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Derivatives Trading is on the Edge of a New World With Artificial Intelligence on Level01
https://preview.redd.it/2r0yyzpr9z321.png?width=640&format=png&auto=webp&s=4d3d9fa506588761696133140ca38af266215f29 Could artificial intelligence in trading become the new normal? Advances in technology and new standards surrounding automated trading are pushing us ever closer to transforming the industry. If this sounds very much like a science fiction movie, we can assure you it is not. In fact, artificial intelligence (AI) is already being utilized by banks, but its going to take a little longer for people to catch up to the idea that their investment is as safe, if not safer than it would be if their investments were handled by humans. An analysis by Accenture indicates that between 2018 and 2022, banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average of 34 percent. AI’s application is proven to improve efficiencies or customer outcomes and the software-development team at Level01 is working hard to achieve a human-machine collaborated future in derivatives trading — to help people trade better, with ease and peace of mind. As far as discernment in artificial intelligence in trading go, algorithmic trading is perhaps the most discussed of all. If we take a closer look at its application today, automated trading reflects our attitudes towards technology and how it is evolving the way we invest. Yet much of the discussion is still fixated on the hypothetical scenarios that automated trading would take over human jobs. Much less weight is being placed on the fact that AI through its fundamental form known to many as algorithmic trading has been used by institutional and retail investors for almost a decade now. “But there’s an obvious gap between institutional and retail users when it comes to trading and we aim to bridge that gap by creating a ‘level playing field’ for Level01 users. We do this by empowering them with our AI price discovery mechanism known as ‘FairSense’” says Naglis Vysniauskas, Head Quant Developer at Level01. “The AI was built using cross-stream analytics that were previously available only to institutional organizations.” From helping investors to assess true market value of the contracts to enabling them to continuously update their bid or offer price relative to the implied fair value by FairSense, plenty of functions were built in to support human-collaborated trading, rather than substituting it. Introducing these features on a sleek user-friendly app is a strategic step-by-step approach to help the public get used to a whole different way of investing on an efficient and trustworthy Peer to Peer Derivatives Market platform like Level01. “People will experience trading at speeds, liquidity, freedom, accountability and transparency that have never been available before” says Vysniauskas. Those that find it hard to believe, can now experience trading on Level01 without limitations traditionally set by brokers, who would force their clients to accept their given price, disallow clients from dictating the best execution and insist that clients to trade at a ‘spread vs. mid’ (clients have no power to negotiate the level of spreads which they pay). The level of freedom granted to users on Level01 is enticing and highly persuasive. “On the Level01 Derivatives Exchange platform, retail investors (or users as we call them) can trade against multiple peers or brokers, and this enables them to find best execution available,” says Vysniauskas. “Also, the ability to specify a fixed spread to fair value of an instrument could potentially reduce trading spreads significantly for large investors.” The practicality of this feature though may not fit small investors though, because leaving fixed bid or offer prices without continuous adjustment would be risky in markets where sudden movements are common. “That is why we built Level01 to give users the freedom to continuously update their bid or offer price relative to the implied fair value by FairSense, this is so that if the trade is not a match, the bid or offer price is updated continuously as market moves to ensure that it is always priced competitively relative to the most recent fair value” adds Vysniauskas. HOW DOES FAIRSENSE WORK TO LEVEL01 USER’S ADVANTAGE? For the purposes of explaining how FairSense AI helps users on Level01, we take a look at this case study of a Binary Option Example on EUUSD Forex Pair. https://preview.redd.it/qqiilcks9z321.png?width=600&format=png&auto=webp&s=cfff89ed36c8051751e93f072c5c5f89b2ecace5 A 10-minute binary put option is being offered at a $59.73 (fair value +$0.50). The order is not filled or matched almost immediately, and after 4 seconds, the EUUSD spot price has moved by 1.5 pips and the fair value has not moved above the investor’s offer price. In this case, a contract is being offered below fair value. Now take a look at Chart 01 below. You can see that the relationship of the fair value of an option with the spot EUUSD price. You can tell that the fair value is highly dependent on the spot rate. Thus, if a retail investor submits an offer to an exchange, it might be filled at a time when it is already below the fair value — an undesirable scenario for investors. Such scenarios will stop investors from submitting further offers to the exchange. https://preview.redd.it/v9gfxbit9z321.png?width=600&format=png&auto=webp&s=fea9e3720a679b5f79e0306409c73f71844210ac To resolve this common problem, Level01’s FairSense AI enables all investors to quote ‘relative offers’ to FairSense’s fair value. This allows investors to simultaneously compete for the best offers without imposing them with a requirement to have their own algorithms for price estimation and having them continuously updating the quote manually. https://preview.redd.it/4lmbz3du9z321.png?width=600&format=png&auto=webp&s=dd59e23b3bab3d0d0097f5a0016bf489ddbbae4f In many ways, having AI as the norm will become essential to creating investment outcomes that are optimized for every type of investor, truly transforming the way trading is done. With an advanced Blockchain platform, AI and inbuilt frameworks that are designed to favor the user, Level01 will shape the future of automated trading on its Peer to Peer Derivatives Exchange at scale and speed that the world will come to marvel.
