SBF Profile picture
16 Mar, 4 tweets, 1 min read
1) A graph of latency on FTX over time:
2) As the exchange has grown, latency has too.

Which sucks. Latency is higher than it was 6 months ago.

So, a few weeks ago, we started working on reducing it.
3) We've successfully gotten it down by around 30% from where it was, though still slightly higher than in the summer.

There's more work to go.

We could probably get a factor of ~1.5 improvement over the next month.
4) Instead, we're going to do something a big more ambitious: re-writing the bulk of the matching engine.

The downside is this won't pay dividends until it's done, probably in two months or so.

The upside is that it should, hopefully, give us 2x or better improvements.

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More from @SBF_Alameda

16 Mar
1) What is Oxygen?
2) I guess I should start by saying what it's not.

@Oxygen_protocol isn't an attempt to make a simple, clean margin trading interface as soon as possible. (@mangomarkets sorta is!)

Oxygen is going down a different route:

what is the most powerful borrow/lending product?
3) And what do we have to do to get there?

It's an approach that mirror's @FTX_Official's launch in some ways.

And perhaps some parts of the design will seem familiar.
Read 14 tweets
15 Mar
1) listening to….

Some thoughts:
2) It paints a really compelling picture for primaries mattering, in terms of campaigns/funding/dynamics.

And that things can be random and contingent.
3) around 20 mins in, they talk about people miss-predicting the primary.

I think what they forgot: 2020 wasn't a random election. It was the election of Trump and COVID.
Read 16 tweets
8 Mar
1) A while ago I wrote a post on Sushiswap:

2) In the end, it wasn't inevitable.

If Nomi hadn't fucked up, maybe SUSHI would be at $100.

If the team hadn't built, maybe it would be at $1.

But it had a shot, because much of what we thought was sacred was in fact chasing yield.
3) There are people whose beliefs in a product or a chain will always dominate other factors.

But most of the people you see using something aren't trying to express their faith. Most people are still searching, and using whatever seems best for them at the time.
Read 16 tweets
6 Mar
1) I'd like to take the opportunity to talk about something more important than my usual shitposts:

the people who have made FTX what it is today.

some names have been altered to preserve anonymity

some facts have been altered to improve the heartiness of the laughs and the deepness of the sighs readers feel.
3) First, Sir Buys-A-Lot.

S B-A-L heard about the FTT presale and was one of the first to buy.

Something really struck me about that: they didn't seem hesitant, they didn't demand concessions, they didn't demand attention. They were excited.
Read 19 tweets
4 Mar
1) I think there's a lot of arbitrariness here:

2) a) Say that you make $5b and have $5b of one-off expenses.

Earnings: $0.

b) Now say your mkt cap goes up from $1b to $50b.

Earnings: $0.

c) Now say you issue $10b of equity at a $50b valuation.

Earnings: $0.
3) d) Say you also issue a token and own all the tokens.

Earnings: $0.

e) Now that token increases from $1b to $50b mkt cap.

Earnings: $0, but $49b of unrealized gain.

f) Now say you sold $10b of the token @ $50b val.

Earnings: $10b!
Read 11 tweets
3 Mar
1) How I learned to stop worrying and love rate limits
3) There are two mistakes everyone makes when they write their first trading bot.

The first is not the subject here, but I'll mention it in passing because it's everywhere and wild and hugely impactful:

The Golden Ratio.
Read 16 tweets

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