The algorithmic trading firms were already doing this via scraping. What I’m curious about is if they’re going to also impose a slight delay between when posts show up in the API vs when they’re posted on the website.
Does raise the question of whether this also comes with free immunity from prosecution, or whether the NYAG should just pre-emptively say that anyone signing up for this and trading on the results will be prosecuted under NY state law.
If you want law and policing to work, it needs to be very predictable for everyone. So yes, if there is the least bit of doubt, the NYAG should absolutely say, far in advance, that this will happen.
Because if this isn't the case, then people will be forced to compete by "slightly" violating the law, everyone a little bit more, until the law is a total joke. This has happened in history.
When you get older, eventually you see the pattern. Political parties, whatever their viewpoints, are tolerated as long as they improve economic outcomes fast enough. When that even just slows down, there is some tolerance, but not much.
I don't know why this is downvoted, this is the entire basis of China being politically stable despite being unfree.
The problem is trying to untangle which are the economic indicators that matter and what the causality is. Despite everything, the stock market is at or near an all time high (mostly due to AI), and that grants Trump a lot of leeway from the money class.
Oil prices going up would probably also be extremely unfavourable for the Trump regime. So simply empty the US SPR onto the market to keep prices down and avoid the Iran war having any impact. Should last for the rest of his term.
Literally the reason people voted for Hitler was that the German economy was in the shitter and he promised to fix it, with promises that made no sense, similar to Trump's.
Hitler did create an "economic miracle", which is why he actually went up in popularity, even with the parties he would later ...: https://www.youtube.com/watch?v=yRlbUeji01U
It was all based on a purposefully designed system of lies. Which can work, until someone proves it's a lie to external parties.
As always, uneducated ignorant people make life hell for everyone else.
In order for a democracy to function, you need people that are able to evaluate political promises as bullshit or not. If you believe nonsense from grifters, you get either what you described or the current US admin. Or Brexit.
I'm sure there are more examples of this in history.
I mean Congress or SCOTUS could restrict his powers but they don't want to. How do you even go about fixing that? And is it really that uncommon when president, congress and supreme court is controlled by same party?
I have a feeling the only new element is that the same can be now said for media.
Not sure what "average corporate person" means, but if you're just a random dude and you trade on your golf buddies tips, no one is going to throw you in jail. Very few people get charged a year, like dozens. I'm sure >99.9% of get away with it. I think it's often political or targeted.
The weirdness here comes from the president owning a social media company. I think they're playing up how markets move on their posts for obvious reasons. But social media companies likely sell priority access. They're called enterprise licensing deals. Same with news media, like Bloomberg, Dow, Reuters.
This isn't "insider trading" its publicly available information. The idea that the "little guy" is somehow screwed over by this is just silly.
We're going to take the "both sides bad" intellectual dishonesty to the forced labor Freedom Trump camps. But hey! Kamala would've done the same. God I despise the likes of you so much.
From an external point of view, one side is at least trying. Ranked choice voting, "no corporate money in politics" and other initiative like this, to add more democracy, suddenly come out on my news feed and each time i say to myself "it won't work right now, but at least it seems those are steps in the correct direction". Supporting the people who run on those platform is infinitely better than a destructive nihilism.
One side is trying to destroy America, the other is sitting by and prioritising maintaining decorum and insider trading off the destruction of America that's already happening. I don't know who's running on the platform you just said.
There were (then-)members of the Republican party who voted for Clinton, Biden, and Harris:
> Conservative author David Frum, a speechwriter for former President George W. Bush, announced Wednesday that he cast an early vote for Democratic presidential nominee Hillary Clinton.
> But she is a patriot. She will uphold the sovereignty and independence of the United States. She will defend allies. She will execute the laws with reasonable impartiality. She may bend some rules for her own and her supporters’ advantage. She will not outright defy legality altogether. Above all, she can govern herself; the first indispensable qualification for governing others.
> So I will vote for the candidate who rejects my preferences and offends my opinions. (In fact, I already have voted for her.) Previous generations accepted infinitely heavier sacrifices and more dangerous duties to defend democracy. I’ll miss the tax cut I’d get from united Republican government. But there will be other elections, other chances to vote for what I regard as more sensible policies. My party will recover to counter her agenda in Congress, moderate her nominations to the courts, and defeat her bid for re-election in 2020. I look forward to supporting Republican recovery and renewal.
