> secure online banking is actually quite an easy problem to solve . . . The storage and transfer of numbers is not a particularly hard problem.
I don't know anything about banking software, but I have a hunch the author underestimates the complexity (as is typical for HN). The Efficient Markets Hypothesis would suggest that if it were so simple to make banking software, then someone would do it.
The shareprice of META fell by 75% from August 2021 to August 2022, wiping about three quarters of a trillion dollars off its market cap.
From October 2022 to now the shareprice tripled, adding half a trillion dollars to its market cap.
Explain that in terms of the Efficent Markets Hypothesis? "share prices reflect all information" - what half trillion worth of information change came out in 2022? and what in 2023?
What about insider trading laws? How can we say "share prices reflect all information" when we know there are people who have more information which would give them an unfair advantage, which means the current shareprice cannot be reflecting the information they have?
Not to disagree with you but if there are people with insider knowledge they will either dump a massive amount of stock or buy it up changing the stock price. So the insider knowledge should be priced in quite fast thanks to their greed.
I don't know anything about banking software, but I have a hunch the author underestimates the complexity (as is typical for HN). The Efficient Markets Hypothesis would suggest that if it were so simple to make banking software, then someone would do it.