I understand the subjunctive now; it's easy and I'll tell you about it. The problem is that we have been taught to think of it almost literally backwards
For the last couple of weeks I've been studying the uses of the subjunctive intensively for a couple of weeks, wading through inane comments like "it's just something only natives know for sure; to everyone else it is invisible magic" (a very unfortunately common and reductive opinion I've seen around), scouring forums to study how people use it, reading guides and books and the whole thing. Not much seemed to be working; the whole thing still seemed arbitrary, impossible to predict, and totally random. But last night I had a breakthrough, and damn near everything fell into place. I read a few things; I read a great write up on how in spirit English uses the "idea" of the subjunctive mood in various auxiliary verbs from "I think..." to "could", etc, and how it often parallels things in Spanish. I then read through a whole chain of spanishdict questions and answers on the topic, and someone made a comment talking to a new learner who used the indicative in the context of questioning whether or not she had popped a ball when she should have used the subjunctive. His comment was "if you're uncertain that the ball was popped...then why is your next sentence TELLING ME that the ball was popped?" I frowned. "Why would that say that?" I asked myself. "It wasn't as if she was literally telling him that the ball was popped from her perspective, instead she was just...she was...just..." Finally it all hit me; the subjunctive mood makes NO SENSE... on its own. The fatal flaw -- one that comes down to a critical misunderstanding between how english's and Spanish's primary moods operate -- isn't that I didn't understand the subjunctive per se It was that I had no real idea what the hell the indicative mood really was, nor how well-learned Spanish people interpret it to their ears. How could I? Nobody had explained it well to me. EVERYONE only talks about the subjunctive but never the indicative. Because it's obvious, right? It's the same in English as it is in Spanish, right? Let's barely even touch on it when discussing the subjunctive, how could they be related? It's like English, the subjunctive is just a weird thing dangling from under it. No it's not. Guys, the indicative mood is far stronger than english's. It isn't about an implication of rules, it isn't about an implication of concrete reality. It is ABOUT reality, truths, and our perceptions of that truth, directly. There is no implication, it's the outright direct meaning. ANY time we use the indicative, we communicate that what we are saying is a FACT to our perception, and everyone else will hear us like that's what we're saying even if the sentence would imply otherwise; it doesn't act subordinate to the sentence context, so if you use it in the wrong context they crash into each other. This is the key. The subjunctive isn't about being emotional, it isn't about possibilities, it isn't about hypotheticals per se. It is about NOT being the indicative, and literally the only real "rule" to the subjunctive is "do I want to give my sentences a strong meaning of truth, factual declaration, and concrete reality here? Or would that focus hurt my sentence?" The subjunctive is a mood of avoidance. It's used to AVOID the implications of the indicative. It can only properly be understood by contrast to spanish's usage of the indicative mood, and once you properly grasp that it's the easiest thing in the world to see. I was up till 5 am checking all the examples I could find, reading Spanish forums online and all their usages. I couldn't find one that didn't make sense to me anymore, not a single damn one. All those weird irregularities? Sensible. The reasons for why it seems to spread over so many theoretical topics? Sensible. I had done it, I'd cracked the meaning behind things. And regardless of what some people on forums had claimed, it's absolutely not magic or something you can only get by speaking for 10+ years. What it is is simply misexplained by means of being talked about in a vacuum. And with it came a LOT of sudden, cascading realizations about Spanish and how it truly differs from English. I will explain all of this below to help my fellow English-to-spanish people. First off: "Nice catch", you probably think, "but it's so abstract. How does realizing the implications of the indicative mood help me?" Allow me to demonstrate. First off, it must be said that the indicative is way simpler than the subjunctive in terms of its scope. In fact the entire reason why the subjunctive seems to cover so many things in theory is just that it is nothing more and nothing less than a reflection of everything the indicative is not, so covers more topics on paper (even if it's used far less frequently in reality) Like I said, literally all of it makes sense when you just flip things around and denote subjunctive as "that thing that gets called when the STRONG indicative mood would ruin things with its overwhelming presence." We can interrogate sentences in Spanish, piece by piece, and I'll show you exactly how it lines up. Let's take the classical example. "Estoy feliz que estés aqui!" Let's NOT ask ourselves why the subjunctive is here...instead, let's ask ourselves why the indicative ISN'T here. Indicative comes off as -- again, not merely implies like equivalent statements in English but outright states a purpose of -- declaring facts, discussing concrete reality of the here and now, our declarative plans, etc. Can you see why this would be "wrong"? It is in fact not wrong, at all -- it's just incongruous in context. If you said "estas aqui" with the mood that declares facts...well, at best you just announced to them that they are here, carrying the meaning of you wanting to let them know this fact. Rather bizarre under most circumstances, seeing as how they damn well know that they are already here and don't need us to declare this for them! So, normally we won't do it unless in context we really do want to declare this to them for some reason. "Es posible que él es aqui"Let's apply the same process! "Why wouldn't the indicative be good here?" Well let's look at the first half. "Es posible que..." alright so what we say next is possible! And next we say "es aquí". As in, we used the declarative, factual, concrete reality mood. In other words if we used "es" here, we would be outright saying that we firmly believe -- that it is a fact to us -- that this man is here Well if we firmly believed that already, then why the hell did we lead with "it's possible?" This is just an incongruous statement! Therefore, we don't use it like this (unless we really do want to make such an incongruous statement). Talking about an object that doesn't or may exist? Well when you refer to it with the indicative, you DIRECTLY STATE that to you that object might as well be reality. Poetic, but also rather delusional. Therefore, we don't use the indicative. Making conditional plans, like "we will go to the mall once grandma arrives?" If you use the indicative on the latter half, you directly state that her arriving is your reality...even if she hasn't arrived yet. See what I said above about being delusional. And so on and so on. Whenever you are confused about why a subjunctive is used, the proper question is not "why is it here". The proper question is "why is the indicative not here?" It's a subtle difference -- but an important one. What we have to understand is that Spanish is not a neutral-statement language. It is binary. You ARE asserting reality. Or you are not; those are the only options, and to speak in the indicative is to presume to be asserting your interpretation of facts for others to hear. It is not a subtle effect or theory, this is how the spanish-trained brain will unconsciously view your sentences and why it will tell them that 'something' is off about what you said. You indicated to them that you wish to discuss something factual that is in fact not, and their / our-future-brains aren't really sure how to interpret that. In fact, if you