That is a vulnerability with serious half-life and significant economic impact. The vulnerability would have to be absolutely catastrophic to be worth something, and in that case it would probably be used for targeted exploitation and burned after a short period of time.Ĭontrast with something like heartbleed, which is still around. New buyers are essentially guaranteed not to have the vulnerability at all. I would guess over 90% of active daily users of macOS already have the patch for this bug due to automatic updates. A vulnerability which can be patched in a centralized manner has a low value half-life: it rapidly decreases in value over time. People tend to vastly overestimate the economic impact of an exploited security vulnerability. Give away too many details and it's burned. Plus the mere mention that a vulnerability exists in a specific piece of software may lead Apple engineers to finding and patching it before you can sell it. And you better hope you close that deal before Google Project Zero finds it independently and tells Apple for free. Zerodium and other markets already exist, and I don't think people at Apple lose much sleep over it. In all likelihood, Apple would just refuse to play ball and tell them to go ahead and sell it to someone else if they're so confident. And the buyer of the bill earns a bit of interest because he pays less for the bill than he is paid at maturity. I can then use the proceeds from the sale of the bill to pay my employees immediately. I can then take this bill to someone who trusts that the spinner will pay me in three months and ask them to buy the bill at a discount, such that they are paid in three months (when the bill expires). This bill will require the spinner to pay me for the cotton delivered in e.g. With the Bill of Exchange, a bill is created when I deliver cotton to the spinner. Only after this has happened can I pay my employees with the money of the paying consumer. Without the Bill of Exchange, if I want to pay the people I've hired then I will need to ship this cotton to the spinner, who then ships the spun cotton to the weaver, who then ships the woven cotton to the clothier, who then makes clothes and sells it to a consumer. I hire people to trim the sheep, and they produce a bunch of cotton. Although the Bill of Exchange is drawn only against the delivery of a physical good, so this may be the difference between the two.įor example, let's say I own a sheep farm. This sounds like discounting a Bill of Exchange.
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