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Cathie Wood is actually very smart. She was the CIO at Allianz and realized that a disruptive tech fund could generate a lot of assets. She is in the business of providing a vehicle for investors to take a view. This is why it’s structured as a fixed fee for retail and not a hedge fund structure...

Why would anyone trade this over a thousand other more liquid forms of interest rates?

if you look at the term structure (back bone) and 1 or 2 skew plots you get the idea of the surface. you will know where to look closer. it's easy to see opportunities in the options chain if you have the ivols but those are basically impossible to execute. I'm working one now and it's unlikely...

there are better ways to quantify that. i can't even see it because the flap from the 5 delta puts is hiding it.

i never found a 3d volatility graph to be anything other than annoying. it's very gimmicky. like heatmaps.

I suspect there’s edge in selling 0dte but as you said the sharpe will be very low.

It’s likely free money (less your carrying costs). But bond trading is tricky because if rates go up, you will lose opportunity cost. you also have liquidity risk.

You don’t unless you have a reason to believe the spot vol correlation implied by the graph is different from what the reality will be.

Exactly. Bitcoin is as much fiat currency as anything else. Except it’s unstable from an economic point of view. Coincidence. Working class crushed because Europe and japan came online after 20 years of recovering from Ww2. Then the rest of Asia and China.

Bitcoin’s value is only in its usage for transactions. All the tech allows it to be used for transactions - but don’t create value by itself. The goal of a currency is to grease bartering to improve quality of life for everyone. (Eg: you don’t have to trade wheel axles for grain, you can trade...

It’s the one that prevents you from doing anything vs gold or paper currency. And it’s run by the very power you seek to avoid.

Its value is derived by the belief that one can use it to trade…. Just like a fiat currency.

You don’t think that a government that can engineer a coup can’t shut off the power? Each power grid is run by a public entity.

Oh god. You aren’t one of those conspiracy theory QAnon guys, are you? If so then bitcoin is useless to you. Who do you think controls the power that runs all the mining computers?

That isn’t worth anything. There’s no intrinsic value to any of that.

Being a reserve currency strengthens the currency - but i think this is small. What really keeps the dollar stable is that it is backed by a powerful and stable government. You can’t say the same for any crypto. That is why so many are complete frauds. we will probably settle transactions...

This is the opposite of logical. If everyone else’s crypto is getting stolen, who’s going to use crypto for transactions? If others don’t want to use crypto how much will your crypto be worth?

How does the system steal from the users?

especially when you have no idea what it will be worth, or if it will even be there tomorrow.

To buy the stock at 96 when it’s trading at 100, OP would have had to buy the call, not the put.