Fat Finger Trades!
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- เผยแพร่เมื่อ 26 ส.ค. 2024
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A small London based crypto asset trading platform called DeversiFi got quite a shock two weeks ago when it mistakenly paid out a $24m fee to a large crypto miner. Transferring crypto deposits generates a fee, known in the industry as a “gas fee”, to compensate miners for the computing energy used to verify transactions on the blockchain. DeversiFi should have paid out around $5, but instead transferred 23.7 million dollars due to an error in their code.
A few fat finger errors like this in the crypto space have made it into the press in recent months. Compound another DeFi project accidentally handed tokens worth $90m to its users and its owner threatened to report the recipients to the IRS before later backing down. Alchemix - another DeFi protocol forgave 4.8 million dollars of borrowers’ loans prematurely, essentially giving them free money. Once again, almost everyone returned the funds once the error was pointed out.
Most modern trading software has built in controls to prevent huge fat finger mistakes from occurring. This protects both traders and brokerages from the losses that can come from these mistakes. In addition exchanges have rules in place to allow traders to request cancellation of fat finger errors. Most exchanges require you to request a cancellation within thirty minutes of the trades execution.
So, for today’s video let’s look at some of the biggest fat finger mistakes in recent market history and see what lessons we can learn.
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Seconded Mate!!!!
Prof, how does r/k selection apply in derivatives trading?
I accidentally bought a put instead of a call once...
Any plans to start guitar lessons? Would certainly subscribe.
Gordon Brown's sale of gold has to be the worst trade in history. Prime minister of a major economy, surrounded by advisors and still makes such a huge error.
It was a con. The advisers got their buddies to short the market before and cover into the government's orders
And to throw salt in the wound, Brown announced the sale before he carried it out. 🤦🏼👨🏼🎓
What a prize Chuzzlewit!
Would you call it the worst trade deal in the history of trade deals, maybe ever?
He was only treasurer (UK calls it chancellor of the exchequer)at the time, Tony Blair was the PM
I enjoy how much Patrick amuses himself with his jokes.
😊
It's his inner dad jokes showing themselves
The best thing about them is the serious delivery.
Good idea. The only millionaires who have any right to be known for being funny are comedians and actors.
Honestly Patrick feels in touch with all sides of finance while bringing actual industry expertise so it’s always nice to watch his videos
I love how Patrick train of thought went "Alright I have filled my education quota for this video now... time to make some James Bond pun"
I've known of you for a bit, after Coffeezilla mentioned you or I think had you on, and I finally clicked on one of your videos and have binge watching for 3 days straight. Your humor gets me every. single. time. I live for the "I amuse myself" vibe while also learning a lot. You have a great channel.
We had an energy trader cost the company approximately $ 1 million dollars by typing in an extra zero on a spreadsheet. Bought more energy then needed for the next 24 hours. Needless to say company updated the controls and revised spreadsheet to put limits on entries to cell and required a sewerage trader to do a separate forecast. Internal Audit reviewed all trading spreadsheets for appropriate controls and put in place a review process for any updates or new spreadsheets. Eventually individual spreadsheets were eliminated with software that included personal limits, overall trade limits and two person approval.
Lol that bald lady. It was a great reveal looking left to right then, WTH?! 😂
@2:26 ... 'Fat Fingers .... it's also a term used to describe most of my guitar playing ..."
HAHAAA... hilarious Patrick!
I am a big fan of full suit, tie, and kerchief Patrick.
He isn't wearing any pants.
@@jeffshackleford3152 Frilly nylon panties I believe
Lol. Love your dry sense of humour. "Fat finger errors can also describe most of my guitar playing".
Thank you I have subscribed to the Daily Upside
Love the Gordon Brown comment. So true! 😂
I'm thinking of the $24 million that Goldman refused to return to ABN when malfeasance was discovered in an account. ABN didn't even sue, they were so worried what Goldman would do to them.
The bald lady! 🤣
Right on cue Patrick. Today a bag of Shibu Inu meme coin that was brought in August 2020 for $8000 hit 5.3 BILLION. Who needs the markets! 💥
6:42 is the most subtle and easily missed joke I've seen in a while. Too funny
What's the joke, it's just a funny picture.
Another one about his guitar skills at 2:26 :D
Mate, you are starting to become the only ‘sense of normal’ in this Quixotic world. Said it before, say it again, “absolute legend!!!”. Note the lack of space between the g and e. Keep up the good work.
