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I'm uncomfortable with the tax dollars of hard working people being used to defend the likes of those who use robots with million dollar wallets to rake up the

I'm uncomfortable with the tax dollars of hard working people being used to defend the likes of those who use robots with million dollar wallets to rake up the low hanging fruit of digital arbitrage on an entirely unregulated network. They wanted the rewards that came with this risk. Now that they got hustled, they cry foul, and the DOJ is going to spend huge amounts of money litigating their case? Perhaps it is in and of itself just a new form of "front-running justice" or "administrative arbitrage." What wonderful new things our digital world has brought us.

JumpCrisscross 2y ago
> they got hustled, they cry foul, and the DOJ is going to spend huge amounts of money litigating their case? Do we know how the case originated? I similarly agree this seems bizarre. It’s probably illegal. But unless it’s setting an important precedent it seems like a waste of public money.
- hanniabu 2y ago
  > But unless it’s setting an important precedent It is
- alchemist1e9 2y ago
  > Do we know how the case originated? This is a very curious question because it’s such a technical situation that it’s hard to believe DOJ wasn’t most likely explained it by outside parties, most likely the victims I assume.
- beaeglebeachedd 2y ago
  Oh it won't be a waste. DoJ will seize, fine, and disgorge enough to cover the prosecution and some. An easy cash grab from an unsympathetic defendent who lacks the lawyers of the corporate bot runners.
dheera 2y ago
TFA: "They worry that this microsecond-scale competition between algorithms is socially wasteful" I would LOVE to see a stock market that (a) time-penalizes large orders -- 1 share trades in a microsecond, 10000 shares takes a week to execute OR (b) adds a random time delay to all orders in the range of [0,60] minutes for corporations, [0,10] minutes for residential traders, and [0,1] minutes for people who have provably low income This will restore opportunities to real humans and drastically reduce the advantages that institutions and robots have.
- kevin_thibedeau 2y ago
  IEX runs with similar goals in mind to ban HFTs with special access and level the playing field. https://en.wikipedia.org/wiki/IEX https://en.wikipedia.org/wiki/IEX
- tcbawo 2y ago
  > people who have provably low income You want to give all your financial info to your brokerage? What increasing latency will do is widen the markets. We’ll go back to the days of multiple cents or dollars between the bid and offer prices of stocks. It will definitely increase the time horizon to make an investment profitable. But maybe that’s a societal good for some people… In the modern era, adding a speed bump might just mean that all the trading moves overseas, to derivatives, or mutual funds. Money finds a way of flowing downhill
  - otterley 2y ago
    > You want to give all your financial info to your brokerage? You have little choice anyway. Once you give them your identification, which is required by KYC laws, it's a small matter of getting your financial information from the data brokers who possess it.
- phyalow 2y ago
  [flagged]
  - 2y ago
tmn 2y ago
The government believes it’s entitled to taxes on the usd value of any acquired digital coins/tokens. I’d have more sympathy to your perspective if this wasn’t the case (although I’m still sympathetic)
- paulryanrogers 2y ago
  My guess is the government is trying to disincentivize tax evasion and money laundering.
  - burningChrome 2y ago
    Its technically not tax evasion until they don't pay taxes on it, right? All they did was usurp people who were already cheating. If they were really concerned about tax evasion and money laundering, the feds could've just opened a case, assigned a few agents to it and then waited. They knew who did it, how they did it and still went after them before any real crime had been committed.
bdjsiqoocwk 2y ago
100% agree. Tax dollars should be used to regulate/protect things which are valuable for society.

JumpCrisscross 2y ago

> they got hustled, they cry foul, and the DOJ is going to spend huge amounts of money litigating their case? Do we know how the case originated? I similarly agree this seems bizarre. It’s probably illegal. But unless it’s setting an important precedent it seems like a waste of public money.

hanniabu 2y ago
> But unless it’s setting an important precedent It is
alchemist1e9 2y ago
> Do we know how the case originated? This is a very curious question because it’s such a technical situation that it’s hard to believe DOJ wasn’t most likely explained it by outside parties, most likely the victims I assume.
beaeglebeachedd 2y ago
Oh it won't be a waste. DoJ will seize, fine, and disgorge enough to cover the prosecution and some. An easy cash grab from an unsympathetic defendent who lacks the lawyers of the corporate bot runners.

dheera 2y ago

TFA: "They worry that this microsecond-scale competition between algorithms is socially wasteful" I would LOVE to see a stock market that (a) time-penalizes large orders -- 1 share trades in a microsecond, 10000 shares takes a week to execute OR (b) adds a random time delay to all orders in the range of [0,60] minutes for corporations, [0,10] minutes for residential traders, and [0,1] minutes for people who have provably low income This will restore opportunities to real humans and drastically reduce the advantages that institutions and robots have.

kevin_thibedeau 2y ago
IEX runs with similar goals in mind to ban HFTs with special access and level the playing field. https://en.wikipedia.org/wiki/IEX https://en.wikipedia.org/wiki/IEX
tcbawo 2y ago
> people who have provably low income You want to give all your financial info to your brokerage? What increasing latency will do is widen the markets. We’ll go back to the days of multiple cents or dollars between the bid and offer prices of stocks. It will definitely increase the time horizon to make an investment profitable. But maybe that’s a societal good for some people… In the modern era, adding a speed bump might just mean that all the trading moves overseas, to derivatives, or mutual funds. Money finds a way of flowing downhill
- otterley 2y ago
  > You want to give all your financial info to your brokerage? You have little choice anyway. Once you give them your identification, which is required by KYC laws, it's a small matter of getting your financial information from the data brokers who possess it.
phyalow 2y ago
[flagged]
- 2y ago

tmn 2y ago

The government believes it’s entitled to taxes on the usd value of any acquired digital coins/tokens. I’d have more sympathy to your perspective if this wasn’t the case (although I’m still sympathetic)

paulryanrogers 2y ago
My guess is the government is trying to disincentivize tax evasion and money laundering.
- burningChrome 2y ago
  Its technically not tax evasion until they don't pay taxes on it, right? All they did was usurp people who were already cheating. If they were really concerned about tax evasion and money laundering, the feds could've just opened a case, assigned a few agents to it and then waited. They knew who did it, how they did it and still went after them before any real crime had been committed.

bdjsiqoocwk 2y ago

100% agree. Tax dollars should be used to regulate/protect things which are valuable for society.