Unless I'm missing something, this attack could have gone unnoticed for a long time (it would be hard for someone to connect a random breach in their infrastructure to an oauth intrusion affecting two of their service providers).
69 karma · joined March 31, 2010
Unless I'm missing something, this attack could have gone unnoticed for a long time (it would be hard for someone to connect a random breach in their infrastructure to an oauth intrusion affecting two of their service providers).
My coauthor and I wrote about this in our book Meltdown (Published by Penguin Press in in March). We drew on Carreyrou's excellent reporting and some pretty interesting research about how team diversity affects decision making.
"If Twitter was open... a dozen people innovating on it..."
Though not 100% independent of their funding model (loss-aversion bias might lead us to conclude that big companies take less risk), presumably Twitter has at least a dozen people trying to innovate on it?
They may not be doing what [parts of] the community wants, but that's not quite the same thing as not innovating.
This is brilliant. Assuming that it doesn't cause further problems.
It's an entertaining read.
[0] http://www.amazon.com/Talk-About-Books-Havent-Read-ebook/dp/...
If the starting point is recognizing that people have kids and it takes time to care for them, and both parents have that right and obligation.
From there, one could devise policies that encourage BOTH men and women to take parental leave and invest in high-quality childcare for when that parental leave is over.
It's important not to understate the cost of failure in these markets. A firm might go bankrupt and have to lay off real people if caught on the wrong side of such an event.
I also think that there is a direct connection between events like the Flash Crash and things like Nasdaq's mishandling of the Facebook IPO, which, again, had real costs in terms of time and money. Both emerge, I would argue, from a similar flavor of complexity.
I'm struggling for an analogy to show that it matters. Maybe it's a little like Target's website going down. It's not Quality, in a Zen and the Art of Motorcycle Maintenance way, even if it's only down for a short time, and the consequences were "only lost orders." Compelling?
I think there are two challenges to unpack. One, though I wasn't insinuating it, I could have been. I do believe that regulators are more lawyers than physicists. Berman is the exception rather than the rule.
Two, Berman, in particular, makes a fundamental error that I think is very easy to make. There's a difference between "complex" in the sense that something has a lot of parts, and interactively complex in the sense that parts of a system are fundamentally unknowable and it can experience wild and unexpected dynamics. I think Berman doesn't distinguish between those two types of systems (repeated analogies to cell phones give some indication of his thinking), and more generally, regulators don't understand the aggregate cost of complexity.
In my view, things like Midas are orthogonal to some deeper issues facing the markets. Regulators have created a quasi-competitive market that breeds this sort of interactive complexity. Then, when something goes wrong, they rely on punishment and enforcement actions [1] to target individual firms that have made "mistakes." This not only does not address root causes, it creates a culture of silence around technology risk issues within firms and across the industry. I've written more about this here: http://harvardkennedyschoolreview.com/preventing-crashes-les...
[1] See, e.g., http://www.sec.gov/litigation/admin/2013/34-70694.pdf and http://www.sec.gov/litigation/admin/2013/34-69655.pdf
I think it would be great if the SEC believed that that was their mandate. Unfortunately, I think that is predicated on much more sophisticated and nuanced understand of the dynamics of the markets than regulators typically have.
The claim in the recent CFTC's Complaint that alleged market manipulator Navinder Sarao directly contributed to the crash is only one example of this. If one guy can cause a Flash Crash, there is a bigger problem with the structure of the markets.
I've known for about a year that I was going to move November 2010, so that made me take a hard look at my possessions and what I had, and caused me to get rid of a lot. I've just moved with a suitcase and a few boxes, plus some boxes of books and camping stuff. Other than some electronics, I haven't taken any of my clothes out of the boxes, and I haven't needed them yet. I'm thinking about chucking them.