> We're going to take the "both sides bad" intellectual dishonesty
The intellectual dishonesty is pretending that not calling out both sides will lead to any kind of long term solution.
> But hey! Kamala would've done the same.
Saying both sides are bad is not saying they're the same. They take on different forms but are both fundamentally broken and part of the same uniparty of capital interests. The blue/red parties offer an illusion of democracy, but really they just play good cop/bad cop while ultimately serving the wants of elites instead of needs/wants of the vast majority.
But elections appear close, so people think they still have a democracy while they argue about which flavor of shit to install in the control booth. Installing the subjectively "less bad" flavor only guarantees the other one will soon take over in a collective race to the bottom. Dems elevated Trump from meme tier gameshow host to serious contender thanks to their pied piper strategy, and all they could manage was to get mad at wikileaks for exposing them.
> You might as well say neither side are perfect (which no one disagrees with).
Maybe if you want to manufacture consent for the broken system which continues to make lives worse with each passing year instead of confront it.
If you're trying to find agreement, maybe say both sides are responsible for widespread misery, and corruption/exploitable systems and perpetual settling for lesser-evils among "voters" is what keeps us on this path.
And before anybody tries to blame the non-voters, abstaining from voting in a broken system is indeed a vote.
> And before anybody tries to blame the non-voters, abstaining from voting in a broken system is indeed a vote.
... Yes, I agree. Abstaining from voting is the same as voting for Trump.
"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality."
I miss Obama. A president that could actually deliver a decent speech and actually bothered to be a politician.
A politician should do TWO things: get elected, and convince the electorate about a path forward, including any compromises needed. Obama is the last president that actually did that. As we all know. Trump just doesn't even bother. And before anyone else points this out: yes, I kind of agree, Biden didn't either. Democrats are their own worst enemy, just like republicans are.
This creates an incentive to post things that cause high volatility (even in the downward direction) as that creates a "subscribe if you want early warning of market dips" pressure factor.
Maybe we can keep going to a point where it's so ridiculous that people realise the financial markets are the useless money laundering loop that they actually are
The supply of food is absolutely critical to a human population, even if truckloads of fish are left to rot in the sun outside schools?
The supply of mineral and energy resources is absolutely critical to an industrial economy, even if rivers are polluted to the point they catch fire ala the Cuyahoga River Fire of 1969?
I suspect it's worth the effort to minimise and prosecute the corruption, waste, and harmful externalities.
It's bonkers that we have a private company that does things for other private companies being somehow the back-bone of every nation on the planet.....
You don’t have the info “before everyone else”. You have it after the ones who are guaranteed to benefit from knowing it and/or from disseminating it. Whether you can benefit from it or are the mark is debatable.
The issue is the conflict of interest in POTUS' office. A news agency giving high speed access to news ostensibly just reports news, doesn't make them. The office of the POTUS literally makes the news, even more so today than in the past.
The markets are very headline driven these days because Trump is a prolific poster and is highly unpredictable. This is basically him selling preferential access to market moves that he himself generates.
It's truly an unprecedented level of grifting happening.
The epstein-guest-pedo-leader of the "claim-to-be-leader-nation" monetize billion in crypto, poorly chineese manufactured phone and sells access to own market-manipulation-intended-texts. It's so much bad stuff that poor people don't even know how to start battling with it...
The music on this sinking ship will keep playing till the very end. It's a decline. There is no observable way up from this point.
And then what? You get a lame duck, then (if you're really lucky) a 4 year dems gov where they basically do basically nothing expect try to clean (or bury) the most outrageous cases of corruption and then once the MAGAs get elected again you're back at the beginning?
1. The situation I imply is way broader: it includes corporate favoritism, epstein files people not getting cosequences, cricular investment of the hyperscalers, illusion of AI boom where the president is just a cherry on top. Swap the cherries, and next ones will keep doing what current ones showed is possible and brings no consequences. Add money-printing, war which can't be won, debt growth etc etc. So yes, I don't see good way up from this point. Even with completely midterms lost by trump supporters the major block of problems stays on the table.
