cryptomyway2017

@kylechasse Morons...

CONNECTICUT JUST BANNED A STATE BITCOIN RESERVE. THEY'LL BE BACK.

@Sassafrass_84 GOOD LOOKING OUT!

Calling all Jeff's!!!!

@elonmusk That's why he need DOGE to be effective. To offset the spending. Look, we all want to reduce spending. But we can't stop spending along the way. You know this. What we need to do is stop wasteful spending. Such as all of these zombie programs. Stop ALL payments IMMEDIATELY!

Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year

FYI, bearish divergence on BTC's weekly volume and RSI goes back to early March, 24. Just FYI. Keep your head on a swivel. If we don't set a new ATH on this move, I'll be looking to lock in some profits. Maybe even play some shorts.

@Ashcryptoreal If you don't consider investing working, $1 mil. I'll turn that into $100 mil in 5yrs, and that's just the beginning. If you mean doing nothing of substance for the rest of your life and blowing what you have until you die... Not interested.

How much money do you need to retire fully and never work again in life ?

@kylechasse XRP, it's centralized.

YOU CAN DELETE ONE COIN FROM EXISTENCE WHICH ONE AND WHY??? 👇👇👇

@IanJaeger29 Is that his dad?

BREAKING: Democrat Rep. Maxine Dexter says she will not leave El Salvador until Kilmar Abrego Garcia returns to the United States.

@ClearSmoke2024 @IanJaeger29 @RepDexterOR Stay there...

@IanJaeger29 @RepDexterOR x.com/RepDexterOR/st…

@Sassafrass_84 Eating what you're cooking.

Cooking is my love language. What's yours?

@armaniferrante @Backpack I get the same warnings when simply sending from backpack wallet to another wallet. Why isn't the simulation process functioning?

Liquidations, chaos, and risk. With chaos in markets over the past week, our systems at @Backpack are handling all time high workloads. We're putting in a continuous effort to scale and meet the demands of the ever growing user base, and thankfully, our risk engine has held up well thus far. As we continue to grow, it'll continue to be trialed by the market, and, although I can't guarantee we'll be perfect, I know it'll become one of the most critical parts of our system. As FTX taught the world--and for some of us, leaving permanent scars--risk engines are as important as custody itself. The great irony of the FTX fraud is all of the talk and marketing around its ostensibly incredible risk engine--when it was the risk engine itself that was a major factor allowing Alameda to drain out customer funds via non liquidating accounts and an infinite credit line. The other great irony of the FTX collapse is that, for any margin system, bankruptcy is a valid state transition--there are no exceptions. This extremely subtle, extremely technical truth is not something the world has fully grokked as evidenced by the wave of startup exchanges claiming to have made FTX impossible. And before having gone through the exercise of building a margin system from scratch, I was also too naive to know any better. Although "solving" the FTX problem is not purely a technical challenge--and a comprehensive solution extends far beyond a single X post can articulate--transparency around risk is probably one of the most important parts of a solution. This is true if you're a CEX, DEX, in crypto, or out of crypto. So let me unpack how liquidations work on Backpack. Firstly, we must acknowledge that it's industry standard to run your own market maker. For better or worse (in the context of FTX, clearly for better), at Backpack, we don't. There's good things about this. There's bad things about this. But there's two interesting second order effects in the context of liquidations: 1) we don't have any incentive to liquidate our users (other than to stay solvent obviously) and 2) we have no reason to keep the liquidation flow to ourself. Our incentive is to save users as much as we can and to be as fair as possible throughout the process. To be clear, I don't think most exchanges are malicious, nor do I think most are "hunting stops" or anything like that. But I do think this marginal incentive matters and influences system design quite a bit. In short, Backpack tries to be as friendly and as fair as possible during liquidations, where we try as much as we can to liquidate all positions directly on the order book for anyone to trade against. In fact, amidst this week's historical volatility, 99.82% of all of our liquidations have happened directly on the book--with only 0.18% happening on the backstop and 0% happening via auto deleveraging. This is perhaps the best load test one can ask for and tells me that we can start responsibly increasing leverage even more. Honestly, 99.82% on the book is too much, as we're being too conservative with leverage--but this will naturally come down as open interest continues to climb and liquidation volume increases. At a high level, Backpack has a three part waterfall: - Liquidations on book. - Liquidations on backstop. - Liquidations via auto deleveraging. This type of waterfall is standard in exchanges today--both crypto and traditional finance. Every step of the waterfall is needed to ensure system solvency but the details in every step vary exchange by exchange. On Backpack, the algorithm is roughly as follows. - When we detect your MMR hits 100%, we lock down your account, cancel all open orders, repay all borrows immediately (if you have available balances), and begin the liquidation protocol. - Starting on the order book, we liquidate part of your position at any given time, slowly but surely chipping away at it so as not to cause an inordinate amount of price impact--and so as to not fully take you out, if possible. We do this across all symbols for which you have open positions in parallel. Slowly but surely we bring your account back to health. - When deciding how much we can liquidate on the exchange at any given point in time, we take a depth measurement directly from our order book, and only liquidate the available depth within some tolerable impact distance. This ensures we don't completely annihilate the outstanding liquidity on the book, we allow it to constantly refresh itself as we chip away at your positions, and ensure we don't allow the liquidated user to get rekt by getting filled by stink orders. - Even if the above goes haywire, we have market protection price bands to protect orders. This includes price impact bands, a moving average on the mark price as a band. And a moving average on the futures premium as a band. If the market suddenly goes haywire, instead of getting filled at horrible prices, the market will protect you by simply rejecting the really bad liquidation order and you'll just hold the position as the market moves. This is safe because we have the backstop to fall back to in the event the market keeps moving against you. - If we're unable to liquidate a user's position on the book, we skip the order book and go directly to the backstop, where we hand over positions directly to market makers that participate in the backstop liquidity program. This program is open for folks that want to participate. If you're interested, please reach out. Ultimately the Backstop is there to absorb cascades. Even if the market is getting decimated, the backstop catches the positions and absorbs the risk--and making a healthy profit at the same time. This is a last ditch effort to liquidate the user in a way that doesn't effect the rest of the market. If we run out of room on the backstop (it should be intuitively clear that we can't give infinite size to the backstop), then the system gracefully falls back to auto deleveraging, - Auto deleveraging (ADL) is the base case, so to speak. And any perps exchange running without it is like driving without a seat belt. If you crash, you're in trouble. We liquidate positions against outstanding open positions on the other side.This experience SUCKS for users, but it's a necessary protection in a worst case scenario. Our algorithm for auto deleveraging diverges from other exchanges: We sort by margin fraction, ascending, find all the open accounts+positions on the opposite side of you with an outstanding delta and bring their delta to zero (if all delta is zero, then we just go through by margin fraction to shut it down). Most other exchanges do ADL position selection by sorting by margin fraction + unrealized profits, but we opted for this. Why? Well, from first principles, delta is the correct measurement of risk. So if you bring delta to zero, you bring the system's risk to zero, which is our first goal in a volatile market. The beauty of auto deleveraging is that, even if all liquidity completely drops from the market, everything winds down in an orderly fashion--and in the most extreme possible case, bringing open interest back to 0. There's tons of details to unpack here. Much more than any post can do justice. But I hope this gives some color on how we handle this at Backpack. That was a lot, but if you have to take away one thing from this post, it's that, for any margin system, bankruptcy is a valid state transition. The risk engine owns you in the same way a custodian owns you. This is true in a CEX. But it's also true in a DEX. In the most literal since, it's the exact same problem. There are no exceptions. And if you want to diligence any exchange--you must have a thorough conversation around risk management. 🧱🧱🧱

