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Cool that there’s a journal about this. Hope you keep up documentation on Anchor news and Luna prices. Luna is definitely an interesting strategy, akin to cash burn to create revenue without caring about margin in the equity world. Which is pretty risky but has created some absolute monsters...

Good to hear! I do think honest intellectual engagement in things we enjoy often seems to pay dividends in unexpected ways. Like if you do eventually position into getting bigger clients, having first-hand knowledge of markets from trading as well as expertise with the software development...

You seem to have a good framework and it’s always interesting to see people build out their own infrastructure. The thing that stands out to me though is that you’re playing really hard games trying to grind out some outperformance in ES and such. I am sure there are some faint edges there...

I never looked too far into mining until recently. Seems like on this last BTC rally there has been a boom of retail flow into the space. At least, the pricing has gotten a lot less attractive than it used to be. Depending on the assumptions you build in for network difficulty increase, some...

Imo there really are no efficient strategies to monetize skew movements, unless they are extreme and it's also capital intensive if that's the only thing you're trying to do. Unless you have another related position already on that you can lean your skew view against for a cheap hedge or...

The only thing that's difficult to plan for is how the landscape will look after some consolidation occurs. I wasn't old enough to be super in-tune with 2000 but I have thought about it a lot for reference. People call it a bubble in hindsight and with 20/20 vision that is easy to see. But I...

Yeah, funny to see that time and again. It doesn't seem like particular skill in forecasting markets got a lot of these "experts" to such a magnitude of wealth. Or if they had a special insight at one point it does not seem to be transferrable. Are you planning to hold most of your NFTs for...

Sometimes it is the MMs. In fringe markets they still make mistakes sometimes, or seemingly a mistake from being at an information disadvantage to you. Or it could be some trader who is loaded with edge and wants to offload some risk somewhere and he just finds the cheapest way to do it...

Yeah, I agree with you in case I was unclear. It's a relative value trade I mentioned, not just a calendar. If you have edge you can express it where ever you choose. Extra gamma with flat carry or vice versa. A fairly priced option chain has expected PnL close to zero and the structures...

Depends on the situation but I also like being able to lean short on rt time vega and/or long theta against a pocket of cheap gamma. Me and a friend have a trade on like that right now. RV coming in a bit low (so far) and it’s great to be able to collect the risk bid on vol for a while without...

The carry on futures (paid to shorts) usually spikes on rallies as well. Great way to take off some deltas and get paid for it.

Great stuff, I will check out those twitter links. That is kind of what I defaulted to; buying things that are already off the ground. There's more of a raw debit to lose if a project gets crushed, but market cap itself is kind of a stabilizing factor. Safer bet expecting teams that have...

Yeah, I just don't get the bearish sentiment. So easy to hold through these drawdowns when you have a grasp on the potential. The ~4K -> 2.8K run in ETH was one of the most pleasant unrealized losses I've ever carried on a big position. Will be great if/when we get an explosive rally with...

@Specterx That's a great rational perspective. Thanks for sharing. Having some fundamental baseline so we know when to allocate away from something on a huge rally is important. I don't know how much %wise but definitely there is speculative hype and dumb money fueling crypto and that will...

Hard to answer succinctly. I think it is interesting that when we are talking about wings we automatically bring up things in relation to them. ATM vol; skew of the rest of the surface, etc. I think evaluating them in light of something is key. If ATM is very rich a higher skew can be...

It's tough to value wings. Like you say, it's a blend between what the vol will be local to the strike, but still also a function of ATM vol. Because even if VIX is floored at 10, sometimes it sits there for a long time. So the breakeven IV for a two year period of 10 rvol concluded by a...

It's the same over here; lower income neighborhoods throw off a lot more cash over operating expenses. However the caveat is that people say they won't appreciate as much as the high income neighborhoods. This is probably true to an extent but I am skeptical that the market is propertly...

What is your PnL in raw $$? I don’t doubt you trade this way; small retailers have a bunch of inefficient ideas like thinking fair marks are meaningless until you hit the exit button. Doesn’t make it right. Almost all of the bigger traders I know understand the math behind portfolio...

Timing of exits is another topic entirely. I agree taking signals from PnL makes no sense. We were talking about the delusional idea that a gain or loss isn't real until a trade concludes. Equity fluctuations during the lifetime of a trade changes everything; co-variance matrix of current...

Margin call happens to a lot of these guys in the beginning a few times. Then they learn to de-leverage so they can either make puny returns or hold on to losers for years! And they don't have to let go of their mistaken idea!