Ah yes, hacker news, the haven for climate change denial. Be it denial that it's happening at all or denial that we should be doing something about it.
I for one agree with netcat that panic might be necessary and will probably happen.
I had to laugh when I read the quoted students reponse to the wrong output. Just introduce a simple correction that fulfills the requirement for his particular test case. Why you'd wonder what the academic standards are in a univesity that even allows such people to enter the door, this modus operandi is even encouraged the 'industry' under the moniker of 'test-driven development'.
The article complains about 'gimmicks'. People around here believe in producing tangible prototypes for $15,000 in three months, what can you expect but gimmicks?
P.S. The portals (I worked for one of those) are a step in the right direction as their convenient UI and STP lowers the cost of a transaction in terms of human effort, but other than that add little value on top of what's offered by the banks. They are at most leaf nodes in the networks as they can't hold money even intermittently and the actual settlement still takes place through the banks. So they cannot open 'new routes' in the network.
Aims (1) and (2) are correct. If there are more 'exotics' to go around and they become more easily accessbile (i.e. low transaction fees), wouldn't there be more competition on the currency market? Online retailers could quote prices in the currency of their choice and you'd get an instant quote in the currency of your choice out of that. As for the non-guaranteed quotes and the latency, I'm not sure whether someone has seriously tried to get their head wrapped around that, so there's room for innovative routing mechanisms. As for me it'd be fine to just do this as a thought experiment and then apply the results to poor man's P2P networks which are more accessible in the first place and see what comes out of that.
Hm, I said I found FX 'inspiring', but didn't say 'inspiring for a startup'. As I mentioned elsewhere my interest is more in P2P networks, and those elude classic funding strategies.
The STP I'm referring to relates to automatic roundtrips including request for quote > pricing engine > quote > order > confirmation > TMS but the real interesting part is when banks automatically back their orders with purchases from yet other banks, intra-bank. Exotic currencies add an additional dimension, as no immediate pricing for e.g. Mexican pesos in Norwegian kronors is available and the trade needs to be 'routed' through an intermediate currency, usually USD or EUR.
My view of the system didn't go beyond two banks at the time but in theory there could be a long chain. That way the banks would be forming a financial P2P network. In reality it's a pretty hierarchical network as not all banks are created equal, but it'd be interesting if you could come up with financial routing mechanisms that would find the cheapest route in a hypothetical more dense banking network and what you can learn from that for poor man's P2P networks.
Huh, wouldn't be able to comment on that. Of course this being Hacker News my interest lies more in changing the way things work through technology, I thought you had ideas that way. I was fascinated by "straight through processing" which can basically cause chains of deals to be executed automatically. It lowers the cost of transactions dramatically, and lowering the cost of transactions has had a broad effect in many other businesses.
I have a vague idea what you mean by the 'inefficiencies'. I am wondering whether these would have manifested in the first place if IT had been given a more central role. It's a lot about motivation too, the 'central' people in a business are usually motivated by being shareholders as well as employees at the same time. If you treat IT as just another accountant they will find endless means and ways to drag their feet and just generally pursue their own interests which are generally opposed to that of the business. Being linked into the flow of information, i.e. high level senior management decisions, is important too for efficiency.
> I completely agree with this. I don't honestly feel people of good faith need to deal with complicated rules or institutions. But not everyone is willing to go that route, so this is an idea which might serve the other 99%.
I sometimes wonder whether it isn't that 1% that carries the weight of society. And the Internet lowers the barrier to creating new trust relationships from scratch. If you were interested in that sort of thing, be my friend.
No one needs the reasons spelt out for them. That the current system has deficiencies is more or less painfully obvious to everyone. I may read some of your stuff later.
The karma system is a popularity contest as discussed in the various Hacker-News-is-going-down-the-drain discussions that have been popping up here a lot as of late. To any one who grew up with /. that's not a surprise.
In that respect I found kuro5hin quite interesting in, as it seperates out how many people voted the post/comment up or down. I wrote posts that had a lot of people agree (5 points) and a lot disagree (1 point) with very few in the middle ground, i.e. the audience was divided. I loved that. It means you are not sucking up to the majority yet not writing utter crap. Had you just computed the point average then that information would've gotten lost.
No I couldn't tell, because I stopped reading at "human resources". But since you stand corrected I'll stand corrected too and wrote a thoughtful reply above.
This is pretty much what universities do, especially the more elitist kind. Alumni don't have a contractual obligation to pay x% of their income, but in practice they end up making donations to their alma mater for the rest of their life.
However I don't like this idea at all, it's what creates elitism and closed circles in the first place. Our society already is institutionalized to the hilt, I wished people again found their natural ability to create trust relationships, from scratch.
> some sort of trading system that mixed FX with a whole bunch of wacky synthetics to allow you to easily take positions on things which are normally more complicated
Heh, what's this? I worked in FX at one point in time and found the whole thing very intriguing and inspiring. Maybe you can elaborate? There could be an overlap of interests.