🧑🌾 @mlxapp. Ex Getco, ex top 3 trader on Bitmex. angel @usdai_official, @monad, @zellic_io, @ethena, @crusoeai. NFA https://nitter.gq/t.co/ZbRjcU0OqV
Joined June 2011
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My take and worldview on 24/7 tokenized stocks - the future of finance to research and all-in.
People - find people and projects to work with and invest in them and build with them. Believe in their mission and on them winning versus competitors and getting their vertical to be super consensus (everybody is talking about them at conferences and on CT).
If you have it in you, be that person yourself and then hire the smartest and best people you know around you (hiring is a very tough task) - convince them to give you their time to work with you on the odyssey of your mind.
I remember that Alexandr Wang was inspired by a paragraph in @peterthiel's 0 to 1 where it says technology is you building the change that is required to make life better, and the world pays you to make that happen, and he derived energy from that to build @scale_AI. Find your paragraph and inspire others to align with your mission, or find somebody with this vision and join their odyssey.
Passion - find areas within the space that you would do if money were not a problem. Find that niche and dive deeper than anybody else in the world. My mother always told me "work hard, and work smart."
You also need to be actually really good at the thing you're trying to build. Very smart people are building in stealth (Elon is building in broad daylight cuz he doesn't care), and there are no original ideas, so you just need to grind and work and pull all nighters until you get done what needs to get done.
Profit - The universe needs to pay you for what you're working on. I'm probably one of the top 50 people in the world at the game of 24 (just like Scott Wu is probably top 50 in that 9 card 4 digit version), but nobody gives a fuck other than the 24 card game company, and so you have to find stuff that people will pay to use.
@ethena is a good example - democratizing stablecoin yield is a huge TAM (USDT and USDC added up to $220 B usd at the time and keep all of the yield profit and give you jackshit). Ethena is the first project to say fuck you, we're going to give part of it back to the end user, and as the first successful project of its type, the market rewarded it with a $20B usd FDV at launch.
Size Matters. Running a small fund is not scaleable. Various roles generally cost the same, and the best cost more, so you need to manage more money or raise more dollars to hire the best people.
You need to think in every meeting you have, how can this meeting lead to my operation raising or managing more money. That is the end goal of everything. Even if work is for fun and you're post-economic, you still need to be profit and AUM motivated. I generally don't chat with small funds and small founders. It's the same amount of time and like 1/10 to 1/100 the upside. The only exception is like very young founders and teams that have a chance, but it's like needle in a haystack. Winners win.
Have fun. The number one regret people have when they die isn't that they didn't spend more time with their children or travel more or work less. It's that they weren't true to themselves.
Do work that, cumulatively, will be on your graveyard. It'll say something like, Tangtrades, loving father, son and husband. What is that next line?
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In ORFE 335, we learned about the newspaper problem - going over the limits is not visible consumption (because the spending doesn't happen). A bit fuzzy cuz took the class 20 years ago, but basically the optimal solution is to use up your credits every now and then and top up ala-carte, and then you need to find out the distribution of your token usage and just not give a fuck about going over but definitely don't underuse it every week.
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Anthropic pulled the $70–$80 IPO draft Reuters saw. Our diluted share estimate puts that at ~$1.27T–$1.45T post-money. The high end was right at our fair value, with ~$93.5B in new cash including the private placement vs. $90B modeled.
tangtrades.medium.com/anthro…
Exclusive: Anthropic is aiming to raise as much as $69.3 billion in what could rank among the largest initial public offerings on record, according to a copy of a filing seen by Reuters. More here - reut.rs/3Wxorec
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Tang retweeted
@HyperliquidX's IOC speed-bump mechanism has a flaw. Normally designed to protect makers in the interests of a more liquid market, it breaks down in periods of high activity. When blocks become full, pending modifies and cancels queue up for later blocks, so their latency increases. However, IOCs behave as though they have a separate blockspace dedicated for them, and their latency barely budges. You can see this in the lower left chart, showing latency of different order types during 19 activity bursts.
