M. Konrad Borowicz
@mkborowicz
Assistant Professor @TilburgU_TILT | Research Coordinator @TILEC1 | Credit, payments, open data | Ex City lawyer | Yacht rock ambassador
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💯 though the challenge is to connect fast payment systems across jurisdictions. Lots of interesting experiments currently taking place around the world. SEPA instant already makes this a reality in the EU
stablecoins have a fiat problem. stablecoins are often described as instant, global, and 24/7/365, which is true when activity stays onchain. however, when stablecoins touch legacy rails, those guarantees break down. most stablecoin platforms still rely on wires or ACH to move…
💥NEW: WALLET OF SATOSHI WINDS DOWN CUSTODIAL SERVICE IN EU A little known tax-law came into effect on January 1st that is pushing custodial services out of the EU. Full story👇 therage.co/wallet-of-sato…
Important point, and it was not just South Korea. In the 1960s, for example, it was widely "known" among development economists that countries with predominantly Confucian cultures were incapable of developing thriving, manufacturing-driven economies, which is why East Asia was…
Notions of what cultural traits are "good" for development are quite malleable. In an 1971 IMF report, "Korea's Export Success, 1960-69", "the conservative Confucian disdain for engaging in business" is cited as an *obstacle* to export-led growth:
Excellent thread
I really appreciate this piece from @ezraklein (and its amplification by @mattyglesias). But I think the ideas being teased out here would benefit from a prescient piece Alexis Madrigal wrote more than a decade ago.
Expect this will be true for AI uses in the legal profession also
an interesting update: the team is starting to move away from AI coding completely (devin/claude/etc) because it's so much harder to review the AI code than writing things themselves
This is an insightful way of putting it that hadn't occurred to me before. Economists who think in terms of internally consistent models have a very different way of understanding the economy from those who think more systemically, in terms of balance sheets. I'd add that…
What Steve Keen and Richard Werner are showing, in different ways, is that the real fault line in economics is not “Keynes vs. Monetarists” but models vs. balance sheets. Once you enforce double-entry bookkeeping, three things become painfully clear: 1. Most textbook…
The irony of suggesting crypto investors keep their wallets at -- wait for it! -- a bank safe deposit box
Anarcho-capitalism is a wonderfully abstract ideal that can inspire innovation. It helped inspire me to help invent cryptocurrency. But real-world cryptocurrencies are not trustless -- they are trust-minimized. Each cryptocurrency has a legal attack surface, representing the…
Who’s rating your private credit deal? Moody’s/S&P/Fitch: 1,000 deals Small firms nobody’s heard of: 7,000 deals (3.5x growth in last 4 years)
Thanks @HKUFinTech for having me on to discuss extraterritorial frictions in cross border payments. Paper coming soon!
Extraterritorial frictions arise when reconciling different int’l payment systems, says Dutch-based fintech lawyer and Tilburg Institute Prof. M. Konrad Borowicz on HKU Law’s latest Regulatory Ramblings podcast today at 12:30pm HKT, at: hkufintech.com/regulatoryramb…
No crying in the 50x leverage casino.
We just bumped up the max leverage from 20x to 50x on international perpetual futures. A bunch of traders asked for this update. Let us know what else we can add!
This should be getting more attention - “much of this apparent stagnation [in manufacturing productivity] can be explained by PROPERLY accounting for quality improvements.” #dataquality
The curious death of manufacturing productivity on.ft.com/48GnuEf
This feels like the take of the century. A harrowing read on the latest jobs numbers.
A WORRISOME *FUTURISTIC* JOBS REPORT: In the newsletter, I wrote about today's labor market data, and how it was not only bad, but bad in a specific way that could portend a more ominous direction of the economy
The full EC letter to Italy on the Unicredit BPM golden power decree is on fire! Basically they say everything is illegal in that decree - deposit & loans is illegal restriction to freedom - project finance is unjustified and unprecedented - Anima ptf: this is all italian so WTF?
In yesterday's pretrial conference, Judge Failla expressed skepticism that SDNY can establish venue over Tornado Cash. Full story: therage.co/sdny-venue-tor…
3/8 It seems absurd that major, open economies like the EU and the US should allow imbalances in their domestic economies to be determined by changes in global financial flows, and especially by changes in the way less open surplus countries decide to balance their surpluses.
France is famous for wine, cheese, Versailles, football… and credit ratings. Today I’m going to tell you how French banks will save billions of capital thanks to an old institution & a magic trick Read till the end, it’s the wonderful story of a ruling worths tens of billions
we are so cooked
OpenAI CEO Sam Altman will be the keynote at the Fed board's conference next month on bank capital and regulation federalreserve.gov/conferences/in…
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