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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
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commit 89e97fa9b6
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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
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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. 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? ## 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)? * 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 * Clearing house and in-house prop trading are in the same room
* Exchanges have their own proprietary trading arm * Exchanges have their own proprietary trading arm
* Trading against their own clients * 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) * 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.
* https://excalidraw.com/#room=6319a3e121dbdb6edf28,0u9Ht45kupjqkHD8kCuUAQ ![[../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. * 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/) * [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? * What does that lead to?