Not your keys, not your coins. Also even if they are your keys, they’re not your coins. All your wealth exists in a quantum state of being both your coins and not your coins depending on whether you rolled a dice correctly 99 times and put the right number into your little tamagotchi thing
In 2007, a rival fund called Ken Griffin on a Sunday needing to dump a $30 billion book before Monday's open to meet margin calls. The senior banker on the competing bid went to bed.
Citadel owned all of it by 6AM.
This is him telling the whole story -- the 50-person team assembled in hours, the all-nighter, and the banker on the competing bid who called from Greenwich to say he was going to bed:
"And he said, look, it's getting late, this isn't gonna get done tonight. I'm heading off to bed, I'm telling my guys to go home, and we'll pick this up in the morning."
"And I said, there will be nothing to pick up in the morning. We're going to get this done. he sort of laughed and hung up."
"6AM before the opening of the markets, we bought that entire portfolio."
The quote he lands it on, from President Lincoln:
"Things may come to those who wait, but only those things left by those who hustle."
Bookmark & watch ↓
Leopold got liquidated yesterday and then everything he was forced to sell rips today. The market is ruthless. The sacrifice was made. It do be like that.
This young man has found out the hard way what 99.9% of traders in crypto deal with each and every day.
The minute you’re PUBLIC with large leveraged positions,
You’re on borrowed time with a MASSIVE RED TARGET on your back.
They slimed this lil nigga out and made him capitulate before LIQUIDATION.
He couldn’t handle being HUNTED.
For the world of traditional finance, this is almost unheard of.
For us in crypto,
It’s just a daily occurrence fighting against internal exchange trading desks with perp positions.
And much worse if you’re public on Hyperliquid.
I know niggaz who Alameda Research slimed out in May 2021 and they STILL haven’t mentally recovered.
I know niggaz who CZ slimed out on 10/10 and they’re no longer in crypto. Left the game entirely.
Ain’t shit sweet around here.
~ Dr. Axius.
@ThinkingUSD Judge a man by his capacity for failure. A lot of folks talking shit about leo rn biggest failure potential is spilling something on their parent’s couch.
I can't express how lucky I was to have spent my formative years with an internet that was shaped by >110 IQ nerds instead of third world content farms struggling over 5$ of ad revenue
continuing my war on paid software that should be free, today's victim is: granola.
quill gives you the same thing for free and completely private, just start recording and after you stop it, the entire audio gets transcribed into a default folder.
completely open source as always
2/ Crypto was the first place perps succeeded at scale, driven by @CryptoHayes at BitMEX (R.I.P.!). Those markets also trade 24/7, hold collateral digitally, and move margin continuously – which made different approaches to margining (higher leverage) and default management (auto-deleveraging) possible.