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pegothejerk t1_j5uaaid wrote

Nothing to see here, just our economy's most influential market appears to have people in charge who aren't using disconnected testing systems to test code that controls it before it's pushed into use, and there's obviously no redundant security built in to prevent a single person from crashing the market either on accident or on purpose.

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nox_nox t1_j5ussji wrote

Seems to be on par considerably the FAA's reason for their system crashing...

Redundant testing systems are clearly too expensive. /s

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NDoor_Cat t1_j5vydgi wrote

I'm surprised they haven't blamed a contractor yet. That seems to be the standard PR approach for these kind of things.

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KingDanNZ t1_j5x15du wrote

Someone didn't do the needful before deploying into Prod.

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Akimotoh t1_j5uwkvt wrote

Ah it's good that you know how to handle the NYSE system better than the engineers that run it while you complain about it on Reddit.

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Odd-Pick7512 t1_j5v0sbi wrote

I don't need to be a Michelin star chef to tell you the literal pile of shit you put on a plate in front me is not a good meal.

You don't need to be able to create a financial system from the ground up to say capitalism and the US banking system and the government intervention in preventining corrupt financial institutions from failing is a figurative pile of shit put in front of all of us as we slave away for lower and lower wages with fewer and fewer social safety nets despite the disgusting GDP growth and corporate profits

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A_Unique_User68801 t1_j5v1brt wrote

If you've spent any time working with infrastructure, you'd know that most places WOEFULLY underfund their technical environments.

Edit: My local government is a downright mess, and I can't help but think it is an endemic issue for any company/entity that has been around a long time, but not directly affiliated with technology.

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BigCaregiver7285 t1_j5v2806 wrote

I built parts of it (caused my own intraday halt bug once). The place is run like a finance company rather than a technical one — they do tons of QA and they move glacially slow on tech adoption so lots of systems are way behind the curve compared to your modern tech company. Processes, technologies, methodologies are largely mandated from the top down by executives. You’re prohibited from trading and you don’t make the same amount of money you’d get at brokerages or hedge funds so they’re not really attracting quant level HFT engineers either. They do DR testing on weekends when the exchange is closed, they likely just forgot some operational process to revert for opening. The technical operations team was my biggest complaint - engineers aren’t allow to deploy their own software, there’s a special team that does it but they were practically incapable of doing anything on their own. I’d spend hours of my weekend watching a screen share of a guy trying to upgrade my package versions on our server for a deployment. He had a run book we had to write and me on the phone and he’d still fuck it up. I wanted him to cat a file or view the process list and I’d have to verbally spell out the keystrokes.

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TreePretty t1_j5ujl37 wrote

Suddenly everything is a 'glitch'. Like an 'oopsie' except nobody did it. Even though the headline says somebody did it.

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Odd-Pick7512 t1_j5v0jor wrote

Because our entire financial system is a giant ponzi scheme. And most Americans are completely ignorant to it so they can say whatever they want and Americans will go about their day and never care.

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starwars101 t1_j5w8ahx wrote

... Explain how it is a Ponzi scheme.

−5

Odd-Pick7512 t1_j5wd36h wrote

Sure. Fractional reserve banking is how all our banks work. Say you put $1 into a bank, FRB allows that bank to "invest" $10 into whatever they want since they have a 10% cash reserve requirement. So what do you think is happening every time the bank 10X your money? You pay for it through inflation. Who do you think benefits from that? The people who own the banks and get kickbacks from the banks for instituting and perpetuating such an asinine system. So you, the low person on the pyramid gets shafted with inflation while the banks get to keep multiplying their money as more people pile in. And what happens if their "investments" fail? Well nothing... Cause the government bails them out because they're right, if our banks fail society as we know it will fail, and guess who pays for that... You, through taxes and the ponzi scheme keeps going syphoning money from the bottom up to the top.

You can read more about about, or not, I don't really care cause it's not going to change.

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Rich4718 t1_j5xzgcp wrote

Don’t forget this is all built in by design so when too many Americans get too comfortable the goalposts are moved so you can never retire so you can continue to drive new record profits for corporations

Not enough workers you say? Print enough money 10 dollars becomes 7 dollars. Send some strugglers back to the grinder.

