Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (7821)	12/12/1999 8:24:00 PM
From: Morpher	Read Replies (2) \| Respond to of 12617

Chasing Ghosts at Nasdaq nytimes.com

To: KM who wrote (7821)	1/3/2000 10:45:00 PM
From: TFF	Read Replies (1) \| Respond to of 12617

IRC Netsplit Costs Daytrader $0.7 million SPRINGFIELD, VA - An IRC veteran of 4 years, and a daytrader for the past 11 months named Munch was reduced to tears today as an OtherNet.org netsplit of servers cost him a staggering $710,000US. Munch was doing what he did every day for the past year, trading in and out of stocks hundreds of times each day. Munch chats on OtherNet.org's #daytraders chat room regularly, and on this day he recieved a "hot tip" from his good friend dmtrader, who advised him that he had "credible information" regarding Apple Computer (NASDAQ: AAPL). Apple stock had been slumping recently, but a huge boom was expected when Apple unveiled their new laptop computer, the next generation of the iBook, later that day. Both Munch and dmtrader invested heavily into Apple stock, which immediately showed an "uptick". The pair messaged each other with "smilies" and Munch picked up the phone to order some flowers to be delivered to his girlfriend to celebrate. That afternoon Apple Computer announced that they would wait atleast until the MacWorld conference in San Francisco before they would show the new portable computer to the world. AAPL stock, which had been inflated on this hype, plummeted immediately which spooked traders and began a mass sell-off at approximately 1:16pm EST. Log files show that shortly thereafter Vicksburg.MS.US.OtherNet.Org, the server that Munch was connected to, began to split away from OtherNet. "I remember thinking holy shit!", a stunned dmtrader told IRCNews.com. "I have to tell Munch!" dmtrader said he "tried frantically" to send Munch a message, but that he "kept getting No such nick/channel". dmtrader claimed he then tried to call Munch, but that he was sent "immediately to voicemail". Munch, who ordered a beautiful bouquet of flowers from 1-800-Flowers.com (NASDAQ: FLWS), including a spectacular array of white snapdragons, white roses, Queen Anne's lace, and mixed greens in a wintry cobalt vase, was unaware of the rapid decline in Apple stock value underway. By the end of the slide, which NASDAQ officials simply termed a "common adjustment which occurs to all stocks at some point or another", had cost Munch over $0.7 million. Munch, who was too broken up to speak properly, said that he's "fucked" and was considering legal action against OtherNet.org. OtherNet.org spokeswoman taycie called IRCNews.com (collect) and spoke with LMNOP. In the impromptu phone interview, taycie explained that OtherNet.org was for "only for chatting", and added "What else would you do on IRC?" taycie went on to accept no part of the blame for the staggering loss to the daytrader. Under SEC rules, there is nothing to protect daytraders who lose vast amounts of money due to "IRC netsplits". However, it is believed that Munch's girlfriend really liked her flowers. ircnews.com