3 ms·

Ambitious Hacker set out to prove that he could exceed better educated Investment Bankers

6 points by ashwinl 19y ago

rms 19y ago
I enjoyed the story but I'm not sure how much of a hacker this guy was.
- ashwinl 19y ago
  Hmm...I think you're right. I use this definition (http://www.catb.org/~esr/faqs/hacker-howto.html#attitude http://www.catb.org/~esr/faqs/hacker-howto.html#attitude) as my definition of a hacker: "Hackers solve problems and build things, and they believe in freedom and voluntary mutual help." So, would you label our friend here? If so, what label would you put on him?
  - rms 19y ago
    If he hacked the system to make 7 billion dollars, let's say by betting badly and having a friend take the opposite bet, maybe he would have been a hacker, in the criminal sense. But as it stands, he was just addicted to gambling with someone else's money. The whole situation is just kind of sad.
motoko 19y ago
This just off the newsreels: Gattaca HQ, USA: Crew member dies of heart condition on Titan Mission, investigation pending
ovi256 19y ago
Please see The Reg's article about this (http://www.theregister.co.uk/2008/01/31/kerviel/ http://www.theregister.co.uk/2008/01/31/kerviel/). The WSJ's article is nothing but parroting of SG's press releases. They are hard at work trying to save their asses, and everybody in the industry agrees that JKE could not have done what he did without his managers knowing, and furthermore, that he is now made into a scapegoat. WSJ is right about one thing: they are full of hubris.
ced 19y ago
He failed. Misleading title. He essentially took huge, undeducated gambles. Does anyone remember the name of the strategy that involves doubling your bet at every step, so that you could always with a single win end up "positive"? (assuming infinite money supply of course)
- andrewl 19y ago
  That betting strategy is called a Martingale, or a Grand Martingale. http://en.wikipedia.org/wiki/Martingale_ http://en.wikipedia.org/wiki/Martingale_(betting_system)
- ashwinl 19y ago
  I am assuming it is the word, 'Hacker' that you believe is misleading, true? If so, are you implying that because he failed, he is not a hacker?
  - ced 19y ago
    Well, hacker is part of the issue. I guess he hacked the check system, but not the market in any meaningful way. Like I said, he followed his gut, which is a strategy employed by millions, with comparable results. The misleading part of the title (to which "hacker" contributed) is that it looks like he succeeded, and thus that one could learn from reading the article. It's a very debatable point, I guess... No offense intended to the submitter.
wallflower 19y ago
He was up 500 million Euros in late 2007 and never thought of going legit? That is serious delusional reality. I think he's as much as a hacker as a script kiddie

6 points by ashwinl 19y ago

rms 19y ago

I enjoyed the story but I'm not sure how much of a hacker this guy was.

ashwinl 19y ago
Hmm...I think you're right. I use this definition (http://www.catb.org/~esr/faqs/hacker-howto.html#attitude http://www.catb.org/~esr/faqs/hacker-howto.html#attitude) as my definition of a hacker: "Hackers solve problems and build things, and they believe in freedom and voluntary mutual help." So, would you label our friend here? If so, what label would you put on him?
- rms 19y ago
  If he hacked the system to make 7 billion dollars, let's say by betting badly and having a friend take the opposite bet, maybe he would have been a hacker, in the criminal sense. But as it stands, he was just addicted to gambling with someone else's money. The whole situation is just kind of sad.

motoko 19y ago

This just off the newsreels: Gattaca HQ, USA: Crew member dies of heart condition on Titan Mission, investigation pending

ovi256 19y ago

Please see The Reg's article about this (http://www.theregister.co.uk/2008/01/31/kerviel/ http://www.theregister.co.uk/2008/01/31/kerviel/). The WSJ's article is nothing but parroting of SG's press releases. They are hard at work trying to save their asses, and everybody in the industry agrees that JKE could not have done what he did without his managers knowing, and furthermore, that he is now made into a scapegoat. WSJ is right about one thing: they are full of hubris.

ced 19y ago

He failed. Misleading title. He essentially took huge, undeducated gambles. Does anyone remember the name of the strategy that involves doubling your bet at every step, so that you could always with a single win end up "positive"? (assuming infinite money supply of course)

andrewl 19y ago
That betting strategy is called a Martingale, or a Grand Martingale. http://en.wikipedia.org/wiki/Martingale_ http://en.wikipedia.org/wiki/Martingale_(betting_system)
ashwinl 19y ago
I am assuming it is the word, 'Hacker' that you believe is misleading, true? If so, are you implying that because he failed, he is not a hacker?
- ced 19y ago
  Well, hacker is part of the issue. I guess he hacked the check system, but not the market in any meaningful way. Like I said, he followed his gut, which is a strategy employed by millions, with comparable results. The misleading part of the title (to which "hacker" contributed) is that it looks like he succeeded, and thus that one could learn from reading the article. It's a very debatable point, I guess... No offense intended to the submitter.

wallflower 19y ago

He was up 500 million Euros in late 2007 and never thought of going legit? That is serious delusional reality. I think he's as much as a hacker as a script kiddie