Turkey’s Akbank Facing $4m liability after Hack

Finextra

One of Turkey’s largest banks could be liable for up to £4 million after suffering a cyber attack on the SWIFT global money transfer system, according to Reuters.

Note the many links at the bottom of the page. This is why I have not kept up to date in Fintech – there is too much going on there.

If I was much younger, I would consider becoming an expert in this field. You young guys and gals might try this – there is plenty of money there.

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Tech is Where It’s At

In 1980 I became part of High-Tech – because I needed a job. My twenty years as an Electronic Engineer were over – vacuum tubes had been replaced by the transistor. There were plenty of jobs in High-Tech – a chaotic environment where companies came and went like mushrooms – that were fed on manure.

No one knew what High-Tech was – you simply had to be there, to find out. This was not very smart – but that was typical of the time also – no one thought, they just did.

Eventually, we realized we were into the Computer – an ecosystem that evolved rapidly, extremely rapidly. All the money in the world went there – because that was where money was being made.

This would be a good place to digress, and discuss how money is made – a very complicated subject. But I can shorten this discussion by saying – the Global Economy was made possible by the Computer – both of which reinvented Money. This is hardly surprising – people make money – now with the assistance of the Computer – they make more and more of it all the  time.

This is most clearly seen in FinTech – which is definitely where it is at.  If you want to be there also – this is where you need to be.

For Ticos, Time is not Worth Money

For Americans, or anyone living in the developed world – time is money. And this is fundamental to the way they think about things, and one of the assumptions of of their economy.

Ticos, or Latinos in general, think differently. They are not interested in efficiency (the conservation of time) and have no notion what this is. They will spend huge amounts of public money on projects, without considering why they are doing them. Cost-benefit analyses are not done – because they do not consider them to be meaningful.

When they price their services – when my bicycle mechanic decides what to charge me for work he has done, for example – he does not charge me for the time he spent. And, as result, is going out of business – having no idea why.

The country as a whole is not going out of business (as many countries in Central America are) but it is not going places either.

And does not know why.

Complicated World, Stupid People

The world has become complicated, everyone will agree to that – but they will not agree they cannot understand it. Instead, they will dig in their heels and assert that they can understand it – but will not say how they understand it – using the simple strategy of refusing to talk about anything serious – such as understanding the world.

This is just a complicated way of saying they are stupid.

I started my day by reading about Ripple – which gave my old mind a workout. This is an excellent example of a complicated subject – and I can sympathize with those who do not want to think about it.

But we do not have that option – this complication exists (a new way of dealing with money) and we have to think about it. This sorts the world into two kinds of people – those that can think (maybe one percent of the population) and those that can not.

The tragedy of our time is that the non-thinkers outnumber the thinkers in politics. And are messing everything up. Democracy cannot work in these conditions.

I am not alone is saying this, this article in Open Democracy is saying much the same thing.

Just when we need our collective intelligence to be high – it is low.