RE: raging bulls

["Naslund, Steve" <SNaslund () medline com>]

Are there not mechanisms to handle replay attacks?  There is also the
minor matter of fraud and regulatory concerns.  You might get away with
it a few times but not often enough to avoid a potential death penalty
of being disconnected.

Steve

-----Original Message-----
From: Alexandre Snarskii [mailto:snar () snar spb ru] 
Sent: Wednesday, August 08, 2012 9:46 AM
To: Naslund, Steve
Cc: Alexandre Snarskii
Subject: Re: raging bulls

On Wed, Aug 08, 2012 at 09:08:18AM -0500, Naslund, Steve wrote:
> Also, we are only talking about a delay long enough to satisfy the 
> longest circuit so you could not push your timestamp very far back and

> would have to get the fake one done pretty quickly in order for it to 
> be worthwhile.  The real question is could you fake a cryptographic 
> timestamp fast enough to actually gain time on the system.  Possibly 
> but it would be a very tall order.

Looks like replay attack works here: "attacker" can easily record
encrypted timestamps and reuse them some milliseconds later, claiming "I
had no knowledge on how market changed during this time, it's my
provider had to re-route my traffic!!"

> Steve
>
> -----Original Message-----
> From: Chu, Yi [NTK] [mailto:Yi.Chu () sprint com]
> Sent: Wednesday, August 08, 2012 9:01 AM
> To: Naslund, Steve; nanog () nanog org
> Subject: RE: raging bulls
>
> What prevents someone to fake an earlier timestamp?  Money can bend 
> light, sure can a few msec.
>
> yi
>
> -----Original Message-----
> From: Naslund, Steve [mailto:SNaslund () medline com]
> Sent: Wednesday, August 08, 2012 9:53 AM
> To: nanog () nanog org
> Subject: RE: raging bulls
>
> It seems to me that all the markets have been doing this the wrong
way.
> Would it now be more fair to use some kind of signed timestamp and 
> process all transactions in the order that they originated?  Perhaps 
> each trade could have a signed GPS tag with the absolute time on it. 
> It would keep everyone's trades in order no matter how latent their 
> connection to the market was.  All you would have to do is introduce a

> couple of seconds delay to account for the longest circuit and then 
> take them in order.  They could certainly use less expensive 
> connections and ensure that international traders get a fair shake.
>
> Steven Naslund

--
In theory, there is no difference between theory and practice. 
But, in practice, there is.