SBF Profile picture
18 Oct, 9 tweets, 1 min read
1) ok so some things on COVER
2) not investment advice
3) I had no hand in designing any part of COVER, past or present
4) They asked me to be an advisor for them a few months ago. Since then they have no asked me for any advice.

I can't do anything for the project if I'm never asked for advice!
5) I have no power of any sort, and never have.
6) I just read through their proposal.

That's the first I'd seen it or heard of it.
7) The amount of hate that people who were advisors have received for this over the last 24h is absolutely insane.

I wasn't asked for advice on this plan; I suspect none of us were.
8) Please stop spamming me about this; I have no context, no idea why they chose that plan, and no power in it at all.
9) @COVERProtocol, please remove me as an advisor to the project, if you're not going to ask my advice.

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More from @SBF_Alameda

18 Oct
1) I just talked with the @COVERProtocol team for the first time in a while.

I hadn't been privy to any of the planning of the tokenomics post they made yesterday.

They reached out today, asking for advice. This was the first time they had.
3) We talked, and I gave what I saw as the major feedback the community (and I) had:

a) the plan is shit for SAFE holders; it massively dilutes them down

b) the plan was drafted and announced without getting any feedback from the outside world
Read 9 tweets
18 Oct
2) not investment advice. not political advice.
3) should you vote?

let's do some math.
Read 17 tweets
18 Oct
1) There have been a bunch of awesome additions to Serum GUIs recently!
2) not investment advice. not gui advice. actually, wait, yes, this is gui advice.
3) has added a bunch of features:

a) tabs at the top for more information, and to add a new market to the DEX

b) once you connect your wallet, you'll see:

-- wallet balances

-- open orders

Read 13 tweets
16 Oct
1) Brothers in arms
2) not (investment) advice
3) Two years ago, Alameda Research nearly ended.

The full story is messy and sordid and contentious, but the short version is that in a month we went from invicible to struggling.

While things were good, all the employees gave things the benefit of the doubt.
Read 20 tweets
16 Oct
2) So, I *do* think AMMs make some sense for mean-reverty spreads.

Like some premiums.

Also, like USDC/TUSD/etc. (Curve!)
3) But you could do the same thing on a DEX.

the tricky thing here is that the two cases @cyounessi1 presents aren't quite the same.

Say there are two things--A and B--and over time A/B --> 1 (i.e. they converge).

In his case, treasuries and their futures.
Read 6 tweets
15 Oct
1) has been extremely volatile today -- moving up and down 100's of percents.

Also huge difference between exchanges, and between spot and futures.

Overall it was a pretty eventful launch!

Two notes:


--price bands and failed orders
2) There is now an index for !

Binance USDT
Binance BTC
Huobi USDT
Huobi BTC
Kraken USD

Funding is quite negative -- close to 1% per hour for longs. Watch out!
3) hit price bands a few times.

This is generally your responsibility to understand, and we make absolutely no promises going forward; we likely will _not_ do this again, and definitely not for anything except exactly this, but:
Read 8 tweets

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