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[notes/market-fundamentalism][s]: move excalidraw re separation of market maker, broker etc into the repo.

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Rufus Pollock 2022-11-14 14:52:33 +01:00
parent 35e03ebfa5
commit 89e97fa9b6
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367
excalidraw/market-fundamentalism-separation-of-market-makers-broker-etc-2022-03-04.excalidraw.md Normal file
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---
excalidraw-plugin: parsed
tags: [excalidraw]
---
==⚠ Switch to EXCALIDRAW VIEW in the MORE OPTIONS menu of this document. ⚠==
# Text Elements
Market Maker ^5WzZYtKo
Broker ^6R5PXGoB
Trader ^YA5hsWiM
Clearing House ^Lc5Hoyzx
All 4 should be separated ...
In many crypto exchanges these
are 1! ^Dt9LZf2w
%%
# Drawing
```json
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"text": "All 4 should be separated ...\n\n\nIn many crypto exchanges these\nare 1!",
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"originalText": "All 4 should be separated ...\n\n\nIn many crypto exchanges these\nare 1!"
}
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"files": {}
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```
%%

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6
notes/market-fundamentalism.md
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@ -31,8 +31,6 @@ Rufus and Stephen 'steel man' the market fundamentalism position, exploring four
Rufus and Stephen end their conversation with an analysis of the market fundamentalist position and the associated claims.
## What type of asset is a crypto token? How do we value it? Is there a comparable asset?
* Zero-coupon perpetual [bond](../concepts/bond.md)?
@ -110,8 +108,8 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
* Clearing house and in-house prop trading are in the same room
* Exchanges have their own proprietary trading arm
* Trading against their own clients
* Markets work best when we have abundant public information and minimize fraud and collusion in [price formation](../concepts/price-formation.md)
* https://excalidraw.com/#room=6319a3e121dbdb6edf28,0u9Ht45kupjqkHD8kCuUAQ
* Markets work best when we have abundant public information and minimize fraud and collusion in [price formation](../concepts/price-formation.md). There is a reason we separated different parts of brokers, market makers, clearing houses and traders.
![[../excalidraw/market-fundamentalism-separation-of-market-makers-broker-etc-2022-03-04.excalidraw.svg]]
* We have no idea how much [leverage](../concepts/leverage.md) is baked into the entire market, induced by products like unbaked [stablecoins](../concepts/stablecoin.md) which can seemingly produce limitless amounts of unsecured debt products on demand.
* [Tether minted most USDT to just 2 firms — Alameda and Cumberland](https://protos.com/tether-minted-usdt-stablecoin-crypto-two-alameda-cumberland/)
* What does that lead to?