On A Long Enough Timeline, Every CNBC Million Dollar Challenge Is Front Run To Smithereens

Tyler Durden's picture

First, the algos took over the real markets. Now, they control the fake ones too...

 

Trading in CNBC's Million Dollar Portfolio Challenge was suspended as of close of trading today at 4:00 p.m. ET for one week. 

 

It came to our attention that there was a technical glitch in the current equity trading system, which a handful of players found and exploited to jump to the top of the leaderboard. The contest accidentally allowed what our rules specifically prohibited. 

 

Out of fairness to all registered contestants and as is our right, according to the rules of the contest, we are suspending the contest and will restart it Sunday, October 30 at 5:00 p.m. ET. Upon relaunch, all player accounts will be reset to their opening balance. Play will begin anew for the final five weeks of the contest. All winners from the first five weeks, including this week, will retain their prizes. 

 

We apologize for any inconvenience, but fundamental fairness compels us to take this action.

Now if only the E*Trade baby could discover a way to reset life whenever the "account holdings" line = $0.00

 

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voshnishki's picture

LOL. Yes, thank you!

eureka's picture

You're not going to get rid of algos - until you get rid of US Empire.

Algos, as Wall Street, serve the US Oligarch Elite and its minions.

Someone blow it up - please!

Pool Shark's picture

 

 

Aaaaaaaand, it's gone - it's all gone...

 

nmewn's picture

Out of "fairness" they banned short selling too ;-)

NumberNone's picture

That's bullshit closing down their accounts, all they were doing is adding liquidity to the market. 

PAPA ROACH's picture

Algo's die if electronic trading goes away and we're back to pits once again. I used to be a pit trader, I miss that life and would gladly move back to NYC if reinstated.

 

You cannot have this much vol and flash crashes with pits, humans take time to move. Fuck algos!

traderjoe's picture

While I agree with you in principal - two words: "portfolio insurance".

TheMerryPrankster's picture

Insurance is an illusion when the too big to fail, fail.

Ura Bonehead's picture

Well, if we could get all the Russian and Asian criminal mathematicians out of the “Empire” then we could put a big bent in Algos.  Just saying…

i-dog's picture

Doesn't take long before the first "It's somebody else's fault" comment is posted. Ura Bonehead.

LongBallsShortBrains's picture

Obama can fix this problem......apply the buffet tax to the leaders.....give it to those not as fortunate, problem fixed.

Its_the_economy_stupid's picture

When Diamond Jim Brady was asked while playing a game of Bunco at a saloon, "Don't you know this game is rigged? He replied "I know. But it is the only game in town!"

ragequit's picture

'We apologize for any inconvenience, but fundamental fairness compels us to take this action.'

 

(only when fake money is at stake)

philipat's picture

Otherwise a perfect illustration of just how fucked the real markets are?

becky quick and her beautiful mouth's picture

i bet it was the waddell & reed mailroom clerks.

philipat's picture

That you homebreaker Becky? I heard you were away taking an extended bath with Uncle Warren?

Royal Fleming's picture

LMFAO. CNBS losers

LongSoupLine's picture

Bob Pisani would say, "What's important here, is someone was winning."

tickhound's picture

"The important thing is" - then a bunch of made up bullshit

wisefool's picture

Brawndo: The Thirst Mutilator

http://www.youtube.com/watch?v=Tbxq0IDqD04

Not sure if the dude in the video is Jack Welsh, or Hank Paulson.

slow_roast's picture

I love how they're obviously giving prizes away to the cheaters anyway.  Just like the political system...fucking idiots.

navy62802's picture

That's the way the American world works now.

PrintButtonMoney's picture

calling it the 'american' world is either incredibly arrogant (if you're referring to the entire world) or incredibly short sighted (if you're referring to only the U.S. as trading microcosm in the larger world market).  It seems like the rest of the world engages in some really shady/stupid trading practices, including the particular practice mentioned above.  The banks that run our economy run the rest of the world's economy too... but it's hardly fair to call them "U.S." banks...  Fiat banking has been around since the Roman empire started devaluing its currency near the fall.  Some of the same bankers that started controlling banks and money in Europe founded banking in the United States as well ("Give me control of a nation's wealth and I care not for its Laws"). 