aren't already thinking of the indicative in this manner or interpreting sentences with that subtext, it's time to start; that's how the spanish speaking mind will interpret its usage, and if we want to learn this language well we need to interpret it as that as well. Those are the examples off the top of my head. I will now explain why, in terms of the structure of english and spanish, this idea is so hard to get across to native english speakers. This entire effect is a direct contrast to English, which is why it's alien to use until properly explain, and why to native Spanish speakers our confusion is foreign. To both of you -- english-to-spanish students and people who speak spanish first, i will note the following lingual truth that most people don't realize by virtue of not thinking about it: english is a flexible, and often neutral language. Let me repeat that; english is NEUTRAL by default. We DON'T communicate this kind of meaning with our basic sentences, ever. English is like a buffet rather than a binary. Its base forms are almost always implicationless by design specifically so that we can choose to insert auxiliary words to enchant it with such meanings as English speakers please. This is likely also why most of its true subjunctive mood has faded into niche forms; English genuinely has no real need of it with so many ways of putting a sentence together. Spanish, by and large, has 2, and you will not escape from them nor their implications. (Well and imperative, but I'm not talking about it because both of our languages share that one nearly identically in concept). A statement is a statement, indicative is your reality and your attempts to declare facts for others to hear and discuss, and subjunctive is the only way to indicate that what you speak of isn't that. That's it. That's all there is to it. Also, I'll tell all spanish-first readers who happen to read this the same thing i told my Spanish friends irl: you have no idea how confusing the subjunctive is when you are coming from a place where the "primary" prose can imply anything due to a) that being what we think of thanks to English b) most people not going out of their way to firmly correct this misconception. It would be damn near useless and indeed extremely random to perceive in usage if not for its reflections on the indicative, which is different from what we think at first. THIS is why your English speaking friends who are trying to learn Spanish struggle so hard with the concept, while you just know it. (And on the flip, why none of my Spanish-first friends realized the neutrality underlining English until i directly pointed it out to them. A lot of us aren't aware of the underlying mechanics; this is fine going from Spanish to English since English is flexible as hell, but not so much the other way around, unfortunately for us.) Now, after all of this, can I make a request to the general community: can we PLEASE not presume that the subjunctive is magic and that the indicative is so obvious? That kind of common notion is at least in part why a lot of English-to-spanish students wrestle with the concept. For some reason we're often taught (I sure was) that the indicative in Spanish is synonymous with English and to not think more on it in comparison to its bizarre cousin, when in reality the differences between English normal prose and Spanish's indicative are both easy enough to explain and also EXACTLY why the subjunctive exists. Trying to explain how and where to use the subjunctive is like trying to put a car together with a wrench and a few bolts; good luck figuring it out easily with so much essential context missing. Maybe my teachers just didn't think about it? Do people in general not just realize this crucial difference between English's loose neutral structure and Spanish's much stricter and meaning-laden structure? Who knows. And no, realizing this doesn't mean we don't have to practice. I'll forget use cases, not be able to realize when I needed to switch moods until hindsight, etc. I recommend "demystifying the subjunctive" for a book, it helped me out immensely. But at least now we understand it. Learning, as Spanishdude on YouTube says, is just an act of giving context to things we already know, and now we can do that without being lost. It IS a simple and easy to grasp concept at its heart, it's just not usually explained well and requires explaining what precisely is the difference between how english approaches delivering information and how Spanish does. Former is neutral, latter always communicates a meaning. The indicative in particular always imparts a sense of speaking of concrete reality no matter what sentence it happened to be in, and the subjunctive is nothing more than its replacement for when the indicative's strong statements on reality simply don't work with the matters being discussed. Of the two, the indicative is both more strict and also more narrow, and thus the clause of 'use indicative until its determinate attitude of only being used to address factual reality shits the sentence up' reigns best for the quickest and easiest way to conceptually grasp the subjunctive. It is all about the indicative; always has been. Anyway that's all I got. I'm finally going to bed, work will suck tomorrow but oh well, I'm too happy to care. After that I'll...maybe finally learn some decent vocabulary. I'm a heavily grammar based learner, so this was actually one of the first stops on my way through my new language, so I've still got a lot of learning to do. Still, now that i get this, I am much more confident of the rest of the way onward. ---------- Couple of more fun tidbits, if anyone is still reading. I also realized the English conditional is WAY wider than Spanish's, and that this is in part because in English it has come close to replacing separated subjunctive grammar in a lot of cases. If you ever notice how often we through "can" and "could" around, it is in part because of this. I also realized that in a theoretical sense, the "true" purpose of future tense in Spanish is to discuss plans for the future, not to indicate that it will happen. Technically a small detail and probably obvious to most, but for some reason I needed this realization to realize why the subjunctive isn't triggered by its speculation; merely declaring plans is a concrete thing, after all. For some reason in English I get the subtle sense of trying to will over the future when I use it. Might be a slight language difference in intent, or maybe I'm just presumptuous about the future in English. Finally, just a piece of trivia I liked; I realized "to think" and "creer / pensar" aren't really good translations for each other in implication. You ever wondered why it doesn't trigger the subjunctive in a positive usage? This helps to reinforce one last bit; for such things when it comes to certainty vs uncertainty, it's likely just a concept being used slightly differently in Spanish. While they mean literally the same thing, their connotations are nearly inverted. Spanish uses it to affirm that you believe something to be true (hence why it's also translated as to believe), while English uses it to instead imply subjectivity and impart doubt to a clause. It would absolutely be a subjunctive trigger in Spanish if it were transplanted directly since our usage of it in spirit is completely synonymous with Spanish's own usual triggers, but well it isn't. My Spanish speaking colleagues thought that one was interesting in particular for some reason, maybe they didn't really know how i had meant it this whole time?
It's that time of year again, and we've got a new version of macOS on our hands! This year we've finally jumped off the 10.xx naming scheme and now going to 11! And with that, a lot has changed under the hood in macOS. As with previous years, we'll be going over what's changed in macOS and what you should be aware of as a macOS and Hackintosh enthusiast.
Has Nvidia Support finally arrived?
What has changed on the surface
A whole new iOS-like UI
Broken Kexts in Big Sur
What has changed under the hood
New Kernel cache system: KernelCollections!
