These types of inquiries come thru the major OTC desks every couple months. In my experience almost never real.
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Marathon retweeted
If there’s one thing you read today it must be @andyverity’s sensational account of what really happened with Libor rigging. New evidence reveals coordinated manipulation by international central banks. thetimes.co.uk/article/1d409…
Hard disagree here. The largest creditors are the largest MMs in crypto - with spot liquidity languishing there would be huge incentives for makers to provide liquidity there, and incentives for takers who got rugged to trade there & pay themselves. New management team adds trust
Marathon retweeted
Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandal
cnbc.com/2023/03/13/signatur…
Fwiw Western Alliance Bank has onboarded many major crypto companies relatively recently, they are the last option for the time being for many
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sometimes i think cantillon insiders couldn't possibly be too stupid to understand the meta game with the state of US commercial banking, but then other times i hear stuff like this
My take, having faced basically every large fund/trader in crypto in OTC trades in spot & options, is that there are no pure "sharps", no masters of the universe, no people who are always right. Certainly many have made great fortunes over time, but even they are wrong a lot.
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One point of contention, these are European style options so the delta really represents the implied prob that the option expires ITM, not that the price will ever be retested. Rough rule of thumb would put chance of 15k retest this year at 28% as an ATM option trades ~50 delta.
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Tough to scale on chain as jump risks & gamma effects of LPs selling vol in illiquid alts r extreme. IV wld either be borderline prohibitively expensive or LPs will get rekt & stop providing. MMs will write OTC alt options to insti’s now but that’s less scalable/imprtnt to retail
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Look they should restart FTX, it was the best perps exchange and had institutional level margining. New fee generation could be pledged towards creditor pool, which provides incentive for creditors (all the largest trading inst's in crypto) to do volume there.
Too early to know. If “economy good” = high money velocity then yes, but so far we’ve just seen high eth gas driven by eras of high eth prices
If price is true cause of high gas, then 1559 is actually pro-cyclical policy. High price -> high gas -> burn eth -> higher price and VV
Marathon retweeted
your bond math here is not so hot. for one thing, a basis point is 1/100th of a percentage point.
