131–140 of 216 posts
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Very wrong. Arbitrage is not “insider trading”.
They're accused of opening short positions, then pumping and dumping to trigger the shorts. That's not arbitrage.
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By "pumping and dumping" do you mean "buying and selling" to outsmart other people trying to outsmart them? Did they lie about the financial health of the securities they traded?
Js manages trades for huge whales that can move markets by themselves. So yes it is textbook insider trading if you are placing options just before you move the whale.
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"The market" here is just a convenient substitute for "people weighted by the disposable income", which today roughly approximates to "rich people".
what's your point?
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Jane Street skims money from our retirement accounts by building expensive clocks that the rest of us don’t have access to and adversarial queue modeling. We get WWVB and NIST NTP. They say they “add liquidity” as if subsecond trades are some fundamental need in the market. Normal legitimate business settles daily. The contemporary concept of time in banking is inhumane in the strictest sense. These firms are a bligh…
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Maybe I've drank the kool-aid, but I don't understand inflation to be an effect of a 'rigged system'. I think anyway you look at it, it's natural
Money is an IOU. It's not a secret that US central bank policy is to devalue those IOUs at a rate of 2% per year in order to artificially stimulate demand for production.
For decades before that policy, a policy even the Bank of Canada holds, inflation was crazy high. The 80s saw inflation, in Canada, briefly hit over 20%, and double digit inflation was a regular thing.
Everyone decided 2% would be a good rate to aim for, that more control was better, to prevent inflation from flying out of control.
Then some dude comes along and tries to spin it like it's a conspiracy to hurt people.
Please, read a little history. Please.
This is pretty cool, I wasn’t aware of these types of challenges. How does one even approach this? Feels to me like it’s similar to dumping a binary with an image, the format being entirely custom. And/or trying to decode a language or cipher, trying to recognize patterns.
> After looking at the final two layers I was somewhat quick to intuit that this was some sort of password check, but wasn’t entirely sure where to go from there. I tried to reverse it, but it was proving to be difficult, and the model was far too deep. I started evaluating the structure and saw the 64 repeated sections of 84 layers that each process 4 characters at a time. Eventually I saw the addition and XOR operations, and the constants that were loaded in every cycle, and the shift amounts that differed between these otherwise identical sections.
> I thought it was an elaborate CTF cryptography challenge, where the algorithm was purposely weak and I had to figure out how to exploit it. But I repeatedly was getting very stuck in my reverse-engineering efforts. After reconsidering the structure and the format of the ‘header' I decided to take another look at existing algorithms...
Basically it took a lot of trial and error, and a lot of clever ways to look at and find patterns in the layers. Now that Jane Street has posted this dissection and 'ended' this contest I might post my notebooks and do a fuller post on it.
The trickiest part, to me, is that for about 5 of the days was spent trying to reverse-engineer the algorithm... but they did in fact use a irreversible hash function, so all that time was in vain. Basically my condensed 'solution' was to explore it enough to be able to explain it to ChatGPT, then confirm that it was the algorithm that ChatGPT suggested (hashing known works and seeing if the output matched) and then running brute force on the hash function, which was ~1000x faster to compute than the model.
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All I think when I see this is "this intelligence wasted on finance and ads." Can you imagine human potential if it was somehow applied to crop harvesting efficiency, new medicines, etc? Not everything has to be perfectly efficient but it just saddens me to see all these great minds doing what, adversarially harvesting margin from the works of others?