New Kernel Requirements
Secure Boot Changes
No more symbols required
Broken Kexts in Big Sur
MSI Navi installer Bug Resolved
New AMD OS X Kernel Patches
Other notable Hackintosh issues
Several SMBIOS have been dropped
Extra long install process
X79 and X99 Boot issues
New RTC requirements
Legacy GPU Patches currently unavailable
What’s new in the Hackintosh scene?
Dortania: a new organization has appeared
Dortania's Build Repo
True legacy macOS Support!
Intel Wireless: More native than ever!
Clover's revival? A frankenstein of a bootloader
Death of x86 and the future of Hackintoshing
Getting ready for macOS 11, Big Sur
Has Nvidia Support finally arrived?
Sadly every year I have to answer the obligatory question, no there is no new Nvidia support. Currently Nvidia's Kepler line is the only natively supported gen. However macOS 11 makes some interesting changes to the boot process, specifically moving GPU drivers into stage 2 of booting. Why this is relevant is due to Apple's initial reason for killing off Web Drivers: Secure boot. What I mean is that secure boot cannot work with Nvidia's Web Drivers due to how early Nvidia's drivers have to initialize at, and thus Apple refused to sign the binaries. With Big Sur, there could be 3rd party GPUs however the chances are still super slim but slightly higher than with 10.14 and 10.15.
What has changed on the surface
A whole new iOS-like UI
Love it or hate it, we've got a new UI more reminiscent of iOS 14 with hints of skeuomorphism(A somewhat subtle call back to previous mac UIs which have neat details in the icons) You can check out Apple's site to get a better idea:
A feature initially baked into APFS back in 2017 with the release of macOS 10.13, High Sierra, now macOS's main System volume has become both read-only and snapshotted. What this means is:
3rd parties have a much more difficult time modifying the system volume, allowing for greater security
OS updates can now be installed while you're using the OS, similar to how iOS handles updates
Time Machine can now more easily perform backups, without file inconsistencies with HFS Plus while you were using the machines
However there are a few things to note with this new enforcement of snapshotting:
OS snapshots are not calculated as used space, instead being labeled as purgeable space
Disabling macOS snapshots for the root volume with break software updates, and can corrupt data if one is applied
What has changed under the hood
Quite a few things actually! Both in good and bad ways unfortunately.
New Kernel Cache system: KernelCollections!
So for the past 15 years, macOS has been using the Prelinked Kernel as a form of Kernel and Kext caching. And with macOS Big Sur's new Read-only, snapshot based system volume, a new version of caching has be developed: KernelCollections! How this differs to previous OSes:
Kexts can no longer be hot-loaded, instead requiring a reboot to load with kmutil
OS Snapshots are now verified on each boot to ensure no system volume modifications occurred
apfs.kext and AppleImage4.kext verify the integrity of these snapshots
While technically these security features are optional and can be disabled after installation, many features including OS updates will no longer work reliably once disabled. This is due to the heavy reliance of snapshots for OS updates, as mentioned above and so we highly encourage all users to ensure at minimum SecureBootModel is set to Default or higher.
Note: ApECID is not required for functionality, and can be skipped if so desired.
Note 2: OpenCore 0.6.3 or newer is required for Secure Boot in Big Sur.
No more symbols required
This point is the most important part, as this is what we use for kext injection in OpenCore. Currently Apple has left symbols in place seemingly for debugging purposes however this is a bit worrying as Apple could outright remove symbols in later versions of macOS. But for Big Sur's cycle, we'll be good on that end however we'll be keeping an eye on future releases of macOS.
New Kernel Requirements
With this update, the AvoidRuntimeDefrag Booter quirk in OpenCore broke. Because of this, the macOS kernel will fall flat when trying to boot. Reason for this is due to cpu_count_enabled_logical_processors requiring the MADT (APIC) table, and so OpenCore will now ensure this table is made accessible to the kernel. Users will however need a build of OpenCore 0.6.0 with commit bb12f5for newer to resolve this issue. Additionally, both Kernel Allocation requirements and Secure Boot have also broken with Big Sur due to the new caching system discussed above. Thankfully these have also been resolved in OpenCore 0.6.3. To check your OpenCore version, run the following in terminal: nvram 4D1FDA02-38C7-4A6A-9CC6-4BCCA8B30102:opencore-version If you're not up-to-date and running OpenCore 0.6.3+, see here on how to upgrade OpenCore: Updating OpenCore, Kexts and macOS
Broken Kexts in Big Sur
Unfortunately with the aforementioned KernelCollections, some kexts have unfortunately broken or have been hindered in some way. The main kexts that currently have issues are anything relying on Lilu's userspace patching functionality:
Big Sur dropped a few Ivy Bridge and Haswell based SMBIOS from macOS, so see below that yours wasn't dropped:
iMac14,3 and older
Note iMac14,4 is still supported
MacPro5,1 and older
MacMini6,x and older
MacBook7,1 and older
MacBookAir5,x and older
MacBookPro10,x and older
If your SMBIOS was supported in Catalina and isn't included above, you're good to go! We also have a more in-depth page here: Choosing the right SMBIOS For those wanting a simple translation for their Ivy and Haswell Machines:
iMac13,1 should transition over to using iMac14,4
iMac13,2 should transition over to using iMac15,1
iMac14,2 and iMac14,3 should transition over to using iMac15,1
Note: AMD CPUs users should transition over to MacPro7,1
iMac14,1 should transition over to iMac14,4
Currently only certain hardware has been officially dropped:
"Official" Consumer Ivy Bridge Support(U, H and S series)
These CPUs will still boot without much issue, but note that no Macs are supported with consumer Ivy Bridge in Big Sur.
