consz

16 ms·

121.
by consz 9y ago
Why do you think the direct participants in the market are primarily humans? There are many automated, non-HFT strategies participating in the market which want, and benefit, from having a time resolution much smaller than what humans can p
122.
by consz 9y ago
Loyalty cards are opt-in, and it's common knowledge that its explicit purpose is to track information about yourself -- so I think a lot more people find them (or at least their existence) acceptable.
123.
by consz 9y ago
Yes, things costs money. It costs on the order of several thousand per month (on the upper end), not millions of dollars -- moreover, this is commensurate with the cost of actually running such a data center (which the exchange sponsoring t
124.
by consz 9y ago
I mean, I'm all for lowering costs in the HFT industry, it'll mean the company I work at makes more money -- I just didn't realize you were arguing for the industry, not against it. I don't think any HFT firm would disag
125.
by consz 9y ago
> which IMO should be off-limits for all trading firms Out of curiosity -- why?
126.
by consz 9y ago
From my own conversations with exchanges -- I think this is just the exchange appealing to layman investors. The exchange wants to appear liquid, and they like to do this by having a lot of shares on the best bid or offer. If you reduce the
127.
by consz 9y ago
There's no reason HFT can't or wouldn't exist even if you add random latency.
128.
by consz 9y ago
I'm not sure where you get the impression HFT firms only focus on speed. They focus both on being smarter (having better signals) and being faster; it's only very niche HFT firms which rely entirely on speed as their edge. Also,
129.
by consz 9y ago
My point is that I don't think it's a huge volume of capital. The extra wasted capital here is the cost of running an HFT firm while you test your strategy (aka. see if your liquidity is valuable or not) -- if it's not profit
130.
by consz 9y ago
The round trip time between NYC to Tokyo is very short; Any computer system could beat any human, even at that scale. I'm not sure what you think you'd accomplish here; you'd just have HFT with 150ms response times instead of
131.
by consz 9y ago
I think an interesting point you might consider -- let's suppose there is such a thing as "too much" liquidity, and as a corollary, there's a "perfect" amount of liquidity. What do you think happens when more l
132.
by consz 9y ago
HFT firms make money by having sufficiently more accurate predictions of the future price than those they trade against -- here, for prediction, you can take any reasonable metric, such as the change in price in the next 10 seconds. Note th
133.
by consz 9y ago
That's exactly what SEJeff is saying (profit is positively correlated with both trading volume and price volatility).
134.
by consz 9y ago
Those number absolutely include payments. It's rare (in my experience) for an equity market making strategy to be positive in gross terms (prior to the maker-taker rebate). These numbers you hear from Virtu/KCG should be net of ex
135.
by consz 9y ago
I've done all this, I felt there was a (marginally decreasing) increase in quality at all levels of that chain you described. Maybe the marginal increase in quality of the fish was less than that of the rice; I don't know. I certa
136.
by consz 9y ago
Sure, but that's a side point -- the main focus is one the actual cases (like using it as indignation, for instance). A bad or non-realistic anecdote doesn't affect the main point of the essay in any way.
137.
by consz 9y ago
> Any trained Sushi chef knows how to cut the fish properly, all they need is access to a good wholesale fish market like Tsukiji This isn't a convincing argument at all, I could just as easily say "any trained sushi chef knows
138.
by consz 9y ago
It seems like he is describing the literal interpretation as the exceptional case (as opposed to showing indignation, using that phrase as an insult, etc.).
139.
by consz 9y ago
Then why phrase your argument in a way that discourages them from informing themselves (by encouraging them to perceive it as childish)? Unless your audience is explicitly to ignore those who don't already know and understand your argu
140.
by consz 9y ago
I mean, do you really need me to explain why people see Meyer's move as hypocritical?
141.
by consz 9y ago
What are you supposed to do after the sixteen weeks?
142.
by consz 9y ago
I think the relevant issue with using a phrase like "M$" is it trivializes your argument. It makes your argument look childish, regardless of the actual content.
143.
by consz 9y ago
I would say, yes -- "do not, or heavily discount, all successful people's advice" -- is advice that is life +EV. Most successful people are not statisticians, nor drawing their conclusion from a sample larger than, say, thems
144.
by consz 9y ago
What if nobody comes over to your cooler?
145.
by consz 10y ago
Is there any reason to believe this 'soul' you're talking about has to come from the programmers? It's not clear to me that the designers of the game, and the programmers of that design, have any overlap in people -- a
146.
by consz 10y ago
I spent about a minute looking at the results for "Kant absolute of all conditionals" on google, that phrase doesn't have any close hits, I think its fair to describe this phrase as non-trivial to understand just through goog
147.
by consz 10y ago
Of course it doesn't answer his questions, you have even less than one anecdote since you won't even go into the details of the only one you have!
148.
by consz 10y ago
>300 million people believing in creationism is far less harmful than 1 person dropping bombs at a marathon. Could you elaborate? You state this like it's obvious, but it isn't (at least to me).
149.
by consz 10y ago
An order of magnitude is not much though, that's only ten applicants? Most assignments waste the time of hundreds of applicants, so it sounds like its still a net win for the employer.
150.
by consz 10y ago
Negative externalities. It's easy to imagine global utility decreasing (e.g. from the permanent resident's dissatisfaction with living next to short term rentals) despite it being marginally profitable for the property owner.

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