This happens in “proper” firms too
Case in point: https://en.wikipedia.org/wiki/Knight_Capital_Group
I believe that knight was not a fat finger
Alameda lost tens of millions because of a fat fingering mistake
41–50 of 197 posts
Re: Alameda lost tens of millions because of a fat fingering mistake
#42Re: Alameda lost tens of millions because of a fat fingering mistake
#43Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
Great story! Thanks for sharing.
Heh. I love being able to pseudonymously tell HN my crazy stories from time to time. It's the only online chatter I indulge in. Sadly I have no colleagues who I can both talk shop with and also talk about my previous lives.
"Build what makes you happy..." is a darn good philosophy, btw.
Re: Alameda lost tens of millions because of a fat fingering mistake
#44Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
Not a poker player, so maybe I'm missing something obvious, but: How did he think you were cheating? You had no way of knowing what that card was, right? And if you did somehow know what it was, surely you could have pre-arranged more subtle ways to tip off a player you were conspiring with?
You must not know many gamblers. They’ll invent any insane story to explain why they lost, no matter how implausible.
Re: Alameda lost tens of millions because of a fat fingering mistake
#45Earlier quoted context omitted.
Great story! Thanks for sharing.
Heh. I love being able to pseudonymously tell HN my crazy stories from time to time. It's the only online chatter I indulge in. Sadly I have no colleagues who I can both talk shop with and also talk about my previous lives. "Build what makes you happy..." is a darn good philosophy, btw.
I've played one of those spots by union square. Was fun to feel like a gangster for an evening but ultimately not a crowd I want to spend a lot of time around.
Re: Alameda lost tens of millions because of a fat fingering mistake
#46Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
Not a poker player, so maybe I'm missing something obvious, but: How did he think you were cheating? You had no way of knowing what that card was, right? And if you did somehow know what it was, surely you could have pre-arranged more subtle ways to tip off a player you were conspiring with?
You can deduce odds by seeing a burn card. It could help more or less in certain situations
Re: Alameda lost tens of millions because of a fat fingering mistake
#47A lot of the "genius" credit given to FTX, Alameda, Sam are all during a time when crypto was soaring, probably partially because people were home more and got free checks in the mail. The fact that a single person could absolutely tank the entire company with a single trade shows how reckless they all were. But it worked because the market was going up. That's it. The market slumped for like a week and their behavio…
This is my sense too. What's kind of funny is we weirdly get caught up and excited by the hype... every single time
Re: Alameda lost tens of millions because of a fat fingering mistake
#48Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
How does the hand end in a case like that?
They take you out back and cut it off with a circular saw. At least then there’s no more “fat fingering” to worry about.
Re: Alameda lost tens of millions because of a fat fingering mistake
#49Earlier quoted context omitted.
Not a poker player, so maybe I'm missing something obvious, but: How did he think you were cheating? You had no way of knowing what that card was, right? And if you did somehow know what it was, surely you could have pre-arranged more subtle ways to tip off a player you were conspiring with?
You must not know many gamblers. They’ll invent any insane story to explain why they lost, no matter how implausible.
I guess. What I don’t know is whether you can call a misdeal and cancel the round. But if you’re the one who’s not advantaged by the situation will probably be upset if you had a good hand. I suspected there are rules for such a scenario since Im sure it was not the first or last time occuring…
Re: Alameda lost tens of millions because of a fat fingering mistake
#50This happens all the time at traditional finance firms also. For example, last May an investor in the Nordic region sold off hundreds of thousands of shares of an index fund leading to an 8% drop in dozens of stocks https://www.bloomberg.com/opinion/articles/2022-05-03/citi-d...
And if you are waaaay off the exchange just shuts down your port for the day.