2. The mid terms may not result in trump weakening. There are number of scenarios where trump's team/supportes keep major control or even expand it (emergency powers, military or federal interference, or good old intimidation).
Trump fired all members of the Election Assistance Commission this week. His head of the USPS confirmed they have a proposed rule to not deliver mail-in ballots in select states. Last night, as we approach midterms, Trump gave a speech saying US elections are illegitimate and only he can fix it (by controlling the voting machines and who gets to vote).
I'm really sorry, but it really does look like we may have had our last actual election already.
> The new commercial data feed, named Truth API, promises to deliver posts to paying institutional clients in "milliseconds".
...
> The company, which launched its social media app in 2022, said some firms have been copying its data for months without permission.
> McGurn warned that Trump Media will soon block these methods, forcing firms to buy the official feed instead.
This looks like it is monetizing and organizing scrapers. Isn't basically everyone doing this with data feeds these days?
At best this just gives a few milliseconds head start to subscribers and cracks down on automation. I would be shocked if NYSE, etc. don't already have premium tiers with faster market data and those feeds are certainly paid APIs. It's known that HFT shops will co-locate, for example, to have low latency.
This looks really bad, but if it were X and not Truth Social, there wouldn't be anything to see. It goes to the underlying issue of Trump owning and trying to profit from Truth Social generally.
There is literally nothing else of value on Truth Social except the president's posts. And those are considered official government communications. There's a legal ruling about that from the time of the first Trump administration.
So the US president has created a wrapper corporation that sells early access to official government communications. It doesn't matter if it's only milliseconds, that's enough for trading systems to make money.
Yet if the average corporate person does insider trading it comes with a prison sentence not pricing.
It’s wild how banana republic level corrupt the US is all of a sudden. Really went from 0 to 100 in months
The algorithmic trading firms were already doing this via scraping. What I’m curious about is if they’re going to also impose a slight delay between when posts show up in the API vs when they’re posted on the website.
Does raise the question of whether this also comes with free immunity from prosecution, or whether the NYAG should just pre-emptively say that anyone signing up for this and trading on the results will be prosecuted under NY state law.
(Critical to the whole thing is unfortunately https://en.wikipedia.org/wiki/Prosecution_of_Donald_Trump_in... , where the judge inexplicably decided to waive sentencing for a felony conviction)
that comes with extra donations
If you want law and policing to work, it needs to be very predictable for everyone. So yes, if there is the least bit of doubt, the NYAG should absolutely say, far in advance, that this will happen.
Because if this isn't the case, then people will be forced to compete by "slightly" violating the law, everyone a little bit more, until the law is a total joke. This has happened in history.
30 to 100 maybe
> It’s wild how banana republic level corrupt the US is all of a sudden.
It’s wild how utterly predicable this was and yet it was the chosen path.
When you get older, eventually you see the pattern. Political parties, whatever their viewpoints, are tolerated as long as they improve economic outcomes fast enough. When that even just slows down, there is some tolerance, but not much.
I don't know why this is downvoted, this is the entire basis of China being politically stable despite being unfree.
The problem is trying to untangle which are the economic indicators that matter and what the causality is. Despite everything, the stock market is at or near an all time high (mostly due to AI), and that grants Trump a lot of leeway from the money class.
It's also why this matters: https://www.reuters.com/business/energy/oil-stocks-us-strate...
Oil prices going up would probably also be extremely unfavourable for the Trump regime. So simply empty the US SPR onto the market to keep prices down and avoid the Iran war having any impact. Should last for the rest of his term.
Literally the reason people voted for Hitler was that the German economy was in the shitter and he promised to fix it, with promises that made no sense, similar to Trump's.
Hitler did create an "economic miracle", which is why he actually went up in popularity, even with the parties he would later ...: https://www.youtube.com/watch?v=yRlbUeji01U
It was all based on a purposefully designed system of lies. Which can work, until someone proves it's a lie to external parties.
As always, uneducated ignorant people make life hell for everyone else.
In order for a democracy to function, you need people that are able to evaluate political promises as bullshit or not. If you believe nonsense from grifters, you get either what you described or the current US admin. Or Brexit.
I'm sure there are more examples of this in history.
