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, 4 tweets, 1 min read
Currently listening to a very interesting paper that describes a fundamental problem with current DEXs that explains why they will offer worse execution compared to external, centralized markets.
Current DEXs rely on atomic swap primitives that have a time bound. This, in turn, enables one of the participants to see if the trade is developing in their favor during that time bound, and abort the swap.

In essence, Bob has been granted an option!
As a result, every trade on a current DEX involves an implicit option. You're not just paying for the asset, you are also paying for the implicit option, granted to one side because atomic swaps are asymmetric. This means that #DeFi DEXs will always offer worse prices to one side
On my phone right now, difficult to cut & paste links. Check out the paper at #AFT19.

Also, the student who presented this paper was giving his first talk ever. Did a fantastic job!
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Emin Gün Sirer
@el33th4xor
This is stupid.

There's a technical problem, which I'll expand on in a blog post.

But the real issue is that the Bitcoin community is so wound up, so insecure about their system that they cannot handle anything that hints at how their tech is ancient and badly parameterized.
No one knows what actually happened to the Bitcoin hash rate.

Could be software configuration errors at a miner

Could be a mining facility that went down.

Last time, it was hydro problems in China.

Samson has no idea. He's just asserting that it was a statistical anomaly.
The maxis are clinging onto the claim that it was "just" a statistical anomaly. Samson isn't a mathematician, he's the chief meme officer at a company that has no products, no CTO. His expertise is sock puppets and personal attacks to cover up for the VC exit scam of his company.
Read 15 tweets
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Emin Gün Sirer
@el33th4xor
There have been several fundamental changes to the incentives in Bitcoin since its launch.
1. We now know that selfish mining is a possibility against PoW coins. 51% honesty isn't sufficient -- depending on the coin, 66% to 100% need to be honest.

Luckily, most miners have been honest so far, but the threat is ever present, esp for low hashrate coins.
2. Satoshi did not explicitly mention pools. That changes the game theory substantially, especially if the miners within a pool are not checking the work of the pool operator. A single bad actor can rope in honest-but-not-tech-savvy actors into a byzantine attack.
Read 12 tweets
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Emin Gün Sirer
@el33th4xor
I believe many ICOs raised far more than their worth. But this franken-toothbrush shows that there's still lots of money chasing dumb ideas in the fiat world.

Beam raises $55 million for a connected toothbrush that lowers dental premiums venturebeat.com/2019/05/29/bea… via @VentureBeat
Sometimes, there's a problem with the zeitgeist, the state of the world. These issues are typically coupled with a demographic shift. We often fail to analyze the root cause of the problem, and chase down some of the symptoms.
Right now, that problem looks like a combination of intellectual malaise + lack of creativity + incumbents with government protection + big companies sitting on giant cash reserves instead of investing them. End result: there are few good investment opportunities.
Read 13 tweets

Related threads

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Sun_Q_Tzu
@Sun_Q_Tzu
Very interesting video from @potus re hurricane Dorian’s current path versus the prior projected path. Seems like he went out of his way to show us that Dorian was supposed to rip through Florida and head into Gulf. My opinion: he is implicitly letting us know there’s more at
Play here than we realize. I do not subscribe to the theory that whitehats caused the storm to remain stationary over Bahamas to flood an underground base or wipe out a deep state base. That’s not the way the whitehats work when it comes to a significant threat to lives. I do
Think we have witnessed weather warfare at work and that this storm was kept from ravaging the SE part of the USA. We currently have the eye passing us off the coast of Florida where I live. 40 mph wind and rain and tornado warnings but not all that bad. Thankful that God
Read 5 tweets
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Lyman Expand the House Stone, AKA 石來民
@lymanstoneky
Iiiiiiiiit's #NBERday !!!!!
Let's start simple!

Q: Do employers discriminate against resumes they perceive to be American Indian?

A: Basically no. Four different ways of indicating indigenous status were tested. None show discrimination.
#NBERday
nber.org/papers/w25849
This is a surprising finding. Most resume studies do find discrimination. The found a pretty precisely estimated null using a very standard study design, and with plenty of robustness checks. So indigenous low SES is probably not mostly explained by CURRENT prejudice. #NBERday
Read 40 tweets
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Danielle M Hinton, SFHEA
@hintondm
Let’s talk about #lectures in HigherEducation
.@LangOnCourse alerts us to: When should we lecture in class? Excellent examples and analysis of the (positive) role of the lecture from @dgooblar chronicle.com/article/Is-It-… #teaching #learning #lecture
.@mariosbham comments on "#Lectures: a much-maligned format which can be truly inspirational" #HigherEducation edudevelopmentbham.wordpress.com/2018/10/26/lec…
Read 48 tweets
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Sam Westwood
@westwoodsam1
I am embarking on my own #PaperPerDayChallenge where I read at least one paper, well, per day for a whole year. To kick start, nature.com/articles/43573… inspired by @ukrepro Reproducibility Workshop @CumberlandLodge and a talk by @MarcusMunafo
Paper #2: Hard not be cynical about advocates of reproducibile science given most have careers built on the very questionable practices they wish to stamp out, so great to see @russpoldrack tackling this head on and offering great advice along the way 👍 ac.els-cdn.com/S0896627318310…
Paper #3 - false positives from multiple testing in anovas and importance of distinguishing exploratory and confirmatory hypotheses — also I thought anovas corrected for Multiple testing and this paper shows so too do many others, I’m not the only idiot! link.springer.com/content/pdf/10…
Read 159 tweets
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Fred Wu, MD
@FredWuMD
Dr. Helen Taussig, considered to be the founder of pediatric cardiology and best known for her role in developing the Blalock-Taussig shunt operation for "blue babies," was born 120 years ago today. Happy birthday, Dr. Taussig! #CHD
As several others have pointed out, Dr. Taussig persisted in the face of great adversity—no small part of which was due to her gender at a time when medicine was dominated by men—to become one of the most influential physicians of our time. A few highlights...
Harvard Medical School missed a few opportunities to claim what is now known as the Blalock-Taussig shunt. When she initially expressed interest in a medical career, Harvard allowed Dr. Taussig to sit in on some courses but would not issue a woman any credit toward a degree.
Read 18 tweets
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Oliver Lovell
@ollie_lovell
1) I’ve read a bit recently critiquing the approach of the ‘meta-analysis’. So I’m trying to look into it. Stop one, Gene Glass’ 1976 paper ‘Primary, secondary, and meta-analysis of research’. Here’s what he’s saying. pdfs.semanticscholar.org/e990/a41e8f09e…
2) Meta-analyses are necessitated by the sheer volume of research that’s out there now (‘now’ being 1976). And then-current methods weren’t up to scratch. (but note how he himself suggests that combining 500 studies will ‘defy simple summary’)
3) As an aside, a pretty funny characterisation of those then-current methods.
Read 10 tweets

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