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March 22 · Issue #52 · View online
A weekly summary of the latest news in our world of finance, design, and technology.
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Also: šŖ What does an NFT look like? 𤳠Stock influencers š Goldman Sachs hard culture. šØ Too Much, Too Soon, Too Fast. š Confetti cannon
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Throughout theĀ PSD2 process, the Financial supervisory authority of Norway has been reluctant to publicly share information about errors and shortcomings in the banksā PSD2 implementation. Last week the authority published seven examples of matters where theĀ banksā solutions are not in line with the regulations.Ā One of these shortcomings is that the online banksā information connected to the payments (Like the payerās name, the receiverās name, and KID) must be included in the interfaces made available to the Third Party Providers. Also: all kinds of payments that users can initiate in their online banks should also be available to third-party providers. I guess manyĀ banks have to replan their roadmapsĀ ahead to be compliant!
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Weāve written a lot about Non Fungible Tokens over the last weeks, and that exactly what you own when you buy an NFT is a little vague. Anyone can look at the art at any time. Anyone can even find a direct link to the artwork in the blockchain. What you buy is more or less bragging rights for this artwork on the blockchain. As if thatās not crazy enough, the NFT token you bought actually points to a URL on the internet or anĀ IPFSĀ hash. That URL is a JSON metadata file pointing to where the images are stored.
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The JSON-file the Beeple-NFT points to
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If we look at the Beeple NFT sold for $65m by Christieās, we see that the file links to an IPFS gateway run byĀ http://makersplace.com, an NFT-minting startup. This means that if that company (or, more specifically, the URL) goes bust, the Non-Fungible Token will be broken.
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In short: Right now NFT's are built on an absolute house of cards constructed by the people selling them.
It is likely that _every_ NFT sold so far will be broken within a decade.
Will that make them worthless? Hard to say
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One January afternoon, Tesla Inc. Chief Executive Elon Musk sent outĀ an 11-character tweet: āGamestonk!!ā His Twitter followers sprung into action. GameStop Corp. shares surged more than 150% overnight. The next day, analysts threw up their hands. Nothing apart from Mr. Muskās tweetāwhich included a link to Redditās WallStreetBets forumācould explain why the stock soared.
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I see lots of student company write-ups and pitches. Most are better than yesterday's $3,000 ARK Price Target Report for . In reading the report its clear the motivation is to promote a higher stock price. The fantasy involved is simply spectacular... 1/
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According to an internal survey done by a group of first-year analysts, junior investment bankers at Goldman Sachs are suffering burnout from 100-hour workweeks and demanding bosses during a SPAC-fueled boom in deals. The survey was leaked on social media last week, causing quite a controversy. The bankers have somehow, despite working over 105 hours a week and without having time to shower, found time to create anĀ elaborate report documenting the state of first-year analysts:
āThe sleep deprivation, the treatment by senior bankers, the mental and physical stress ⦠Iāve been through foster care, and this is arguably worse,ā one Goldman analyst said, according to the February survey of 13 employees. āMy body physically hurts all the time, and mentally Iām in a really dark place,ā another analyst said.ā "I didnāt come into this job expecting a 9 am-5pmās, but I also didnāt expect consistent 9 am-5amās eitherā The whole slide deck is at the same time both weird and sad. You are in a quite desperate situation if the only way you can communicate with your bosses is by leaking pitch-decks to social media.
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Morgan Housel has written a great post that fits well together with some of the topics this week: A good summary of investing history is that stocks pay a fortune in the long run but seek punitive damages when you try to be paid sooner. Virtually all investing mistakes are rooted in people looking at long-term market returns and saying, āThatās nice, but can I have it all faster?ā
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The vast majority agree that it is important to create good customer experiences. But Kristoffer Krohn Eide in Netlife asks a timely question: āCould it still be that the best experiences are the ones you do not notice?ā You want a āwow experienceā going out to a restaurant [ā¦] But when you use a service for electricity, banking, telephone, internet, public transport or television, the customer just wants the service to work. No wow effect is needed when you pay a bill or take the bus to work. Good customer experience is when the customer doesnāt notice it ā it just works!
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