One of the teams in our incubator batch had a product for developers. I remember how Mårten Mickos (Founder of MySQL) gave them hard time:
"There are people who will spend any amount of money to save time, and there are people who will spend any amount of time to save any amount of money, and those are developers."
I saw where he was coming from. There is a reason why most developer tools are free, and even Apple charges only 99 bucks for their developer program. Developers are not a huge market and their willingness to pay is really low.
Later this team pivoted towards a much more lucrative space.
Well guess it is not very useful for someone studying to become a CPU architect, but for the majority of kids... Definitely a wonderful thing. I'd say that the Headline Is Unsuitable For The Article.
Strange article. Lots of text but missing the main thing I was looking for. What kind "erroneus trades"? where did the money go? If you buy stock at the market you did not intend to buy, why not just sell them the next day?
Seems like maybe they couldn't hold on to the stock for long enough to unload the enormous volume they were dealing with. It sounded like at one point they were doing AS MUCH VOLUME AS EVERYONE ELSE on the exchange combined.
Knight has different programs running. It was handling >10% of all NYSE, so it must have been running a lot of servers. When the berserk algorithm wanted to buy or sell a stock where Knight was the only "market-maker", another Knight server would usually intercept the order after it had been posted on the exchange. Here's one way it might have happened: http://www.nanex.net/aqck2/3525.html
You would've been a bundle of excitement in school science when the teacher discussed humans knowing which way was up and which way down. Yelled "gravity" and then blocked your ears while the teacher explained the utricle and so on?
"There are people who will spend any amount of money to save time, and there are people who will spend any amount of time to save any amount of money, and those are developers."
I saw where he was coming from. There is a reason why most developer tools are free, and even Apple charges only 99 bucks for their developer program. Developers are not a huge market and their willingness to pay is really low.
Later this team pivoted towards a much more lucrative space.