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His only big mistake was to not use the obvious loophole that traders have been using for decades - put some kind of slightly black-box automated system between
by solve 11y ago
His only big mistake was to not use the obvious loophole that traders have been using for decades - put some kind of slightly black-box automated system between you and the market. Train that system to do what you want, but now it's being done in a way that takes some of the fine-grained control and responsibility away from the human.
Exact same end-results, but it eliminates the human "intent" that this law hinges on.
Is this whole controversy really that dumb? Yes.
Why are hackers and engineers so horrible at understanding trading, when they first get into it? If I had to name one reason - it's because they've been trained for their whole lives to assume that there is such a thing as a "real price". There is no "real price" for anything in the world. There is no one in the world that has some inside access to the mythical "real price".
At the surface level, both fields have many similarities, but unlike the engineering problems you've always dealt with, there is no clear undeniable truth that will be eventually uncovered with enough work. Assume that's true, now carefully consider the implications. If you can do that, you've crossed the most difficult mental gap when transitioning from engineering to trading.
- kasey_junk 11y agoExcept that fully hft strategies have/are also being pursued for spoofing as well.
- solve 11y agoYou say it as if lawyers pursuing investment firms for every reason imaginable is a new thing.
- kasey_junk 11y agoI was replying to the specific idea that by using an algo to trade you are immunized from spoofing laws, which is not/has not been true.
- solve 11y agoI did not say that anyone could be immunized from being pursued. Every party making a ton of money in trading gets pursued.