This seems to be a common phenomenon amongst us Americans, we tend to forget that the rest of the world has been around, for the most part, alot longer than we have, in the Nation sense.  Even those of us who are incredibly disgusted with the politico-economic processes that happen in our country tend to forget that these practices are in no way new or original around the world.  Centralized banking and complete government control of the market is as old as markets, Government lying to its population base and controlling the media is as old as those intstitutions as well.  This problem, the problem that occurs when the many put power of any kind in the hands of a few (willingly or otherwise), is not an American problem, it's a human problem.  If we 'fix' this problem inside our own borders it doesn't follow that the problem is fixed. 

Anarcho-capitalism HO!

http://printbuttonmoney.blogspot.com

LongBallsShortBrains's picture

Great!... Now you are going to tell me that Americans didn't invent slavery?

Nate H's picture

they weren't 'cheaters'. they were just gaming the system according to the environmental cues given them, just like the rest of us.

 

 

krispkritter's picture

No 'clawback' recourse even in fantasyland. Dammit it all!

myztix's picture

there goes my legit 40% gain buying bullish positions!

 

tom a taxpayer's picture

Investigation of this CNBC bullshit game is 1,000,000 times more likely than investigation of the real frauds and criminals on Wall Street.

LongSoupLine's picture

Yeah, I'll bet the SEC "tech pros" swarmed CNBC HQ...not to enforce, but rather how they caught the problem.

f'ing idiots.

Restcase's picture

I joined the game a week late and the leaderboard was then filled with "players" (machines?) who had already doubled their notional $1 million stake. There was no one on the board who had not added $1 million in seven days.

You figure the average CNBC viewer is a Jim Cramerite who applies his genius to pick stocks (or follow tips) that will give him a stupendous 10% gain in the course of a year and you wonder .. eh ... huh?

If a CNBC game can discover scores of instant millionaire traders, may I suggest CNBC hire these "people" and shift to a whole new new biz model?

Bank of CNBC? CNBC Hedge-arama? Goldman Sachs, CNBC Division?

Restcase's picture

BTW, here are some more technical glitches in this game:

(1) Restricted roster of available exchange listings

(2) All buys at market, all sells at market.

(3) No stop loss.

(4) No control over lot size fulfillment. 10k share orders fill at 5k.

(5) Buy-sell without CNBC price quote - assume it's realtime, assume it's what you think it is!

Hey! it's just a game. But let's see the winner's trading tickets.

Stoploss's picture

#3 is clearly a bullshit rule.

 

Oh, and ========== FUCK THE FED =============

Hedge Fund of One's picture

I would have liked more trading platform-like capabilities like stop-losses, limit orders, etc. If the rules would be evenly applied to all, then it would be fair, and I could accept the limitations. However, if the system allows unfair advantage by cheaters, then I have a problem.

 

Marco's picture

Really though all that stuff is antiquated shit ... they are in reality bad algos which are preyed upon by the good algos.

RSloane's picture

We already have Goldman Sachs, CNBC division.

fuu's picture

The E*Trade link leads to a removed video. This one works: http://www.youtube.com/watch?v=AYrpROr9Gmk

cowdiddly's picture

So easy even a Cave-bot can do it.

And here I was trying to compete with my Tandy 1088 with dial up SVC.

Long-John-Silver's picture

My Tandy TRS-80 Model 102 still works. I no longer use it for trading but it's great for plugging into the data port of an old orphaned CNC machine in case the display is dead. I can crank up the machine and test operate it to see if it's worth upgrading with a new controller. I have no idea what I I'm going to do if it dies. Modern computers simply can not be connected to these old controllers.

Wannabee's picture

@L-J-S,

Fond memories. Our team has a circa '98 Data General laptop, DOS, for the same purpose.

Wannabee's picture

check the '98. Meant '91. Getting old...

krispkritter's picture

Crap! I used to use those things.  Had one up until about 5 years ago and sold it on Ebay. That's probably the only place to find one again these days. You can use searchtempest.com to search Craigslist countrywide too. Now I'm waxing nostalgic for Tandy...

Nate H's picture

It's actually a good dry run for the people in the lead, for in their real life.

buzzsaw99's picture

cheaters always win

eureka's picture

Simple solution:  Shoot Them!

It worked in the west, it'll work in the east.

knukles's picture

Nothing Like a Good Hanging to Focus the Mind

tickhound's picture

Especially now that CNBC is finally 'crackin' down'

FinHits's picture

and reset to zero and start all over again. It is more profitable that way.