re: Stock markets vulnerable to hack - flash crash, about $100 billion disappears

ETA before Wiki sends me naked pictures.

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Economists are all full of shite because the whole field is based on politics, opinion and bullshite. But hey, they love themselves, as apparent in this thread. Remember, they are "finance professionals."

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"Herp 87% of Economists make fun of bitcoin"

"Derp 87% of Economists failed to predict the financial crisis of 2007/2008"

Got it. Check your email in a few minutes.

I'm just trying to figure out why you or the other undergrad would know more than people who actually work in the field. Instead of trying to label my comment as a fallacy or personal attack?

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I also love that the go-to response about the Federal Reserve causing the Great Depression was that they "didn't do enough."

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I thought it was widely know and even Mellon admitted they didn't do enough. But hey, let the free markets........... right?

The Fed failed to act as the lender of last resort, which was its original mandate when created.

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you think the bitcoin hates are going to acknowledge the tech problems the world's largest options exchange had today?

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No, we acknowledge that the trading systems are prone to malfunction. But we know that when they do malfunction there is some entity there to restore order with the assets to remedy any errors caused by the malfunctions. Those safeguards do not exist for Bitcoins or any of the exchanges that trade Bitcoins.

The CBOE and other major exchanges spend considerable amounts of time, money and human effort to develop contingency plans for when their systems malfunction because they know the system will malfunction at some point. Who is doing the same for Bitcoins?

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Milton Friedman: I've always been in favor of abolishing the Federal Reserve and substituting a machine program that would keep the quantity of money going up at a steady rate.

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Don't worry, though, Benny, Russian, Vols and Broke know better than old kooky Milton.

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So one quote, taken out of context, from a 20 page interview, is proving your point....................How?

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Right, I'm a college student.

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Cool, then I understand why you haven't figured out the true disconnect between theory and application. The Yale model made perfect sense when it came out and all the endowments adopted it. Then after '08 there were a lot of uncomfortable conversations between managers and endowments about why all these "uncorrelated" asset classes were somehow now correlated.

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You're assuming an awful lot.

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No assumptions, if you spend your time in class trying to be a dick to your teacher then that's arrogance. It doesn't matter if you don't agree with them, take it with a grain of salt and ask useful questions, not sarcastic. All that does is make you look like a dick that hasn't spent a single day cutting his teeth in the business. There is a lot of fricked up shite that happens in this industry on a daily basis, but until you are actually in the business you know none of it. All you know is an outside observation that completely misinterprets what happens and ignores other factors.

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Economists are all full of shite because the whole field is based on politics, opinion and bullshite. But hey, they love themselves, as apparent in this thread. Remember, they are "finance professionals."

Economics does not exist free of politics, but of course, when we argue politics and philosophy we get chided. There is only a spectrum of liberty, and most of them are heavy on the wrong side of that spectrum.

But we're the kooks.

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How can you possibly say this, and follow it up with Milton Freidman's quote? Also, Milton wants steady 3% inflation that is much higher than what it has been in Bernanke's tenure. And yet you're arguing that this creates somehow more liberty? That would drastically take away the purchasing power of individuals compared to what it is now and that is somehow more liberty? Taking power away from someone that can change policy with changes in the well being of the population and puts it in the hands of a fricking machine is more liberty?

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I also love that the go-to response about the Federal Reserve causing the Great Depression was that they "didn't do enough."

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Because they didn't. That's the truth. Almost every single economist will say that. Sorry you are ignoring what actually happened and argue your ideology all you want, its the truth.

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The difference is that I argue for liberty, which I view as inherently moral and just. They argue against it.

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No, no we fricking don't. We're arguing that your thoughts of a society with more liberty may make sense in theory, but the second you actually have to apply it to real life it will create the opposite of what you want. Theory always makes sense until you actually have to make it happen.