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Zhu Su

22 Jul, 7 tweets, 2 min read

@binance

1/n

Introducing Tranchess tranchess.com today, a Tokenized Asset Management & Derivatives Trading protocol in which 3ac is one of the seed investors, along w/ @binance, @TheSpartanGroup @LongHashVC

@DcKingT

The Tranchess team are intellectual powerhouses w/ strong tech+finance backgrounds, and located across several continents. @DcKingT Danny Chong, co-founder resides in Singapore currently

Rather than farming in a dual-asset (BTCB-USDC) pool, users can choose to stake one or both of the single-asset pools - avoiding impermanent loss. If you are holding BTC, create the Queen token. If you are holding USDC, create the Bishop token

You can also go leveraged long on BTC via the Rook token. Unlike w/ perps, there's no forced liquidation nor funding cost spike

Premium/Discount based forward-starting TWAP order books also offer an alternative option to trade tokens via USDC with zero slippage or oracle issues

Limitless possibilities as it takes up other underlyings and goes multichain. Check out more details docs.tranchess.com/whitepaper

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Zhu Su

@zhusu

17 May 19

Bitmex wicked down to 6.4k.

2k BTC+ sell wall on bitstamp absorbed.

Looks like a mark price exploit by placing a large sell on stamp (1 of 2 oracles for mark on mex) to trigger liquidations on mex.

You would've been fine on lvg long on bitfinex which didn't go below 7k.

Even more egregious on ETHUSD. Mex wicked to 190, while low elsewhere was ~235.

Interestingly, kraken was added as a third weight a while ago and later removed.

Read 4 tweets

Zhu Su

@zhusu

8 May 19

This so-called "reorg attack" is basic strategy and has been known for yrs

It's a defense, a way to "mark as theft," there's no "rollback," no coordination w/ miners required

This impacts no other transactions that are happening meantime, causes no hf

Hacker could re-bribe ofc, leading to bidding war. So you could say post-block rewards, most of hacked value will accrue to miners (vis a vis that bidding war)

We will likely see ppl build out tools to estimate a safe # of confirms required based on the BTC amt of the TX

I do think it's an exercise in using precise language. It came across to many as "brb, reorg-ing BTC atm" which triggered many ppl's sense of disgust and was a call to arms to defend immutability. Yet there's plenty of Bitcoiners who understand that this is just how PoW works

Read 4 tweets

Zhu Su

@zhusu

4 Feb 19

Since 1/1/2013, only two TA strategies (MACD and Exponential MA) have outperformed Buy & Hold.
Since 1/1/2014, various MA strategies have outperformed. 2015 start date looks similar.
The worst strats since 2013 are KBand, RSI, CCI, BB, Stoch. Down since BTC was $13.30!

Bad TA is not just marginally bad--it can mean being net down trading an asset that has gone 1,500x and is still 250x from start date.

Look how bad RSI style strategies are for crypto relative to people's insistence on using them.

For ETH since Feb 2018, even though Buy&Hold is the absolute worst strategy, KBand/BB/RSI are pretty close behind.

Trend-following sounds easy but is psychologically contrarian.

Read 5 tweets

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