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ISO Time Intervals

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  • hjwoudenberg@aol.com
    If the payments are in the 100 s of thousands and the computer programs makes payments by wire or electric transfer, than a lot of money can be made if the
    Message 1 of 8 , Nov 27, 2004
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      If the payments are in the 100's of thousands and the computer programs makes payments by wire or electric transfer, than a lot of money can be made if the payment is made on the exact due date and time.  Payments to Japan and Australia are their due date and time, not US date and time. 
       
      My customers don;t like it if payments are made a day early because the routines cannot determine the correct date and time.  They think their is a single rule. 
       
      Herman
    • piebaldconsult
      That seems to be a point for mutual agreement. The senders should specify the time zone when using local time, otherwise UTC is to be inferred. I don t expect
      Message 2 of 8 , Nov 28, 2004
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        That seems to be a point for mutual agreement. The senders should
        specify the time zone when using local time, otherwise UTC is to be
        inferred. I don't expect you to know the sender's time zone. And one
        should not use the receiver's time zone when the sender doesn't
        specify. (I don't expect you to know the receiver's time zone either
        anyway.)

        However, with so many transactions going both directions, the net
        effect of "the money being made" should be nil.
      • hjwoudenberg@aol.com
        In a message dated 11/28/2004 12:37:06 PM Central Standard Time, PIEBALDconsult@aol.com writes: However, with so many transactions going both directions, the
        Message 3 of 8 , Nov 28, 2004
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          In a message dated 11/28/2004 12:37:06 PM Central Standard Time, PIEBALDconsult@... writes:
          However, with so many transactions going both directions, the net
          effect of "the money being made" should be nil.


          Not if I am the one who holds it the longest, keep it the longest in my bank account.
           
          Herman
        • Tex Texin
          ... You are assuming that 1) everyone plays fair and also that 2) there are sufficient numbers of transactions between the players that averages apply.
          Message 4 of 8 , Nov 29, 2004
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            <PIEBALDconsult@a...> wrote:
            > However, with so many transactions going both directions, the net
            > effect of "the money being made" should be nil.

            You are assuming that 1) everyone plays fair and also that 2) there
            are sufficient numbers of transactions between the players that
            averages apply.

            However, I always pay my vendors and my clients always pay me. So the
            transactions are one way and if I insist on interpretations that
            optimize my profit (ie I get money sooner from clients and payments
            to vendors are delayed as long as possible) then I can make money and
            hurt others.

            It doesn't matter that the profits and losses overall average to
            zero, or that my profits are balanced by others' losses, although it
            is a true statement. Some players still get hurt.

            Surely you know of the example of a banker depositing the roundoff of
            a fraction of a cent on the thousands of transactions per day, into
            their personal account and he makes millions (until caught).

            tex
          • NGUYEN Adam
            Can you better explain that last example about the fraction of a cent? I can t understand it very well.
            Message 5 of 8 , Nov 29, 2004
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              Can you better explain that last example about the fraction of a
              cent? I can't understand it very well.

              At 2004-11-29 08:36 (UTC+0000), you wrote:
              >You are assuming that 1) everyone plays fair and also that 2) there
              >are sufficient numbers of transactions between the players that
              >averages apply.
              >
              >However, I always pay my vendors and my clients always pay me. So the
              >transactions are one way and if I insist on interpretations that
              >optimize my profit (ie I get money sooner from clients and payments
              >to vendors are delayed as long as possible) then I can make money and
              >hurt others.
              >
              >It doesn't matter that the profits and losses overall average to
              >zero, or that my profits are balanced by others' losses, although it
              >is a true statement. Some players still get hurt.
              >
              >Surely you know of the example of a banker depositing the roundoff of
              >a fraction of a cent on the thousands of transactions per day, into
              >their personal account and he makes millions (until caught).
              >
              >tex
            • Tex Texin
              ... Yes, sorry. Early on, (1960s?) some clever guys looked at banking programs and noticed that interest is calculated down to fractions of a cent. Supposing
              Message 6 of 8 , Nov 29, 2004
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                NGUYEN Adam wrote:
                >
                > Can you better explain that last example about the fraction of a
                > cent? I can't understand it very well.

                Yes, sorry.

                Early on, (1960s?) some clever guys looked at banking programs and noticed that
                interest is calculated down to fractions of a cent. Supposing interest on
                $100.00 is currently $0.055 or five and a half cents. Now if you demand your
                money, I can't very well pay you the half cent. (At least not if we are talking
                US Dollars.)

                But computers track this stuff well! So supposed I change the banking program
                that calculates savings account interest to take any fraction of a cent that is
                generated by interest, and instead of paying it to the deserving account, the
                program puts it in my account. The banks clients won't notice their missing
                fractions of a cent. But, if the bank has thousands of customers earning
                interest every day, my program will be saving thousands times a fraction of a
                cent into my account every day. It mounts up quickly. The progam that checks
                the banks ledgers will not detect an error since the total amount of money is
                unchanged. The theft goes unnoticed... (Except today bank regulators have
                procedures to guard against this.)

                tex
              • NGUYEN Adam
                OK. Thanks...
                Message 7 of 8 , Nov 29, 2004
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                  OK. Thanks...

                  At 2004-11-29 04:42 (UTC-0800), you wrote:



                  >Early on, (1960s?) some clever guys looked at banking programs and noticed
                  >that
                  >interest is calculated down to fractions of a cent. Supposing interest on
                  >$100.00 is currently $0.055 or five and a half cents. Now if you demand your
                  >money, I can't very well pay you the half cent. (At least not if we are
                  >talking
                  >US Dollars.)
                  >
                  >But computers track this stuff well! So supposed I change the banking program
                  >that calculates savings account interest to take any fraction of a cent
                  >that is
                  >generated by interest, and instead of paying it to the deserving account, the
                  >program puts it in my account. The banks clients won't notice their missing
                  >fractions of a cent. But, if the bank has thousands of customers earning
                  >interest every day, my program will be saving thousands times a fraction of a
                  >cent into my account every day. It mounts up quickly. The progam that checks
                  >the banks ledgers will not detect an error since the total amount of money is
                  >unchanged. The theft goes unnoticed... (Except today bank regulators have
                  >procedures to guard against this.)
                  >
                  >tex
                • hjwoudenberg@aol.com
                  In a message dated 11/29/2004 12:08:08 PM Central Standard Time, ivy19991231@softhome.net writes: But computers track this stuff well! So supposed I change
                  Message 8 of 8 , Nov 29, 2004
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                    In a message dated 11/29/2004 12:08:08 PM Central Standard Time, ivy19991231@... writes:
                    But computers track this stuff well! So supposed I change the banking program
                    >that calculates savings account interest to take any fraction of a cent
                    >that is
                    >generated by interest, and instead of paying it to the deserving account, the
                    >program puts it in my account. The banks clients won't notice their missing
                    >fractions of a cent. But, if the bank has thousands of customers earning
                    >interest every day, my program will be saving thousands times a fraction of a
                    >cent into my account every day. It mounts up quickly. The progam that checks
                    >the banks ledgers will not detect an error since the total amount of money is
                    >unchanged. The theft goes unnoticed... (Except today bank regulators have
                    >procedures to guard against this.)
                    I have been checked on this repeatedly.
                     
                    Even the bank may not take the interests if repeated less than half adjust occur.
                    .
                    Herman
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