proceeds from new Treasuries issuance https://en.wikipedia.org/wiki/Treasury_General_Account > The total number of dollars th
20.
by reese_john 5mo ago
> Perfectly implements" is doing a lot of work there. Enterprise software is very rarely perfect out of the box Fair, by “perfectly implements” I meant to say that it correctly implemented the core invariant of a double entry ledger
21.
by reese_john 5mo ago
If you are a company founder, what scenario would you rather find yourself in? a) a pristine, good codebase that follows the best coding practices, but it is built on top of bad specs, wrong data/domain model b) a bad codebase but it c
22.
by reese_john 6mo ago
With CRS and FATCA, no one is hiding their wealth just by having offshore assets. Owning offshore assets also doesn’t automatically exempt you from paying taxes, since your tax liability is mostly determined by your tax residency. Just
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by reese_john 6mo ago
Why build each new airplane with the care and precision of a Rolls-Royce? In the early 1970s, Kelly Johnson and I [Ben Rich] had dinner in Los Angeles with the great Soviet aerodynamicist Alexander Tupolev, designer of their backfire B
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by reese_john 7mo ago
This seems to be a short range (290km) anti-ship cruise missile. Definitely not an unstoppable carrier killer What could threaten US carries are China’s DF-21D/26D – anti-ship ballistic missiles with reported ranges of > 2000km – an
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by reese_john 8mo ago
Not an accountant, but I think this is false If you intend to hold to maturity then you should accrue the bond coupons over time, that’s the modal case If part of your bond portfolio is available for sale, then you should use mark-to-market
26.
by reese_john 9mo ago
Most cloud providers have a similar offering to AWS Lambda, plus it is not that hard to convert your code from the event handling pattern impose by AWS Lambda to a long running container running in K8s or VMs like you are doing yourself IMO
27.
by reese_john 1y ago
Lee Kuan Yew on what made Singapore successful: “Air conditioning. … It changed the nature of civilization by making development possible in the tropics. Without air conditioning you can work only in the cool early-morning hours or at
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by reese_john 1y ago
S3 has a low-latency offering[0] which promises single digit millisecond latency, I’m surprised not to see it mentioned. [0]: https://aws.amazon.com/s3/storage-classes/express-one-zone/
29.
by reese_john 1y ago
It's true that formal wealth systems (like land, stock ownership and trademarks) require an elaborate legal and cultural infrastructure to maintain — but only at scale. The absence of such systems doesn't eliminate wealth inequali
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by reese_john 2y ago
Note: the article seems like a subtle ad for the booming industry of private credit. The author is the co-founder of Oaktree Capital, which has been raising capital for one of the largest private credit funds ever[0] https://www.

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