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womens_motocross t1_j5yhfdp wrote

dont forget that recently we even upgraded from fractional reserve banking to no reserve banking!

​

source:https://www.federalreserve.gov/monetarypolicy/reservereq.htm

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kangaroospyder t1_j5z3le8 wrote

That's not how that works... If you give the bank $1, and they have a 10% cash reserve requirement, they can keep $0.10 on hand, and only use the other $0.90 of your $1.

https://www.investopedia.com/terms/f/fractionalreservebanking.asp

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Odd-Pick7512 t1_j5z4twg wrote

You're arguing semantics or you have way too much faith in the systems ability to regulate itself. To a regulator that number would come out the same. They'd see the bank has one real dollar in cash and $9 in "investments" and that'd be the end of it because they're following the law. It doesn't matter that they literally just created money out of thin air. As long as the train keeps on chugging along it'll never come crashing down. Just like the 2008 crisis all over again.

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asdfgtttt t1_j64b6xj wrote

its not semantics, its how money gets created, the fed doesnt print money, banks generate loans, and do so through FRB. The fractions are fractions, not exponents as stated above, its different; especially in the framework that the markets are a ponzi, it should be more accurate - someone may read this in a year.

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starwars101 t1_j5wo954 wrote

So what kind of system would you replace it with? And who would you go to to get financing for a new business?

−12

radgore t1_j5x4u0n wrote

Regulate the banks, dummy.

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starwars101 t1_j5x5bk0 wrote

Regulate them to reduce what, loaning out money? Paying interest? The system described above only mentions those two bank functions. What would you be regulating them to make them do, essentially?

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radgore t1_j5xamxz wrote

Pay out more interest to their more common customers instead of to multinational investment firms?

Don't nickel and dime your customers into the negative?

Don't get govt bail outs and subsidies for every bad business decision? Maybe make them pay for their mistakes?

Re-codify anti-trust laws?

Outlaw predatory practices?

Actually enforce ANY of the laws we currently have in place with punishments that actually mean something?

Anything, dude. Anything at all.

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[deleted] t1_j5xka8a wrote

[deleted]

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lvlint67 t1_j625bji wrote

It's probably usually some rank and file employee making an honest mistake and the higher ups realizing they can't scapegoat the person because the company/org doesn't have proper controls in place.

That said... If I ever forget a comma in a config file and shut down a hospital, crash a plane, or detonate the strategic nuclear reserves I would hope the court of public opinion would look at the severity of the error itself vs the crazy consequences that can spiral from there... Before they drag out the crosses to personally crucify me.

These are really complex systems and we're finding new stupid ways to break them every day.

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ExtonGuy t1_j5u9e1a wrote

Well, I don’t think there is any question about it. It can only be attributable to human error. This sort of thing has cropped up before, and it has always been due to human error.

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degrowthwillhappen t1_j5vmiim wrote

Not a conspiracy theorist, just a realist, all air traffic being grounded and then all wall street trading being halted for a “glitch”, hell no. If you found out Russia hacked air traffic control, would you fly? If you found out Russia hacked Wall Street trading networks, would you feel your money was safe? Hell no.

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lvlint67 t1_j625vw2 wrote

I'd be willing to bet two unconnected instances of human error caused issues internally over Russia managing to hack the FAA and the stock exchange... But decided to do so at different times.

Don't attribute malice where human incompetence and and all that..

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iamapapernapkinAMA t1_j61d9f3 wrote

I mean you can't say "not a conspiracy theorist" and then drop a theory. If you had proof, you'd be a realist

−1

duyogurt t1_j5u9vje wrote

Well that makes sense. One of the primary reasons NYSE deploys a hybrid model (DMM + electronic trading) is to dampen volatility, particularly at the open and close of trading. If the DMMs were locked out of some names, and they opened without DMM participation, affected names are going to open wildly out of step with the market.

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Melodic-Chemist-381 t1_j5uyuy5 wrote

So then it is truly something that humans are doing to manipulate stocks. What a rigged system.

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Alsecco t1_j5ubkd2 wrote

How much in bitcoin did you have to pay as ransom to get systems back on line?

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