Ivy Bridge-E CPUs are still supported thanks to being in MacPro6,1
Ivy Bridge iGPUs slated for removal
HD 4000 and HD 2500, however currently these drivers are still present in 11.0.1
Similar to Mojave and Nvidia's Tesla drivers, we expect Apple to forget about them and only remove them in the next major OS update next year
Due to the new snapshot-based OS, installation now takes some extra time with sealing. If you get stuck at Forcing CS_RUNTIME for entitlement, do not shutdown. This will corrupt your install and break the sealing process, so please be patient.
X79 and X99 Boot issues
With Big Sur, IOPCIFamily went through a decent rewriting causing many X79 and X99 boards to fail to boot as well as panic on IOPCIFamily. To resolve this issue, you'll need to disable the unused uncore bridge:
With macOS Big Sur, AppleRTC has become much more picky on making sure your OEM correctly mapped the RTC regions in your ACPI tables. This is mainly relevant on Intel's HEDT series boards, I documented how to patch said RTC regions in OpenCorePkg:
For those having boot issues on X99 and X299, this section is super important; you'll likely get stuck at PCI Configuration Begin. You can also find prebuilts here for those who do not wish to compile the file themselves:
For some reason, Apple removed the AppleIntelPchSeriesAHCI class from AppleAHCIPort.kext. Due to the outright removal of the class, trying to spoof to another ID (generally done by SATA-unsupported.kext) can fail for many and create instability for others. * A partial fix is to block Big Sur's AppleAHCIPort.kext and inject Catalina's version with any conflicting symbols being patched. You can find a sample kext here: Catalina's patched AppleAHCIPort.kext * This will work in both Catalina and Big Sur so you can remove SATA-unsupported if you want. However we recommend setting the MinKernel value to 20.0.0 to avoid any potential issues.
Legacy GPU Patches currently unavailable
Due to major changes in many frameworks around GPUs, those using ASentientBot's legacy GPU patches are currently out of luck. We either recommend users with these older GPUs stay on Catalina until further developments arise or buy an officially supported GPU
What’s new in the Hackintosh scene?
Dortania: a new organization has appeared
As many of you have probably noticed, a new organization focusing on documenting the hackintoshing process has appeared. Originally under my alias, Khronokernel, I started to transition my guides over to this new family as a way to concentrate the vast amount of information around Hackintoshes to both ease users and give a single trusted source for information. We work quite closely with the community and developers to ensure information's correct, up-to-date and of the best standards. While not perfect in every way, we hope to be the go-to resource for reliable Hackintosh information. And for the times our information is either outdated, missing context or generally needs improving, we have our bug tracker to allow the community to more easily bring attention to issues and speak directly with the authors:
Kexts here are built right after commit, and currently supports most of Acidanthera's kexts and some 3rd party devs as well. If you'd like to add support for more kexts, feel free to PR: Build Repo source
True legacy macOS Support!
As of OpenCore's latest versioning, 0.6.2, you can now boot every version of x86-based builds of OS X/macOS! A huge achievement on @Goldfish64's part, we now support every major version of kernel cache both 32 and 64-bit wise. This means machines like Yonah and newer should work great with OpenCore and you can even relive the old days of OS X like OS X 10.4! And Dortania guides have been updated accordingly to accommodate for builds of those eras, we hope you get as much enjoyment going back as we did working on this project!
Intel Wireless: More native than ever!
Another amazing step forward in the Hackintosh community, near-native Intel Wifi support! Thanks to the endless work on many contributors of the OpenIntelWireless project, we can now use Apple's built-in IO80211 framework to have near identical support to those of Broadcom wireless cards including features like network access in recovery and control center support. For more info on the developments, please see the itlwm project on GitHub: itlwm
Note, native support requires the AirportItlwm.kext and SecureBootModel enabled on OpenCore. Alternatively you can force IO80211Family.kext to ensure AirportItlwm works correctly.
Airdrop support currently is also not implemented, however is actively being worked on.
Clover's revival? A frankestien of a bootloader
As many in the community have seen, a new bootloader popped up back in April of 2019 called OpenCore. This bootloader was made by the same people behind projects such as Lilu, WhateverGreen, AppleALC and many other extremely important utilities for both the Mac and Hackintosh community. OpenCore's design had been properly thought out with security auditing and proper road mapping laid down, it was clear that this was to be the next stage of hackintoshing for the years we have left with x86. And now lets bring this back to the old crowd favorite, Clover. Clover has been having a rough time of recent both with the community and stability wise, with many devs jumping ship to OpenCore and Clover's stability breaking more and more with C++ rewrites, it was clear Clover was on its last legs. Interestingly enough, the community didn't want Clover to die, similarly to how Chameleon lived on through Enoch. And thus, we now have the Clover OpenCore integration project(Now merged into Master with r5123+). The goal is to combine OpenCore into Clover allowing the project to live a bit longer, as Clover's current state can no longer boot macOS Big Sur or older versions of OS X such as 10.6. As of writing, this project seems to be a bit confusing as there seems to be little reason to actually support Clover. Many of Clover's properties have feature-parity in OpenCore and trying to combine both C++ and C ruins many of the features and benefits either languages provide. The main feature OpenCore does not support is macOS-only ACPI injection, however the reasoning is covered here: Does OpenCore always inject SMBIOS and ACPI data into other OSes?
Death of x86 and the future of Hackintoshing
With macOS Big Sur, a big turning point is about to happen with Apple and their Macs. As we know it, Apple will be shifting to in-house designed Apple Silicon Macs(Really just ARM) and thus x86 machines will slowly be phased out of their lineup within 2 years. What does this mean for both x86 based Macs and Hackintoshing in general? Well we can expect about 5 years of proper OS support for the iMac20,x series which released earlier this year with an extra 2 years of security updates. After this, Apple will most likely stop shipping x86 builds of macOS and hackintoshing as we know it will have passed away. For those still in denial and hope something like ARM Hackintoshes will arrive, please consider the following:
We have yet to see a true iPhone "Hackintosh" and thus the likely hood of an ARM Hackintosh is unlikely as well
There have been successful attempts to get the iOS kernel running in virtual machines, however much work is still to be done
Apple's use of "Apple Silicon" hints that ARM is not actually what future Macs will be running, instead we'll see highly customized chips based off ARM
For example, Apple will be heavily relying on hardware features such as WX, kernel memory protection, Pointer Auth, etc for security and thus both macOS and Applications will be dependant on it. This means hackintoshing on bare-metal(without a VM) will become extremely difficult without copious amounts of work
Also keep in mind Apple Silicon will no longer be UEFI-based like Intel Macs currently are, meaning a huge amount of work would also be required on this end as well
So while we may be heart broken the journey is coming to a stop in the somewhat near future, hackintoshing will still be a time piece in Apple's history. So enjoy it now while we still can, and we here at Dortania will still continue supporting the community with our guides till the very end!