The result is that under relatively modest load (25-30k tps), IOC + 8 bps (priority fee) orders can pick off resting liquidity before it has a chance to get out the way. Meanwhile, under higher load (35-40k tps), even IOCs without any priority fee can pick off resting liquidity.
This, in my opinion, is antithetical to the ethos and design of the ALO and cancel prioritization mechanism and needs investigation by the team. It exists to reduce toxicity from HFT takers, and is breaking down precisely when most needed.
It may also be exploitable. If IOCs really are insulated from the congestion affecting cancels and modifies, a malicious user could spam orders, delaying makers’ cancels while their own IOCs go through, and taking the liquidity left stale.
One single example that occurred on AVAX today caused 1.3M$ of volume to be adversely selected for a total loss of ~13k$ over the subsequent 10 seconds. This affected us materially. Faced with such episodes of adverse selection, spreads and liquidity are undoubtedly worse than they could be otherwise.
Would appreciate if anyone with a contact at HL could share this with the team.
The next morning…
6月初就知道黄仁勋和Alice Huang的瓜了，这在算力圈也不是啥大的秘密。
整个故事挺唏嘘，不过可以明确的一点是，老黄是个好人，保全了女方，至少她现在在很安全的地方，自己承担了责任。
Alice Huang的老公是其前合伙人。
Alice Huang之前所在的 Megaspeed 算是中国算力圈的黄埔军校，里面的人后来分散到了各个地方。
Megaspeed前身是游戏公司第七大道，背后股东主要是各大游戏公司，包括《传奇》的运营方世纪华通。
Megaspeed的操作路径，是比较常见的手法，把东南亚当跳板。
以新加坡主体，向英伟达合规下单，拿到配额，Megaspeed对于自己和英伟达的良好合作关系也从来不藏着掖着，直接在官网挂上了英伟达支持。
设备运到马来西亚、印尼自建数据中心落地，对外宣称算力本地自用、对外出租。
这些芯片运送到Megaspeed于2024年初在马来西亚设立的子公司Speedmatrix。
后来，美方核查时发现一个巨大疑点，马来西亚机房内大量服务器原封不动、未拆箱，没有上电部署痕迹。
Speedmatrix注册地址在吉隆坡郊外，但是现场却无人办公。
Megaspeed以后，美国也开始封堵“用大客户身份+东南亚数据中心外壳”模型，以及传统的NCP身份不再是100%阿暖。
所以，我看着B300现货从半年前还是几百万一路跳涨到现在2000万，一切都是连锁反应。
但无论如何，中国的算力还是会继续发展。
多年后回看，说不定这就是改变中国乃至全球AI算力发展的历史性事件。
有幸吃瓜。
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Annie Cai, head of eco at @goldfinch_fi at edcon 2023.
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Looking like @ScottWu46 and @alexandr_wang are the @peterthiel and @elonmusk of this era; leaders among leaders.
i forgot about this until @ScottWu46 reminded me, but back in january 2017 when we were 19, scott and i had lunch in SF
at lunch, we talked about how our IMO/IOI/math competition gang could be the next paypal mafia. i knew the competition kids were geniuses by any standard, and felt confident in time we could take the tech world by storm
fast forward nearly 10 years later, and many of our friends from that time are some of the most exciting people in AI and technology (@ScottWu46, @akshat_b, @chameleon_jeff, Jerry Ma, @randomjohnnyh, @0xShitTrader, @stevenkplus1, @thejessezhang, @vickie_ye_, @alexwei_, @demi_guo_, @d_m_ziegler, @hughbzhang, @_mohansolo, @MarkSellke, and many others i'm sure i'm forgetting)
i'm now at that age where i reminisce about everyone i grew up with, and i've known most of these people since middle school (via MATHCOUNTS!). even though we were scattered around the country, we would gchat about math problems and hang out on AoPS, then we did math/algo camps together, and then we did internships together.
very crazy to think about the degree of sheer brilliance of this group when we were just teenagers, and so special to see so many go on to leave their mark on the world.
note to parents: if your kid is on gchat all day solving math problems with some anonymous group of cross-country asian kids, (s)he may just turn out alright.
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