4 ms·
The article leaves me with the impression that this is more like a standards body than anything else. Who would you prefer to have designing and selecting stan
by Kalium 11y ago
The article leaves me with the impression that this is more like a standards body than anything else.
Who would you prefer to have designing and selecting standards for exchanging financial information?
- hellbanner 11y agoAfter reading http://www.amazon.com/The-Big-Short-Doomsday-Machine/dp/0393338827 http://www.amazon.com/The-Big-Short-Doomsday-Machine/dp/0393..., I'm not sure anyone is competent for that..
- samstave 11y agoThat's not quite what I mean... Sure, banks ideally should do such things... I'm just saying given they centuries long track records... I still don't trust any of them. "Secure" to banks means, only secure enough for them... I just believe that the future (think 25 years, minimum) is that every single activity of every single person will be tracked in detail to a level which we can't even understand now. Wait until all your activity is then predicted and compared to actual to refine the tracking. And banks will be doing HFT based on the actual and projected minute-by-minute actions of billions of people... What if a stock will fluctuate based on lunch time buying surges and after work happy hour, and birthday ties to kids having a birthday on Saturday and their social networks socioeconomic propensity to buy stuff for them last minute at stores r us?
- wdewind 11y ago> What if a stock will fluctuate based on lunch time buying surges and after work happy hour, and birthday ties to kids having a birthday on Saturday and their social networks socioeconomic propensity to buy stuff for them last minute at stores r us? What's wrong with this?
- samstave 11y agoNothing aside from the fact that you have literally eliminated the "common man" from even remotely participating in the market... The entire momentum of the stock HFT market is skewed against everyone except the HFT masters... how about, perhaps, build an engine that can do this and allow for people to buy into slices of it?? I just think that we are literally on the precipice where we will shrink from a perceived "1%" in power to a ".000001%" in power... Ten years tops...
- oldmanjay 11y agoYou do understand that power is, right now at the very moment in history, far, far more federated than it has ever been, right?
- Kalium 11y ago> Nothing aside from the fact that you have literally eliminated the "common man" from even remotely participating in the market... Even today, in the world of HFTs, this isn't the case. Long-term positions are still valid. The common man was eliminated from regular trading a very long time ago. I don't see what's to complain about.
- saryant 11y agoThere's never been a better time to be an individual investor than today. You can buy index funds at costs that are constantly going down, not up. That's a good thing for the average investor.
- deleted 11y ago[deleted]
- anigbrowl 11y agoCentral banks, which are answerable to bodies of citizens, albeit indirectly through institutions.
- throwaway1967 11y agoThe US Central Bank, the Federal Reserve, does not answer to a body of citizens, unless by that you mean its shareholders.
- anigbrowl 11y agoIt would make me so happy if you would read the second part of the sentence I wrote earlier, which provides some important context for the first part.
- hackuser 11y ago> Who would you prefer to have designing and selecting standards for exchanging financial information? I think democratically elected governments would be much better. Banks will design something that serves their interests only, merely overlooking other priorities in some cases and actively promoting their own in others. It's human nature, and also they have a long track record of sacrificing all other interests, including those of the global economy, taxpayers, consumers, and even their own clients. No institution is perfect, but at least a much broader range of people have a seat at the table government.