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In fact, we were basically the trader’s little bitches, and any quant who’s honest with himself realizes that.

I wonder what it is that traders do that they can't be replaced by software? How do they manage to generate more value than quants?


Software doesn't have a frat buddy working at the bank across the street.


Why is that advantageous?

Trading is a zero-sum game, right? So how does having an alliance with a competitor help out much?


Because plenty of deals are negotiated off the market.


What sort of deal? What could the advantage be of negotiating a deal off the market? Deals are zero sum, right? If you and I make a deal where an item is transacted for above market value, or below market value, one of us is going to lose out as a result.


I think it's a matter of being book smart vs being street smart. There's still room for both.


Thanks very much for the links!


Also, if you are interested in learning HFT without risking your own capital, my company is hiring. Instructions on how to apply are here (in encrypted form):

http://meshcapital.com/application.tar.gz


There's the possibility of middle men who are supposed to make some of these obstacles easier to overcome: http://news.ycombinator.com/item?id=1560072

Are you speaking from personal experience by the way?


NYT now also has an article about this:

http://www.nytimes.com/2010/06/29/us/29scotus.html


If you are going to move somewhere cheap, while you are working on your software all by yourself, consider safe and stable countries in Latin America, like Costa Rica.


> At this point in the real estate cycle, you could probably buy two single homes,

For $100k? Where in the US would that be?


Not for cash: well, you probably could buy two condos for cash, but that's not what I meant.

I meant in terms of down payment. Even here, (rural Minnesota outside the Twin Cities), people want to rent. A house around here with 20 acres of land can be had for less than $300k. Houses in town on 1/2 acre can be found for under $200k, and this is in a pleasant small town. There are many people who for one reason or another can't afford their own home, and make great tenants. My favorite was the guy who paid cash, months in advance because he traveled a lot and "didn't want to be late."


Here in small town midwest you can get decent rental properties for around 50k-60k.


you could get 10 of them in detroit.


> which allows the government to charge people who they think might be about to infringe with a civil offense (for example if you searched "torrent daft punk").

I find this difficult to believe.


Not as difficult as this: The bill would make P2P or BitTorrent client development a criminal offense if the distributed software was used for infringement. UDP is peer-to-peer technology, in every sense of the term (there's no implementation-level difference between the client and server). Is everyone who produces an implementation of UDP going to be in potential violation of this measure?

Either this thing's being massively exaggerated, the people who wrote the law have absolutely no understanding of communications technology, or (more likely) something in between.


Even worse:

  > The bill would make P2P or BitTorrent client
  > development a criminal offense if the distributed
  > software was used for infringement.
So if someone uses Skype voice or chat to coordinate the downloading and/or distribution of copyrighted material, could Skype have been 'used for infringement' (it's already a p2p app)? What about people peering Android and/or iOS devices together and sharing files?


I think other sources will be needed before anyone can pass a good judgment on this news.

Making the thought that leads to something criminal criminal, how does that prove you did do something criminal? or is the thought criminal? Searching for something illegal is criminal? I'm confused by this and I hope more details emerge.

In the DRM case. If by-passing DRM because criminal, well... I'll be in for some long time in jail. Using Linux to watch DVDs. This is by far the best example of victimless crime I know. Who did this cost any money too? Was the hack of subverting my computer illegal? That could lead to some interesting new ways to prosecute a person whenever needed.

As for copying, I don't condone it but whats a legal alternative that offers at least the minimum amount of freedom offered by the pirate option?

iTunes and Amazon MP3 proved that DRM wasn't required for good sales. They truly offer the freedom to use the media as you want. There not a lot of reasons to be pirating music anymore. Movies, that's another story.


This is why we have a court system.

This is also why my local ISP claims to have a "Three Strikes" policy regarding infringement complaints. Through scientific experimentation I've discovered they don't enforce this policy. The point of the little performance is to try to avoid having the law interpreted in a court, where evidence trumps accusation.

The idea is that the accusation alone will be a deterrent. It's bad leadership and it's out-side of the letter and spirit of the law.


Sorry, but both of these stats are bullshit.


> Smart people whom are successful usually got there by doing the same and have an innate desire to help those do the same.

Most smart people know not to overuse the dative form.


There's no need to be obnoxious, you can just tell him that he should have used who instead of whom. If you wanted to be extra neighborly, you could have provided a cool rule of thumb for gauging when to use which, suggest as "Try substituting him or he; him corresponds with whom whereas he corresponds with who."


I don't know. I thought radiation to treat a possible brain tumor without knowing where it is was way off-base.


Oh, it'll be totally loopy sometimes. I never expected perfection.


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