Jimmy Cerone
@jrcii
Software Dev who loves to write, read, and hang with doggos.
Jimmy Cerone
The continued march of direct deposit and earned wage access products keeps more of the wage pie in the pockets of workers, even those in diminished circumstances.
from The Business of Check Cashing by Bits about Money
Another model is embedding the check cashing into a larger suite of services. Cash App is a notable standout here (and, IMHO, probably the most interesting financial product the tech industry has created for the un-/underbanked.) On the backend, Cash App has simply convinced a bank to have a wider risk envelope as part of the price for working with
... See morefrom The Business of Check Cashing by Bits about Money
Huh. Interesting. I need to think more on this company.That bank does not cash the daily envelope of checks for free, either. It had a consequential commercial negotiation which took notice of the business’ risk profile, high operational costs associated with their custom, and the near certainty that they would be very annoying to work with. The bank ultimately quoted a price per check and, very likely
... See morefrom The Business of Check Cashing by Bits about Money
Oh so this is a middle man and this markup occurs.Government checks don't have credit risk directly , they have operational risk which becomes a credit risk. In the case where either the person cashing them isn't the person named on the check, or where the government later comes to the conclusion that it didn't really want to pay them, that money could (at some risk) be clawed back from the bank,
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Ahhh this makes sense now.The world’s financial system is predicated on the U.S. government being definitionally zero credit risk when denominated in dollars. Every other kind of debt in the world is defined in reference to a Treasury.
from The Business of Check Cashing by Bits about Money
Yikes. How do other countries do this? How does China?“I don’t think we talk enough about the in betweens. The part when you know you want to change something but don’t yet know how, don’t yet feel strong enough, don’t yet know what your first step is. So to the people in the in betweens, don’t be disheartened, don’t give up. You’ve done the hard part. Now just take it one small step at a time.
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–We are so obsessed with seeing if AI can do the things we do, but the real potential is things humans are in capable of. What can’t you do that is now possible? 
- Here are some other techniques people use to access and maintain the zone:
- Introducing a long delay between when you do the work and when it is shown to the world. Annie Ernaux writes about this in A Simple Passion, a memoir about how she becomes obsessed in a banal way with a man who is having an affair with her—the thought that others will read th
from Notes | Substack by Substack
- There’s also a great anecdote from Nobel-winning physicist Richard Feynman, where he talks about how physics used to delight him when he used to play with it, but then it started to disgust him when he got burdened by this idea that he was obligated to advance the future of science. That he was supposed to be doing “important” work.
It’s quite poe... See morefrom Article by visakan veerasamy
I fall into the trap of optimizing all the time…