Getting ready for macOS 11, Big Sur
This will be your short run down if you skipped the above:
Lilu's userspace patcher is broken
Due to this many kexts will break:
WhateverGreen's DRM and -cdfon patches
Many Ivy Bridge and Haswell SMBIOS were dropped
See above for what SMBIOS to choose
Ivy Bridge iGPUs are to be dropped
Currently in 11.0.1, these drivers are still present
For the last 2, see here on how to update: Updating OpenCore, Kexts and macOS In regards to downloading Big Sur, currently gibMacOS in macOS or Apple's own software updater are the most reliable methods for grabbing the installer. Windows and Linux support is still unknown so please stand by as we continue to look into this situation, macrecovery.py may be more reliable if you require the recovery package. And as with every year, the first few weeks to months of a new OS release are painful in the community. We highly advise users to stay away from Big Sur for first time installers. The reason is that we cannot determine whether issues are Apple related or with your specific machine, so it's best to install and debug a machine on a known working OS before testing out the new and shiny. For more in-depth troubleshooting with Big Sur, see here: OpenCore and macOS 11: Big Sur
A non-D&D game you *need* to play: Ironsworn (FREE)
Why you need to play Ironsworn:
Ironsworn is a Viking themed low fantasy game it's completely FREE and you can play it in a group, with or without a GM or completely solo.
It has a highly customizable, modular setting.
It has a streamlined and elegant system that focuses on the narrative whilst still being deep and robust.
There are no classes, characters are created freely by mixing and matching modular thematic abilities.
The combat system is fast, dramatic and full of tension.
The game requires absolutely 0 prep, the rules and random tables how you make a satisfying game with no prior prep
It can be played completely alone or in a group with or without a GM. The games rules and random tables ensure that even without a GM it still goes in interesting directions you could never anticipate.
And it's COMPLETELY FREE.
I give the game a glowing recommendation and if that's enough for you here is the link. For those of you who need more details, I go into them below...
SETTING Ironsworn is set in the Ironlands, a gritty low fantasy wild frontier. The Ironlanders settled here a few generations ago after a cataclysm drove them out of the Old World. The Ironlander live in small settlements and villages or nomad and are constantly threatened by the things that lurk in the dark. You are an Ironsworn, one of the few people brave enough to venture wild for glory and adventure. The setting is fully customizable. There is a setting book that comes with pages on major setting elements like "communities" "religion" or "magic". These pages have 3 different options for what to do with the set element as well as a plot hook to go with it. You can choose one of these options or create your own using the setting elements as guidance. Creating a setting is quick, easy and engaging. PLAYER CHARACTERS You are an Ironsworn, a badass adventurer that travels the land fulfilling oaths called "Iron Vows." The game is human-centric, it assumes you are human but you can choose to flavour your character as a different race. Character creation is freeform, characters are made out of stats and assets. Stats: There are 5 stats: Iron (stcon), Edge (dex), Wits (wis/int), Shadow (stealth/deception), Heart (cha). Assets: PC's start with 3 assets. Assets are cards with 3 abilities tied to a specific theme, you start with one of these abilities marked and can spend XP to gain more of an asset's abilities or get new entirely (there are 70+ assets to choose from). These abilities generally aren't just number bonuses they are meant to give your more gameplay options or make you feel more like your character. A few example assets: Alchemist, Infiltrator, Archer, Swordmaster, Cave lion companion, Raven Companion, Divination ritual, Awakening ritual. CORE MECHANICS The game revolves around the action roll when you do something risky you roll 1d6 +stat vs 2d10s.There are 3 different results to a roll, unlike D&D binary system. If the d6 is higher than both d10s then you succeed, if it's only higher than 1d10 you succeed but at a cost or consequence, if it isn't higher than either then you fail and something bad happens. If you roll the same number on both d10's then its a critical success or failure. Only the PC's roll, how NPC's react depends on the result of your roll. The game gives you specific guidance on what to do through a system called moves. Moves are a chunk of rules that tell you how to resolve a specific part of the game, like fighting or compelling people to do what you want. Moves give you specific guidance on how to resolve the situation in an interesting way based on the result of your roll and often give you choices on how you would like to move the story forward. SOLO / GMLESS PLAY EXPLAINED You can play Ironsworn with a GM, with multiple players and no GM or completely alone. Playing without a GM just works, everything about the game's rules facilitate GMless play. The moves substitute for a GM by pushing the story in interesting and unexpected directions, and the game features many random tables to roll on if you get stuck. You won't even feel the GM's absence. COMBAT Combat is fast fluid and dramatic and it places a heavy emphasis on tension. It is nothing like D&D wargame-like combat system. There no, turn order or action economy or complex rules. Combat flows like a movie scene, you describe your action, you trigger a move and roll dice then depending on your role the enemies react appropriately. The combat system is designed to create quick, adrenaline and dynamic fights. A fight that could take an hour or more in D&D could take 10-15 minutes in Ironsworn and be just as compelling if not more. Ironworn's combat is nothing like D&D's slow tactical combat, but It is still filled with depth and meaningful decisions. You also don't have to have to worry about NPC stat blocks, an entire encounter can be designed on the fly. SEEING THE GAME IN ACTION Ironsworn is likely, unlike any game you've played before, so you may need to see it in action before you fully understand it. If you want an in-depth reading of the rules I recommend Adam Koebel's "Ironsworn First Look." If you want to an actual play of the game I recommend "Ask the Oracle," it's an actual play podcast made by the game's designer Shawn Tomkin and I also recommend the youtube series "Me Myself and Die" season 2 by Trevor Devall, (you don't need to watch season 1 first.) Thanks for reading those post I really hope you give my favourite game a try :)
I apologize in advance for what is probably an ignorant question but I am genuinely trying to understand so that I do not offend.