@armaniferrante @Backpack When executing a trade using the backpack.app ext on jup.ag you get a "simulation unavailable" "proceed with caution" warning. The only way to proceed is to tell the wallet to "ignore and proceed." Not good. Please fix this error.

@Backpack To clarify that's on my wallet, the app extension. I've been having this issue all week. But after sending the last message, now it's updating...

Welcome to Season 1

@Backpack My account is frozen and balances aren't updating.... WTF?!?

@EricLDaugh wow... what a disgrace.

Tonight, the U.S. Supreme Court VACATED Judge Boasberg's block on Trump using the Alien Enemies Act to deport criminal aliens. The decision? 5-4. Guess who joined the 3 liberals?

@mad_soulless @TRHLofficial i was looking to see if anyone else figured it out.

@TRHLofficial Pinghe Teacher Hotel... they need to fire their graphic designer or give them a raise for creating an amazing word jumble

Am I having a stroke

@nickgillespie It's called a HUGE buying opportunity. It is moments like these when wife changing money is made. If you can't afford to add to your portfolio, just stop watch it for about 6 mo. If you don't sell you haven't lost anything. It's just video game numbers. Go touch some grass.

I'm 61 and over the past two months, my 401(k) has lost 25 percent of its value. I'm always happy to contribute to the greater good, but can someone please explain to me how this helps anyone?

@SylvesterEye7 Is that you? Go girl! Are you ready for the open surf yet? Gotta love getting your deck wet! 😉

Life is a process of constant experimentation, from curiosity to love, from rawness to proficiency Life is meaningless if it remains unchanged

@blknoiz06 It's almost like M2 Global has something to do with it...

kinda funny five years ago we had market crash bc of covid19 originating in china and now we have a market crash bc of tariffs targeting china

@PaganLavon LOL!!!!!🤣🤣🤣🤣🤣🤣