by Mike Masnick
Wed, Oct 20th 2010 6:37am
Slashdot points us to the story of how two Norwegian day traders have been convicted and given suspended jail sentences for outsmarting an automated computer trading system, enabling them to make money. The details are not entirely clear, but from what's in the article, it sounds like they observed some patterns in the way the system responded to certain trades, and then they took advantage of that. Of course, that's exactly what automated computer trading systems, themselves, are supposed to do. They're supposed to notice patterns in trading and take advantage of that. So, would it have been illegal for the same automated trading system to notice patterns in certain human trades and take advantage of it?
If you liked this post, you may also be interested in...
- Recording Industry Has 'Virtually Eliminated Illegal File-Sharing' In Norway -- By Offering Better Products
- DailyDirt: Computers Like To Sit In Front Of Computers And Play Games All Day, Too
- No, Tech Companies Can't Easily Create A 'ContentID' For Harassment, And It Would Be A Disaster If They Did
- Facebook To Ruin Our Good Time With 'Satire' Disclaimer; The Onion Responds With Satire
- Free Speech, Filters, Algorithms & Net Neutrality: How Big Company Nudging Can Influence Your World View