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The ‘Insider information’ framework needs to be updated for the modern world.

Hedge funds tracking parking lots with low orbit satellites have more insider information than any official channel.

Even tweeting information to the whole world simultaneously can breach II rules when it doesn’t really apply since it automatically puts everyone on more equal footing.

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> Hedge funds tracking parking lots with low orbit satellites have more insider information than any official channel.

That's not an example of an insider abusing their inside position for their benefit, it's an example of a hedge fund deciding that investing in low-orbit satellite photography gives them an edge in estimating market movement.

Exactly right, thank you for saying this. I will never forget back in the 00s, when electronic market makers were squeezing out floor traders and the pits were closing down, an outraged floor trader exclaimed to me: “They’re using .. COMPUTERS! To trade!”, in a tone that suggested how grossly unfair and (in the spirit of many a hacker news comment) how insider-trader-y it was.

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