That's why the right wing always defunds the education system everywhere it gets power, right?
The system is broken. There is no effective restrict on president's powers. And the president is Trump.
I mean Congress or SCOTUS could restrict his powers but they don't want to. How do you even go about fixing that? And is it really that uncommon when president, congress and supreme court is controlled by same party? I have a feeling the only new element is that the same can be now said for media.
Previous comment: "The system is broken."
Reply: "Congress or SCOTUS could restrict his powers but they don't want to."
Conclusion: the system is broken.
real danger of insider trading is that you can get jailed 20 years in the future for something you did today
Inshallah
Not sure what "average corporate person" means, but if you're just a random dude and you trade on your golf buddies tips, no one is going to throw you in jail. Very few people get charged a year, like dozens. I'm sure >99.9% of get away with it. I think it's often political or targeted.
The weirdness here comes from the president owning a social media company. I think they're playing up how markets move on their posts for obvious reasons. But social media companies likely sell priority access. They're called enterprise licensing deals. Same with news media, like Bloomberg, Dow, Reuters.
This isn't "insider trading" its publicly available information. The idea that the "little guy" is somehow screwed over by this is just silly.
https://www.barrons.com/advisor/articles/insider-trading-fbi...
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We're going to take the "both sides bad" intellectual dishonesty to the forced labor Freedom Trump camps. But hey! Kamala would've done the same. God I despise the likes of you so much.
Both sides are bad. One is worse. Both lead America rapidly downhill. One does it faster.
From an external point of view, one side is at least trying. Ranked choice voting, "no corporate money in politics" and other initiative like this, to add more democracy, suddenly come out on my news feed and each time i say to myself "it won't work right now, but at least it seems those are steps in the correct direction". Supporting the people who run on those platform is infinitely better than a destructive nihilism.
One side is trying to destroy America, the other is sitting by and prioritising maintaining decorum and insider trading off the destruction of America that's already happening. I don't know who's running on the platform you just said.
There are quite a few democratic socialists running on that platform across the country.
> Both sides are bad.
There were (then-)members of the Republican party who voted for Clinton, Biden, and Harris:
> Conservative author David Frum, a speechwriter for former President George W. Bush, announced Wednesday that he cast an early vote for Democratic presidential nominee Hillary Clinton.
* https://thehill.com/blogs/blog-briefing-room/303984-david-fr...
> But she is a patriot. She will uphold the sovereignty and independence of the United States. She will defend allies. She will execute the laws with reasonable impartiality. She may bend some rules for her own and her supporters’ advantage. She will not outright defy legality altogether. Above all, she can govern herself; the first indispensable qualification for governing others.
> So I will vote for the candidate who rejects my preferences and offends my opinions. (In fact, I already have voted for her.) Previous generations accepted infinitely heavier sacrifices and more dangerous duties to defend democracy. I’ll miss the tax cut I’d get from united Republican government. But there will be other elections, other chances to vote for what I regard as more sensible policies. My party will recover to counter her agenda in Congress, moderate her nominations to the courts, and defeat her bid for re-election in 2020. I look forward to supporting Republican recovery and renewal.
* https://archive.is/https://www.theatlantic.com/politics/arch...
That was in 2016.
> We're going to take the "both sides bad" intellectual dishonesty
The intellectual dishonesty is pretending that not calling out both sides will lead to any kind of long term solution.
> But hey! Kamala would've done the same.
Saying both sides are bad is not saying they're the same. They take on different forms but are both fundamentally broken and part of the same uniparty of capital interests. The blue/red parties offer an illusion of democracy, but really they just play good cop/bad cop while ultimately serving the wants of elites instead of needs/wants of the vast majority.
But elections appear close, so people think they still have a democracy while they argue about which flavor of shit to install in the control booth. Installing the subjectively "less bad" flavor only guarantees the other one will soon take over in a collective race to the bottom. Dems elevated Trump from meme tier gameshow host to serious contender thanks to their pied piper strategy, and all they could manage was to get mad at wikileaks for exposing them.
You might as well say neither side are perfect (which no one disagrees with).
And here we are with perfect being the enemy of the good…
> You might as well say neither side are perfect (which no one disagrees with).