Hi, as the title says- I am sorry about my ignorance and also if this is not the correct place to ask. I figured it would be better to hear from people rather than a google search with unknown sources. I guess in short: my question is, how do you define/identify your sexuality as a non-binary individual? I am student in the field of psychology and I want to use the correct terms and as much as I would love to avoid labels, unfortunately, a lot of my work does require it so when doing so, I want to be as inclusive as possible. Our reports tend to start with "Mx. Smith is 40-year old, non-binary, Caucasian individual, etc...." I think that the field is definitely progressing but still tends to be rather black-and-white at times: If you're born male and interested in men, you're gay. Since quite a few professors still view the world this way, I am finding it difficult to get guidance in this area. So I guess what I am trying to ask is: what is the best way to word these things? How do you identify your sexuality? Could I say, so-and-so is a non-binary individual who is interested in men? rather than placing an actual "label"? Thank you in advance!
What is the quickest solution to finding a 4 digit number asking only yes/no questions?
A friend and I were watching a Korean game show called "The Genius", and in it they had a particularly brilliant competitive maths game. The premise was fairly simple - Each contestant had to pick a four digit number. They then were allowed to ask questions to each other one after the other, or use a turn to guess what the opponent's number was. The only additional rule was that 0 was treated as even for the purposes of questioning. After watching this, my friend and I tried to come up with a solution to guarantee finding your opponent's number in the fewest possible questions, but it very quickly got extremely complex. However, we're both fairly sure that there's a clever mathematical answer to guarantee it in a low amount of questions. After working out the number you need to use a turn to guess, so once the number is worked out a +1 needs to be added. (This isn't important if you know the number, but I figure can be relevant if you can get down to say 3 potential options, since just guessing all 3 is as efficient as working out which one it is) The obvious first approach we tried was binary searching the numbers for each digit. With this method, each digit could be found in a maximum of 4 questions (10 to 5 to 3 to 2 to 1), so we knew that we needed to try and beat 16 questions. We then realised that if we treated the first two digits and the second two digits as two digit numbers, it would only take a maximum of 7 questions to find each digit pair (100 to 50 to 25 to 13 to 7 to 4 to 2 to 1), so we were down to 14 questions. Following the theme, we tested binary search on all 4 digits, but realised it would take 14 questions (10000 to 5000 to 2500 to 1250 to 625 to 313 to 157 to 79 to 40 to 20 to 10 to 5 to 3 to 2 to 1), resulting in 14. It was no more efficient than the two sets of digits, and was also harder to calculate. I then tried a set of 3 digits and a single, (1000 to 500 to 250 to 125 to 63 to 32 to 16 to 8 to 4 to 2 to 1) + 4 for the remaining digit, and again this was 14. I then proposed a different solution - Could we potentially get more information by adding the digits together? I tried it on a number he had picked, asking questions to do a binary search on the sum of pairs of digits. Assigning the letters abcd to the four digits, I worked out a+b, c+d, b+c, and a+d. I figured doing this would allow me to arrange the numbers correctly once I had crunched it out. Since the number was a 4 digit number, I knew the maximum the total for all four numbers could reach was 36. That meant each pair was a maximum of 18, and sets of pairs had to add up to no more than 36. I started off by binary searching the sum of the first two digits, which would take a maximum of 5 turns (18 to 9 to 5 to 3 to 2 to 1), and repeated for the second two. That would take 10 turns, but give me the sum of all digits, the sum of the first two, and the sum of the second two. At this point I was adamant that I could potentially figure out the number using this information alone, but I was unsuccessful. I was able to use logic to narrow down the possible values for the outer two and inner two numbers by figuring out the total of all four digits, figuring out the number pair combinations a/b and c/d could be to satisfy that, and then working out the potential pairs of values that the inner two and outer two numbers could add up to. In our example test, a+b was 5, c+d was 14. From this I knew the total was 19. The first pair of numbers had to be 0 and 5, 1 and 4, or 2 and 3. The second pair had to be 9 and 5, 8 and 6, or 7 and 7. Using the logic of adding the highest number of one pair to the highest number of the other pair and then cycling through the values, I worked out that the outer two numbers had to add up to 14, 13, 12, or 11, and the inner two numbers had to add up to 8, 7, 6, or 5. Binary searching these could be done in two searches each, bringing the total to... 14. :( This is where it turned a bit weird though - After doing some logic on the resulting numbers (the outer pair was 12 and the inner pair was 7), I came up with three potential answers that satisfied every single constraint. 5077 4168 3259 These three numbers are amazing. The first two digits add up to 5, the third and fourth add up to 14, the first and fourth add up to 12, and the second and third add up to 7. Unfortunately from here there was no choice but to guess all three, no amount of questioning could lower it from three to two questions. And so our final total was 17, no more efficient than just binary searching the numbers in the first place. And so, I ask you this - Is there a more efficient, human doable way to discover the four digit number than binary searching the first pair and second pair of digits? I feel like there has to be, but I'm not knowledgeable enough to know!
It's been 4 Days since my Spouse Came Out as MTF - Here are Some Random Thoughts I've had!
I (cis-f, 33) have been a bit of a hot mess the past week and my mind has been all over the place. Because this is so new (and subject to change), we aren't telling anyone else at the moment, so I don't have a sounding board, so thank you, internet, for giving me an outlet to talk about my feelings thoughts. I am sorry if any of this is triggering. I'm new and still learning what this means.