All I learned is that I'm a terrible human being: "Hey, anonymous guy, please send me back that 24 million I just sent you?"
(crickets)
If it wasn't sent to a huge and known ETH miner I'm pretty certain that that amount would be gone
6:41 Theory confirmed : Wallstreet creates male and female baldness. Thks Patrick🥚🥚🥚
Speaking of Fat Finger mistakes...why do I keep seeing Alec Baldwin in the news?
Don't overlook the photo at 6:41...
Fishing 🎣 🐟 fishing. you probably can’t say that anymore but u said it twice Patrick priceless 👍
I once bought an inverse leveraged ETF by accident. I only lost a little money before I caught it.......
Airline pilots use written checklists for all critical and high-workload parts of the flight, with one pilot reading and the other affirming each item. They must also repeat back all ATC instructions to demonstrate they’ve heard correctly. Maybe traders with large fingers should adopt a similar system.
right. ..
Nowadays you have software that does this, this is why you haven't heard of fat finger errors in a while. Airline industry is stuck in the medieval age with technology for the most part, so it's not a good sector to imitate.
That would work. Another system is double data entry, where (for very important numbers) two different people will type it in and the software will only procede if they match.
Maybe just get a bigger keyboard 😂😂
People are always placing fake trades (and cancelling) to Paint the Tape = Move the Market
I nearly choked at the comment on Gordon Brown. IIRC, the Irish government were old hands at this kind of stupidity, doing things like announcing a devaluation of the Irish pound prior to actually doing it. This resulted in your average punter sprinting down to the banks only to be told gleefully that the fx spread (for proles obviously) was so obnoxious they'd still end up worse off.
the humor doesn't go unappreciated dear sir
Remember guys sleep well and no stress during trading hours.
Wow this makes me a lot better about accidentally buying 250 shares of AMD (big chunk of my account) when i meant to trade 25 shares the other day 🤣 Pro tip: dont trade in a rush when u overslept and woke up just as the markets opening. Thankfully tho, it worked out for me since the stock ran over a % in the five minutes it took my groggy, dumb self to realize the mistake.
6:43 was the lady in this picture photoshopped to have a bald head to fit in!?!?? I nearly died when I did a double take....
Patrick - Is the Daily Upside your newsletter? If so, I will sign up.
What an incisive humour!
I wonder what happened to the software developers of the buggy software
I'm 100% positive that Patrick does these videos with no pants on.
Are we about to learn that the outro music is actually Patrick playing the guitar?
*Electric Bass lol
That would be cool!
@@rosshoyt2030 could be a guitar and then transposed down an octave in a DAW. Quite a few famous basslines were recorded on guitars.
@@Illuminati092 maybe Patrick plays a baritone for some far djenty tones 😂😂😂
@@Illuminati092 fascinating… can u give some examples?
A little unfair to Mizuho for excluding their 2005 error in trading the JCOM Ipo. (Sold 610,000 shs at 1 yen vs selling 1 sh at 610,000 yen) after including UBS Denso. Not even a mention. harsh.
hmmmmmm
Why
after being exposed to patricks joke about guitar playing i shall need a mental health day off. compensated by employer obviously.
free finance newsletter, and support Patrick's content? quite a no brainer.
Most of the time I am in a fog as to what you are talking about, but I love the humour you manage to slip in.
I'll keep watching even if only to get your dry humour
Looking forward to enjoying your guitar play ! 😂🥰
Check then check again. Wait a little bit and check again, then just before you click send, check again.
"Totalling 617 Billion dollars....This.is.A big trade" 😂
Patrick, great stuff you got going on here! When are you going to play us a few tunes on your guitar?
Goldman Sachs 'bald' photo 🤣 'Baldman Sachs?'
"you probably can't call people that [stupid] anymore." What? Yes you can. Who on earth is saying you can't?
Crypto:"Excuse me, but I accidentally transferred $10,000,000 instead of 1$. Can you please send it back?...Anyone there?...Anyone???"
Thanks. Great content.
Excellent work.
Serious look with humour in the background
6:41 BRO NO WAY AHAHAHAHAH
We have less than 56 tonnes of gold? Damn.
DeversiFi was like OOPSIE WOOPSIE PLEASE GIVE OUR MONEY BACK and it actually worked
This is the civilized world. People are generally honest even if they do have a side racket going.
I can't imagine how much better you look to a group when you voluntarily return several million dollars.