Maybe if you want to manufacture consent for the broken system which continues to make lives worse with each passing year instead of confront it.
If you're trying to find agreement, maybe say both sides are responsible for widespread misery, and corruption/exploitable systems and perpetual settling for lesser-evils among "voters" is what keeps us on this path.
And before anybody tries to blame the non-voters, abstaining from voting in a broken system is indeed a vote.
> And before anybody tries to blame the non-voters, abstaining from voting in a broken system is indeed a vote.
... Yes, I agree. Abstaining from voting is the same as voting for Trump.
"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality."
And as my parent comment says, voting for complicit Dems is a future vote for him.
Treating a corrupt system as legitimate is what perpetuates it. Only one of the three options marks it as illegitimate.
Collectively admitting the problem is a prerequisite to fixing it.
I still remember when Obama wearing a tan suit was controversial.
“Rules for thee but not for me” is the narcissist’s core value.
The audacity to push things called the Affordable Care Act too.
I miss Obama. A president that could actually deliver a decent speech and actually bothered to be a politician.
A politician should do TWO things: get elected, and convince the electorate about a path forward, including any compromises needed. Obama is the last president that actually did that. As we all know. Trump just doesn't even bother. And before anyone else points this out: yes, I kind of agree, Biden didn't either. Democrats are their own worst enemy, just like republicans are.
I really miss Obama.
Your post reminds me of that scene from the West Wing where the president joins a meeting the VP had already started who had opened with:
"Surely our first priority is to figure out a way to work with Congress"
Then the president joins and is caught up by the note taker and embarrasses the VP with
"Our first priority is to work with congress? Surely our first priority is to serve the American people"
that's all you remember? not Libya and Syria?
I was once stuck in traffic in Berlin thanks to Obama.
He turned me into a newt.
I don't think the Trump administration would have been any less keen to bomb Libya.
The Trump administration did bomb Libya.
https://www.cnn.com/2017/09/24/politics/us-strikes-libya-tru...
This creates an incentive to post things that cause high volatility (even in the downward direction) as that creates a "subscribe if you want early warning of market dips" pressure factor.
Maybe we can keep going to a point where it's so ridiculous that people realise the financial markets are the useless money laundering loop that they actually are
The supply of capital is absolutely critical to an industrial economy, even if there's a lot of corruption along the way.
The supply of food is absolutely critical to a human population, even if truckloads of fish are left to rot in the sun outside schools?
The supply of mineral and energy resources is absolutely critical to an industrial economy, even if rivers are polluted to the point they catch fire ala the Cuyahoga River Fire of 1969?
I suspect it's worth the effort to minimise and prosecute the corruption, waste, and harmful externalities.
> The supply of food is absolutely critical to a human population, even if truckloads of fish are left to rot in the sun outside schools?
Well, yes, you can't solve this problem by cutting off the supply of food and then declaring that you've ended waste.
> you can't solve this problem
by doing something I did not suggest. Agreed.
What I did suggest is not putting up with corruption, waste, and toxic externalities "just because".
Capital comes through direct investment and public offerings, not the secondary shares market.
It's bonkers that we have a private company that does things for other private companies being somehow the back-bone of every nation on the planet.....
Crazy times we live in that a president can do this.
There was a long concerted effort to disable all the accountability mechanisms. A massive failure across the board, at every level, in every party.
Now that the entire justice system is broken, the American system is being dismantled and looted.
2024 was fatal. Enjoy the slide into the abyss.
Seriously, there are no limits to his graft. This is commercialisation of insider trading. He is shameless.
Every country gets the government it deserves.
-- Joseph de Maistre, 1811
https://en.wikipedia.org/wiki/Joseph_de_Maistre
Kleptocracy in all its forms.
As this president likes to say,”A disgrace”. And every accusation is a confession.
Elections have consequences.
Wake up America, they're laughing into your face
If you pay to have the info a few seconds before everyone else, does this make it insider trading?
You don’t have the info “before everyone else”. You have it after the ones who are guaranteed to benefit from knowing it and/or from disseminating it. Whether you can benefit from it or are the mark is debatable.
The issue is the conflict of interest in POTUS' office. A news agency giving high speed access to news ostensibly just reports news, doesn't make them. The office of the POTUS literally makes the news, even more so today than in the past.
