Complex Systems with Patrick McKenzie (patio11)8 Jan

The magic spell that makes banks give you your money back

Patrick McKenzie (@patio11) reads his latest Bits about Money essay explaining why he “loves Regulation E more than any rational person does.” He explains how Reg E created a privately-administered legal system processing over 100 million complaints annually—dwarfing the formal U.S. court system—and why banks are now trying to avoid these obligations for Zelle's nine figure fraud problem.
–

Full transcript available here: www.complexsystemspodcast.com/the-magic-spell-reg-e/

–
Sponsors: MongoDB & Framer
Tired of database limitations and architectures that break when you scale? MongoDB is the database built for developers, by developers: ACID compliant, Enterprise-ready, and fluent in AI. Start building faster at mongodb.com/build

Building and maintaining marketing websites shouldn’t slow down your engineers. Framer gives design and marketing teams an all-in-one platform to ship landing pages, microsites, or full site redesigns instantly—without engineering bottlenecks. Get 30% off Framer Pro at framer.com/complexsystems.

–

Links:

Bits about Money, One Regulation E, Two Very Different Regimes
Full version of "Doesn't Matter, That's Reg E": https://suno.com/song/173bbd67-92f7-4868-930f-efeca4b373c0

–

Timestamps:

(00:00) Introduction
(02:46) These newfangled computers might steal our money
(12:45) The contractual liability waterfall in card payments
(20:35) Sponsors: MongoDB and Framer
(22:23) The contractual liability waterfall in card payments (continued)
(23:47) Enter Zelle
(25:46) Zelle is an enormous fraud target
(32:23) Banks may attempt to extend the Zelle precedent
(35:02) Reg E encompasses almost every technology which exists and many which don't yet

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(104)

Everyone wants to be your wallet

Patrick McKenzie (patio11) reads his Bits About Money essay on the business of wallets, with new commentary, prompted by paying his barber $100 over Venmo and wondering why PayPal so badly wants to be...

3 Sep 33min

How AI detection actually works, with Pangram’s Max Spero

Patrick McKenzie (patio11) is joined by Max Spero, co-founder and CEO of Pangram Labs, which builds models that identify AI-generated text and images. Max goes under the hood to explain how AI detecti...

27 Aug 1h 4min

Two banks can't agree on fourth-grade math | Alex Elliott

Patrick McKenzie (@patio11) is joined by Alex Elliott (@alexpotato), who has spent his career in SRE and operations roles at financial firms ranging from ten-person fintechs to global investment banks...

20 Aug 1h 3min

LLMs and the economics of Evil, Inc., with Manish Goregaokar

Patrick McKenzie (patio11) is joined by Manish Goregaokar, a senior software engineer and member of the Rust security response team, to discuss what LLMs do to the cost side of running a sophisticated...

13 Aug 1h 2min

The economics of putting germicidal light in every room, with Misha Gurevich and Vivian Belenky of Aerolamp

In this episode, Patrick McKenzie (patio11) is joined by Misha Gurevich, CEO of Aerolamp, and Vivian Belenky, its chief scientist and a researcher at Columbia, to discuss why UVC, a wavelength of ligh...

6 Aug 1h 16min

Cheap cognition, supercharged surveillance, and AI risks, with Garrison Lovely

Patrick McKenzie (patio11) is joined by Garrison Lovely, journalist and author of Obsolete: The AI Industry's Trillion-Dollar Race to Replace Us and How to Stop It, to map the three-sided debate over ...

30 Jul 1h 20min

What you're actually getting paid in, with Leila Clark

In this episode, Patrick McKenzie (patio11) is joined by Leila Clark, founder of Stardrift and formerly a software engineer at Jane Street, to discuss her essay "What Are You Getting Paid In?" They c...

23 Jul 1h 4min

What LLMs can and can't do for writers, with Clara Collier of Asterisk Magazine

Patrick McKenzie is joined by returning guest Clara Collier, editor-in-chief of Asterisk Magazine, to discuss how working writers and reporters actually use LLMs. Patrick walks through the machinery b...

16 Jul 1h 35min