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Started By
Message
Stock markets vulnerable to hack - flash crash, about $100 billion disappears
Posted on 4/23/13 at 2:39 pm
Posted on 4/23/13 at 2:39 pm
LINK
Can you imagine the hysteria that would be going on right now on this board by certain posters if bitcoin had lost $100 billion in seconds?????
quote:
So it turns out traditional markets aren't as stable as everyone thought. The S&P 500 – an index of the 500 largest companies listed on the New York Stock Exchange – dropped 13 points in a matter of seconds earlier today as a result of a hacked AP twitter account.
quote:
The flash crash was the equivalent of over $100 billion in market cap disappearing almost instantly.
Can you imagine the hysteria that would be going on right now on this board by certain posters if bitcoin had lost $100 billion in seconds?????
This post was edited on 4/23/13 at 2:40 pm
8
Posted on 4/23/13 at 2:42 pm to WikiTiger
Looks like the issue fixed itself within minutes, not hours or days 
Posted on 4/23/13 at 2:42 pm to WikiTiger
Wouldn't the more analogous/better comparison be hacking the actual stock market like what I think happened with one of Bitcoin's exchanges?
Also, I believe the NYSE was hacked a few years ago so you can search and post that I think.
*Not being a douche
Also, I believe the NYSE was hacked a few years ago so you can search and post that I think.
*Not being a douche
This post was edited on 4/23/13 at 2:43 pm
Posted on 4/23/13 at 2:43 pm to WikiTiger
quote:
Can you imagine the hysteria that would be going on right now if bitcoin had lost $100 billion in seconds?????
Does bitcoin have a physical exchange to halt trading, cancel trades, then restart without market panic?
What about comparing the actual percentage change since the market capitalizations are drastically different? The S&P's largest drop ever was ~20% in October 1987. Bitcoin blew that number out of the water just a few weeks ago.
Posted on 4/23/13 at 2:44 pm to Teddy Ruxpin
quote:
Wouldn't the more analogous/better comparison be hacking the actual stock market like what I think happened with one of Bitcoin's exchanges?
Of course. But I'm simply using the same tactics of the bitcoin haters who don't understand the separation of technologies in the bitcoin community. So the comparison in the OP is similar to the crap they try to pull.
quote:
Also, I believe the NYSE was hacked a few years ago so you search and post that I think.
It was. But that kind of stuff also gets ignored by the bitcoin haters.
I'm just trying to point out their agenda and how they don't apply the same scrutiny to everything and/or don't make technological distinctions when necessary.
If they can do that, why can't I?
Posted on 4/23/13 at 2:46 pm to WikiTiger
quote:Wouldn't that mean bitcoin would be worth a negative $99 billion if that happened???
if bitcoin had lost $100 billion in seconds
quote:
So it turns out traditional markets aren't as stable as everyone thought.
So you're saying a fake tweet reporting the White House was bombed is a stock market issue?
BTW, the stock market is higher now than before the fake tweet came out.
YOU FAIL AGAIN.
This post was edited on 4/23/13 at 2:48 pm
Posted on 4/23/13 at 2:46 pm to WikiTiger
quote:No, you're not, liar.
But I'm simply using the same tactics of the bitcoin haters
Posted on 4/23/13 at 2:49 pm to LSURussian
it would have been great if the market had the inverse affect 
Posted on 4/23/13 at 2:49 pm to WikiTiger
quote:
how they don't apply the same scrutiny to everything and/or don't make technological distinctions when necessary
And yet bitcoin supporters want to differentiate it from fiat when they both are simply functions of belief. Look man, I'm not a big bitcoin hater, this is what I posted earlier today:
quote:
I don't really care one way or the other about bitcoin. I'm all for the privatization efforts across the board, but for the bitcoin supporters to claim that it is any different than fiat is really not correct. Fiat is based on belief, just the same as bitcoin. No matter what algorithms and "mining" takes place, the price is still a function of belief. So I will choose my medium of exchange that doesn't have possible 70% losses in value over a day due to operational deficiencies and illiquidity.
This post was edited on 4/23/13 at 2:52 pm
Posted on 4/23/13 at 2:51 pm to WikiTiger
The stock markets sees dozens of mini flash crashes a day:
LINK
quote:
Stock exchanges don't publicly release data about these mini crashes -- when a stock rapidly plunges then rebounds -- but most active traders say there are at least a dozen a day.
quote:
While none have been as disruptive as the "flash crash" of 2010, or the ones that marred the IPOs of the BATS exchange and Facebook in 2012, they highlight the fragility of markets increasingly dominated by high frequency traders who count on fancy algorithms to make a quick profit.
LINK
Posted on 4/23/13 at 2:51 pm to BennyAndTheInkJets
quote:
I'm all for the privatization efforts across the board, but for the bitcoin supporters to claim that it is any different than fiat is really not correct.
