Posts tagged fragility

If you thought seat licenses were lucrative in the 1990s, wait until its city blocks in the 2020s. All are becoming increasingly embedded in physical systems, supply chains, mobility platforms and the architecture of data that makes these and other elements of the real world. One had only to notice how many seemingly incidental displays were malfunctioning in and around mass transit systems during the recent WannaCry ransomware outbreak to get a sense of where these companies systems are entwined with delivery of public conveniences. AWS, WhatsApp, Gmail and Facebook Messenger are now the mission critical sinews of the modern world. But you knew this.

via https://medium.com/phase-change/newsletter–29-sci-fi-economics–4a22d590d55f

This is probably the most painful bug report I’ve ever read, describing in glorious technicolor the steps leading to Knight Capital’s $465m trading loss due to a software bug that struck late last year, effectively bankrupting the company. The tale has all the hallmarks of technical debt in a huge, unmaintained, bitrotten codebase

http://pythonsweetness.tumblr.com/post/64740079543/how-to-lose–172–222-a-second-for–45-minutes

By contrast I emphasize the role of misconceptions, misinterpretations and a sheer lack of understanding in shaping the course of events. I focus on the process of change rather than on the eventual outcome. The process involves reflexive feedback loops between the objective and subjective aspects of reality. Fallibility insures that the two aspects are never identical. That is where my framework differs from mainstream economics.

http://www.georgesoros.com/interviews-speeches/entry/the_future_of_europe/