The markets are very headline driven these days because Trump is a prolific poster and is highly unpredictable. This is basically him selling preferential access to market moves that he himself generates.
It's truly an unprecedented level of grifting happening.
Insider Trading as a Service.
How could US now be even worse than the spoils system era?
The epstein-guest-pedo-leader of the "claim-to-be-leader-nation" monetize billion in crypto, poorly chineese manufactured phone and sells access to own market-manipulation-intended-texts. It's so much bad stuff that poor people don't even know how to start battling with it...
The music on this sinking ship will keep playing till the very end. It's a decline. There is no observable way up from this point.
> There is no observable way up from this point.
The mid terms?
And then what? You get a lame duck, then (if you're really lucky) a 4 year dems gov where they basically do basically nothing expect try to clean (or bury) the most outrageous cases of corruption and then once the MAGAs get elected again you're back at the beginning?
two aspects
1. The situation I imply is way broader: it includes corporate favoritism, epstein files people not getting cosequences, cricular investment of the hyperscalers, illusion of AI boom where the president is just a cherry on top. Swap the cherries, and next ones will keep doing what current ones showed is possible and brings no consequences. Add money-printing, war which can't be won, debt growth etc etc. So yes, I don't see good way up from this point. Even with completely midterms lost by trump supporters the major block of problems stays on the table.
2. The mid terms may not result in trump weakening. There are number of scenarios where trump's team/supportes keep major control or even expand it (emergency powers, military or federal interference, or good old intimidation).
It's already looking like Putin/Erdogan-style election fixing...
Trump fired all members of the Election Assistance Commission this week. His head of the USPS confirmed they have a proposed rule to not deliver mail-in ballots in select states. Last night, as we approach midterms, Trump gave a speech saying US elections are illegitimate and only he can fix it (by controlling the voting machines and who gets to vote).
I'm really sorry, but it really does look like we may have had our last actual election already.
This merely "encourages" Trump and team to move the markets even more, to sell more subscriptions ?
He and his staff can plan out specific utterances that are substantial for moving the markets - endless feedback loop ?
New low..
Elon Musk must be rolling in his shallow grave, out of which he climbs at night, for not thinking of this before Trump.
Waiting for the Polymarket joint venture...
It looks like Kalshi is currently closer to the topic at hand: https://news.ycombinator.com/item?id=48936529
Previously posted topic: https://news.ycombinator.com/item?id=48935614
The grift. It never stops.
Insider trading as a service. They're not even pretending not to do it, utterly shameless.
> The new commercial data feed, named Truth API, promises to deliver posts to paying institutional clients in "milliseconds".
...
> The company, which launched its social media app in 2022, said some firms have been copying its data for months without permission.
> McGurn warned that Trump Media will soon block these methods, forcing firms to buy the official feed instead.
This looks like it is monetizing and organizing scrapers. Isn't basically everyone doing this with data feeds these days?
At best this just gives a few milliseconds head start to subscribers and cracks down on automation. I would be shocked if NYSE, etc. don't already have premium tiers with faster market data and those feeds are certainly paid APIs. It's known that HFT shops will co-locate, for example, to have low latency.
This looks really bad, but if it were X and not Truth Social, there wouldn't be anything to see. It goes to the underlying issue of Trump owning and trying to profit from Truth Social generally.
There is literally nothing else of value on Truth Social except the president's posts. And those are considered official government communications. There's a legal ruling about that from the time of the first Trump administration.
So the US president has created a wrapper corporation that sells early access to official government communications. It doesn't matter if it's only milliseconds, that's enough for trading systems to make money.
How can any of this be legal in a democracy?
The people voted for a really corrupt guy, so they get tonnes of corruption. That's how.
I agree. I think the first part is the surprising part.
The second makes sense for an arms-length news service.
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This seems to be the original:
https://s3.amazonaws.com/b2icontent.irpass.cc/2660/rl168199....
(via CBS News: https://www.cbsnews.com/news/truth-api-trump-media/)
So it seems to be precisely as nefarious as BBC reported.
This seems to be closest. Mentions who the API provider is by name which would suggest some realness
https://investingnews.com/trump-media-and-technology-group-l...
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