Link. Salmon: “… high-frequency algobots, operates on a level which is simply beyond intuition. Pattern-detecting algos detect patterns that the human mind can’t see, and they learn from them, and they trade on them, and some of them work, and some of them don’t, and no one really has a clue why.”

In Stross terms, this is Finance 2.0. As DeLong used to say, the Singularity is in our past.

We are on one hell of a ride.