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[Nickbat]

http://www.americanthinker.com/blog/2012/10/how_one_algorithm_accounted_for_4_of_trading_in_one_day_on_wall_street.html

Astonishing...but also a tad worrying. 

[Kevin Wood]

A mate of mine was working on automated trading software and modelling markets in the city about 15 years ago.

You'd have to be pretty swift at pulling the plug if it went pete tong at that speed.

[cem_devecioglu]

the power of programs are mostly limited to environments they are written/designed for..
 
but when the systems are integrated/linked together their powers are boosted and what can they do is limited only with imagination..
 
any simple code can send millions of mails within a short time, or transfer millions of peoples account to another account etc etc..
 
the only thing that will prevent this, is the security mechanisms.. of course program codes can also record and archieve all your communications
 
as the automated systems are invading our life, other consquences are not that hard to estimate.. 
 
 

[cem_devecioglu]

and the most dangerous being "learning systems".. thats really beyond imagination..

[Mr Skrunts]

Followed a guy a few years ago developing software that ran olong side betfair that automatically backed/laid horses whilst racing.  Very clever stuff, but all this automated stuff is/has changed the way the markets are run.  Evn the city traders have taken over and manipulated betfair and now just trade the horse races for proffit, they have no interest in the races themselves.