I dislike the "fiat" accusations because they aren't accurate, and I know you're smart enough to know the difference.
I, and most bitcoin users, willingly admit that bitcoin value is a function of pure supply and demand. The thing is, we're ok with that, and we do not consider that "fiat."
"Fiat" means by decree, usually of a central authority. Bitcoin does not have that.
But I know there are people out there who define "fiat" differently. I don't know how or when that got started, but it exists, and it sounds like you've fallen into that trap.
Posted on 4/23/13 at 2:52 pm to LSURussian
Wait, I just opened the link and looked at the chart...
The "hack" that is being referred to isn't even of the actual markets? Its of the AP's twitter, which sent out a fake news story and the markets reacted to that?
The "hack" that is being referred to isn't even of the actual markets? Its of the AP's twitter, which sent out a fake news story and the markets reacted to that?
Posted on 4/23/13 at 2:54 pm to WikiTiger
quote:
and/or don't make technological distinctions
Yet you start a thread equating bitcoin exchanges being hacked and btc owners having their money stolen due to hackers, both of which are technological issues, to a false rumor news event which spooked the markets, although there was no "technological" interference with the markets and the markets recovered immediately upon learning the news was fake.
Are you truly this stupid?
Yes....yes, you are.
Posted on 4/23/13 at 2:54 pm to Lsut81
quote:
The "hack" that is being referred to isn't even of the actual markets? Its of the AP's twitter, which sent out a fake news story and the markets reacted to that?
Yep.
Just like the bitcoin haters around here attempt to paint hacks of semi-related bitcoin third parties as hacks on bitcoin itself.
If my analogy in the OP is disingenuous, then surely you admit the same accusations that are made about bitcoin are as well?
Posted on 4/23/13 at 2:58 pm to Lsut81
quote:That's correct. Wiki is not knowledgeable enough about technology and social media to know how to distinguish between a news organization being hacked and the stock exchange itself being hacked.
The "hack" that is being referred to isn't even of the actual markets?
quote:Correct. The fake tweet from the hacked AP Twitter account said the White House had been bombed and the President was injured.
sent out a fake news story and the markets reacted to that?
I think the market went down when the first part was read and then went up when the last part was read.....
Posted on 4/23/13 at 3:00 pm to Teddy Ruxpin
quote:
Wouldn't the more analogous/better comparison be hacking the actual stock market like what I think happened with one of Bitcoin's exchanges?
The last time Gox was hacked was 2011. What you are referring to is a DDoS attack.
Posted on 4/23/13 at 3:04 pm to WikiTiger
quote:
paint hacks of semi-related bitcoin third parties as hacks on bitcoin itself.
You truly are THAT stupid.
The bitcoin exchanges & wallets ARE bitcoin if you have your money with them.
If you were honest, and you aren't as we all know, you would compare someone's bank being hacked and their money taken from them and they don't get any of their money back to what has happened numerous times to bitcoin since its inception.
Posted on 4/23/13 at 3:04 pm to LSURussian
quote:
I think the market went down when the first part was read and then went up when the last part was read.....
Hold on a second. That comment doesn't belong on the MT board. That's PT board material.
Posted on 4/23/13 at 3:05 pm to joshnorris14
quote:
What you are referring to is a DDoS attack.
You mean Alleged DDoS attack, that's never actually been confirmed, or do you just take Magic The Gathering's word for it?
Posted on 4/23/13 at 3:05 pm to WikiTiger
It's not a trap, it's just that there are no other efficient forms of currency other than fiat, and I guess bitcoin supporters will say bitcoin. The thing is, everything is a function of supply and demand including currency, securities, commodities, land, etc..
Finance is the beautiful profession of taking a simple concept and making it complicated. No matter what it all boils down to how much of it is there, and how many people want to buy it. Price will find its way from that. With that in mind, if I have a store of value and a medium of exchange, I don't want extreme volatility and illiquidity in it one way or the other. That's why the US dollar is still the reserve currency and will be for the extended future, its still the most used and liquid currency in the world. The DXY index has the lowest standard deviation of any currency I've seen over the past 10 years outside of the manipulated yuan. If I did a STDEV formula on bitcoin prices you already know what the result would be.
Finance is the beautiful profession of taking a simple concept and making it complicated. No matter what it all boils down to how much of it is there, and how many people want to buy it. Price will find its way from that. With that in mind, if I have a store of value and a medium of exchange, I don't want extreme volatility and illiquidity in it one way or the other. That's why the US dollar is still the reserve currency and will be for the extended future, its still the most used and liquid currency in the world. The DXY index has the lowest standard deviation of any currency I've seen over the past 10 years outside of the manipulated yuan. If I did a STDEV formula on bitcoin prices you already know what the result would be.
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