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> "Oops, next time, make sure your pension hires a more careful trader, I hope you've learned your lesson" isn't very helpful advice to a retiree who's now out
by yowlingcat 6y ago
> "Oops, next time, make sure your pension hires a more careful trader, I hope you've learned your lesson" isn't very helpful advice to a retiree who's now out on the street.
It's really not, isn't it? Almost like the dependency on human carefulness compromises the integrity of the whole system.
- KMag 6y agoWe've seen plenty of trading problems due to direct human error, and we've seen plenty of trading problems due to software bugs. If we got rid of breaking trades, it would presumably force everyone to use carefully specified systems and use avionics-like development practices. Maybe we'd even see machine-checked proofs being compiled to programs and smart contracts via the Curry-Howard correspondence. Long-term, it would probably be good. In the shot term, lots of fallible counterparties going bankrupt would be very destabilizing to the system.