Sublime
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Strong opinions, weakly held, are a cheap call option on information.
Byrne Hobart • The Startling Convexity of Expertise
TradFi companies are trying to package together financial instruments other TradFi companies feel comfortable buying so that they don't have to hold crypto due to various regulatory complications.
Bloomberg • Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
Algorithmic stable coin is not very reliable because the assumption about the underlying volatility assets could break once in a while. Consider Long-Term Capital Management.
Bloomberg • Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
Gives a brilliant and very cynical description of the Ponzi nature of yield farming in DeFi. Shed some light on how it is no so different from startups nowadays that keeps raising more money despite net negative return, as long as they have a grand narrative with a big promised profit at the end.
Bloomberg • Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
At that time the short U.S. swap spread, the European cross-swap trade, and the short volatility trade were by far LTCM’s largest trades.
Ludwig B. Chincarini • The Crisis of Crowding
Market will be more efficient but volume will also get bigger. Opportunity will still be there for big player like FTX.
Bloomberg • Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
— Turner Novak, Partner at Gelt
Aashay Sanghvi • Five Startup Ideas #002 | The Generalist
Leverage distribution from proprietary systems
Michael Mignano • The Standards Innovation Paradox
8. First order irrational, second order rational (h/t Chris Paik)