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You know, there was a time you used to be a normal person, but now welcome to my ignore list. You are the first one there, so it's a rare honor. For others, not on ignore. I own some BTC at the moment but most I have donated back in 2021 when it hit 20k for the second time. I am also a founder...

Economists tend to suck as a general rule. However, this particular one has gotten a few things right - more-or-less called the mortgage crisis, the COVID crash and the COIVD equity bounce. So maybe not as clueless after all.

Wait, what? Spooz TaQ data for $80/year from a reputable source - I think you're mistaken (my prior is that $80 was per-month). Could you post a link here?

I have a few BTC to my name still (almost all that I bought I donated actually). Yet nobody would sell me a house in any reasonable place without me exchanging it into fiat. Show me a contractor that takes crypto? Show me a car dealer besides Tesla that takes crypto? Show me ANY use that does...

Fucking phone. I meant to write “there are NO real use cases that do not involve breaking the law”.

LOL. Bitcoin has outperformed gold, T-bonds and pretty much every asset class. It does not make it less of a pyramid scheme unless there is a use case for it besides speculation

I bought BTC at 350 FWIW and still think crypto is a scam. There are real life use cases that do not involve breaking the law. We had a lot of cheap money, so big part of crypto’s story is just an outlet for that cheap money

HFT guys frontrun the basis/ETF-arb guys - they know if dislocation is big enough, the guys who can hold inventory will get involved. So they know they are back-stopped

Whichever one has more notional volume per day (ie multiplier * price * volume) is usually the one driving the pricing. For example, in case of S&P500 it’s gonna be spooz

^This. You guys don’t appreciate this, but this is really describes fully what’s happening. The futures are arbitraged (in the longer horizon) via cash-and-carry aka futures basis arb, which these days is most a funding and balance sheet game. The ETF is arbitraged (again, in longer horizons)...

I am not sure when you were there. These days risk limits are pretty tight (4+4 usually) and the moment you hit the second one, you might as well not show up to the office the next day. An established team might get a bit more leeway, but even they will get canned if they lose anything...

Meh, it's all RTFM-able. However, why should I waste my time trying to polish a turd? If I pay money for something, it should not be a PITA. Thankfully, I literally only use have to use Windows at work and only because of Bloomberg. For production and research at the fund we use Linux (CentOS)...

How so? I love my MBP, it’s a functional system, while windows is infuriating in every way possible (rebooting in the middle of the day because they want to install updates, pushing adds, failing to re-connect, perpetual watch for viruses etc). There is a reason why most software developers...

Well, the usual outcome is some sort of economic pain that results in policy change. Or a revolution. You pick :)

Income inequality is a real thing and a problem. It’s not clear what the solution is, since it’s driven by the technology

Sharpe of 2.5 is reasonable (though Sortino of 1 is kinda low). It’s the low turnover that would scare me. If it’s systemic, have you thought of approaching a PM team at some prop shop? What’s your background?

Do you recall the reasoning behind this? I remember the change but never understood why it was important

When the futures got halted at the Asian open, people (e.g. myself) were bidding up VIX because it's got short delta and you can pre-position for when the futures re-open lol. Pandemic trading was kinda fun. 9/11 trading definitely was not fun.

Which is why I said "effectively". The decision to keep the markets closed was, in part, driven by the desire to prevent a massive drop. They kept it closed till next week and equities dropped a fair bit when it re-opened. IIRC, it was the longest market closure since the thirties. I was...

I'd venture that your consumption basket has changed over the years. Mine certainly did - less beer, more dog food. It's a hard problem and there is no perfect solution. The best comparison is that CPI is like trying to measure average blood pressure in a large hospital - between the morgue and...