Also if they were in the US the IRS would have hounded them for having 23 million just show up in their bank accounts. Probably saved that dude a lot of time doing paperwork.
I just had a samsung phone ad just at the end of the samsung securities story. Nice placement!
Any man that wears a proper tie dimple is a man worth listening to
As always, extremely enjoyable for people involved in the market. The joke about calling people stupid was really funny :) Thank you sir!
Love the stories of the street. Great channel!
Met my fair share of fat fingers..even obese ones...
I have a FAT FINGER too as a one finger typist on cell 😅 😂
buy gas or use Nano -feeless🤗
The ladies call me gold fat finger...still don't know why, we only had drinks.
I don't mornings..i have wake ups though...
Finally made me laugh 😂 with that guitar joke
I love how the channels that expose scams such as your most have scams ran as commercials during your videos.
I love your sarcasm.
more power to you...Sir..,
Yes, 'stupid' is an immutable characteristic.
Lmao glad to see V’ger is working in finance now.
Blockchain is NOT ANONYMOUS ! It's pseudonymous ! You are hidden behind a pseudonym (well, it's a random string of letters and digits), which is your identity on the blockchain. This is different from anonymous, because if someone knows your pseudonym, he can instantly identify all the transactions you ever made.
Here is an example of a real anonymous system : A rich donator can make tens of anonymous donations. If he decides to show his identity for a single donation, we still don't know what other donations he made. That's anonymous !
Good stories Patrick.
This is youtube gold! And my comment is no fat-fingered mistake.
Hi Patrick, your face is a bit overexposed in the last handful of videos. I'd recommend decreasing the exposure or (ideally) shooting in a video profil with more dynamic range (Slog, HLG, or anything similar that your camera has). Keep up the amazing work, it's always a joy to see a new upload from your channel :)
Thanks, I'll be switching to a new lighting rig soon, which will hopefully make a difference.
NO!! MOAR LITES!!! BALD FINANCE JESUS NEED MOAR ILLUMINATION!!!
lol as if the viewer cares about your lame lighting suggestions 😂 - The content is what’s relevant don’t waste time on silly suggestions from nobodies like ‘Baranov’ thanks
@@most.likely Adorable
@@alexanderbaranov2210 Nah most likely is right. We’re here for the brilliant finance discussion and pure wit. I’d rather leave all the other razzmatazz to Gen z youtubers.
Guitar playing😂😂
Gordon Brown lol.
LOL “founder begs them to return it”
Light humor nice touch, to mix up the more serious economic explanations. Coincidentally, the container crisis and energy supply also head winds for China’s mighty manufacturing, which they could really use . Also, good reason to focus on green energy developments. Like solar and wind mill components can sell to the rest of the world .
9:49 this is... a big trade :D
Must have executed it on one of those pastel coloured bluetooth keyboards 😝 Mechanical Keys are king.
Your videos are amazing, superb content.
Calling people stupid is definitely banned bit strangely I just got one week of facebook jail for stating most of America is lazy which is actually well supported by plenty of articles
I'm for the humor!
I would have kept the money - as I would have been legally entitled to - and paid the tax!
The desk assistant really messed up there. It reeks of foul play. How do you mix up the numbers?
A lot rides on some of this trading software. More than I imagined.
Patrick you are alright man!
I'll take the over under on 3 months from now that "Fat Finger Error" will be 'cancelled,' stating that it is degrading to people who are overweight.
There is nothing wrong with your guitar playing Mr. Boyle !!
Thanks papi
I signed up to the daily news but I didn't go through your link. My bad Patrick.
Does he have portnoy on here. 🤣
Let's stop kidding around, I"m here for the amazing jokes paired with unearthly delivery skills. Bravo sir, bravo. And the additional information is nice too. Thank you Patrick!
the daily downside vs the daily upside vs the daily sidewards
Going short on meme stonks
Nikola is a meme stock and there never was a consensus on DoorDash, Uber, or Palantir.
Can't wait for the fat finger guitar lesson video. 😁
transfers on the blockchain are not anonymous
I'd love to see a video about Gordon Brown, since you seem to have a pretty strong contempt for his acumen.
Where can I find the video on your guitar playing? Lol
Hey wait what? Was that Dina Powell McCormick?!
When are we getting the guitar video?
Why isnt there any protections on these crypto exchanges for "Fat-finger error" such as a warning pop-up box~!!!!
I just gave a way a grand on a .09 crypto buy instead of a .009 order placed...