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>> It's all connected. is that really the best argument you have?
by andylei 14y ago
>> It's all connected.
is that really the best argument you have?
- damoncali 14y agoYep. I believe that the stability of the markets is of vital importance to civilized society, and computers (among other things) can endanger that system when used recklessly. We have clear evidence that the people writing this code often enough do not give a shit. And that is a problem. I'm just saying that there ought to be some thought put into how much we need to push innovative techniques when the stakes are so high. We almost broke everything in 2008 with derivatives and leverage. We out to think about how similarly scoped problems can arise when mathematicians are allowed to get creative before it happens. It only takes once.
- andylei 14y agonone of the things you said describe a mechanism for how hft can topple society / endanger markets / other non specific harms. seriously, reread your comment. now apply it to online shopping, telephone systems, satellites, air traffic control, etc. it applies to literally everything involving technology. should it all be banned?
- damoncali 14y agoI never said HFT. I said out of control computer algorithms. The point is that the markets should not tolerate cowboy coders breaking things in a way that endagers the whole system. Knight failed catastrophically. There is your mechanism. No go apply that to a larger, more unstable part of the market. What if Knight was BofA? Bad things can happen, and if the best argument for this sort of thing is "liquidity", thanks, but no thanks. We have enough of that already. I'm all for letting people gamble when they are the ones who take the loss. But we know that is just not how Wall St works at present time. That needs to change.