My spouse told me that it would be easier to buy them a Christmas gift this year (more options!). "Do you want Bath and Body Works Products? - That was like *the* default "girl" gift that I received when people started getting gifts when I was becoming a 'woman'." -- They said that they would be into that.
If we stay together and they go through a full social-transition, I was thinking that it would be exciting to do a renewal of vows, like a small thing with both of us in dresses, with like a small beach ceremony and just super supportive people around us (I know I am WAY ahead of myself).
This was immediately followed by fear about them being "prettier" than me and getting so many compliments and me being the ugly one. I am also really not interested in being masculine in any way and I have this weird insecurity about not being seen as feminine or "good enough" at being a girl.
My spouse is good at a HUGE range of things. They are really remarkable in that regard and I am afraid that the more feminine they express, the more competition I will feel with them and they will beat me because they are going to be better at those things.
"Maybe you should try one of my bras, it's not like *I've* worn one since the beginning of this quarantine." Haha
I am a little insecure that we are similar size width-wise (they are definitely taller) but I've been struggling with my weight, so they can wear some of my dresses, for example, but they may be a little short. I wish I was small enough that we couldn't just interchange clothes so easily, but I guess we could both share double the wardrobe.
It is nice that they can try on clothes that they don't have to buy right away. Definitely cheaper.
My in-laws already hate me for other unrelated reasons and I just *know* that they will blame this situation on me. I am unsure how my parents would respond, but they have definitely expressed low-level homophobia. They are in the "I don't want to see it" camp. I am also fairly certain my mom will believe that this is a "mental health illness" and means that my spouse is a sexual deviant.
This viewpoint scares me because it resonates with my internalized transphobia. That being "born in the wrong body" is an illness or some sick and twisted sexual fetish. If anyone has any ways to combat this initial reaction to this, I would love to know how to de-condition myself. Unfortunately, I associate transgenders as being a bit "weird" and now I'm having cognitive dissonance because I don't want to believe that my spouse is a weird sexual deviant.
I also know that I have a hard time with emotional boundaries and self-doubt, so if someone comes at me with a strong opinion, I have a hard time not letting that get to me. Plus I'm a people-pleaser and I'm sure we will meet with some awful people along this journey.
I'm afraid that this will reflect "poorly" on me and it gives me a sense of shame -- then I feel shame about the shame in a shame-spiral.
If my in-laws disown them, I wonder if my spouse will change their last name. Should I change my last name? Should we pick a whole new name together? -- I do not feel "non-conformist" enough to do this.
It's only been 4 days since they came out to me and they have already just skipped over the non-binary phase. Weirdly my spouse has expressed discomfort in the "in-between" space and has gone right to the feminine.
I was super stressed about the election a week ago and now it is barely on my radar. The nice thing is I can hide my volatile emotions in election-stress, but for how long?
I am like the worst secret-keeper in the world and this is definitely the biggest secret I have ever been asked to keep. I feel like it is written all over my face and I just hate it so much. I do NOT want to out them, but I am so scared I will CRACK under this pressure.
This is interesting in that I have been working on healing an eating disorder. Today my nutritional coach called and asked how I was doing and that was hard for me. I don't want to completely derail my progress or really get into "this" with her, but I'd be lying if I said I haven't eaten/drank irresponsibly during the last week because of my strong emotions.
Will *I* be accepted into the LGBTQ community? What IS my sexuality? I haven't really had to think about it before. Can I be a "real" bisexual/lesbian? Would I ever be viewed that way?
Are we moving too fast? My spouse is like in a dress, one of my padded bras, makeup, and shaved their legs/chest already. They seem so happy. I feel happy that they are happy. I actually feel honored that they feel safe enough with me to explore so fully so quickly. It makes me feel like our marriage is stronger than I thought.
They used some body spray and women's deodorant and now they smell different and that is unexpectedly disorienting for me.
I don't like the rhetoric of "dead" name because I don't want to believe my spouse is "dead" -- their current name is one of those names that is generally used for a boy, but every once in a while is used for a girl (which is weirdly cool and hot and edgy to me). They aren't sure they want to actually change their first name, but I think I need something to call them so I can get more into the space of mentally viewing them the way they are presenting.
I have this weird fear that when people find out they will be more upset about it than me. I haven't cried for example, but I just know someone else will, even though it won't affect them as much as it will affect me. That's weird and gate-keeping, I know, but I just feel like if I can "keep it together" so can they.
I have some issues with emotions/emotional expression (especially sadness) and maybe this triggers me because it sometimes feels like I have "robot" feelings and that if I don't cry/mourn then "I don't care" as much. Believe me. I care. This intimately affects me.
If they go on hormones will their sexuality change? Is that a common thing? If they start on hormones, how would that change their personality? They are one of the most chilled-out, contented, calm people I've ever met, but will hormones make them overly emotional?
When I first thought about my sexuality, I thought/believed that the reason I could never be a lesbian would be 1) I want to be unequivocal 'the girl' and I was afraid of sharing that role and 2) I wouldn't want to deal with the over-emotionality of women. I have believed that I could probably be sexually attracted to women, but would be hesitant to be in a romantic relationship with them because it seems harder to be with a woman (both socially in society) and I am much more aligned with the "receiver" / the one who is cared for rather than the "provider" / the one who cares for the other. <-- I don't even know HOW to do that effectively.
Let me clarify, I care for my spouse but it's generally the emotional care, not the "let me get rid of this spider" type of care. I can hold space for them to explore themselves, but I'm not gonna be able to protect them from a violent predator. I still want them to hold me.
So yeah, that's all pretty random. I'm very "heady" and just think a million-times a minute, so this is just the things that have been standing out to me. Thank you for listening.
No gods, no kings, only NOPE - or divining the future with options flows. [Part 2: A Random Walk and Price Decoherence]
tl;dr - 1) Stock prices move continuously because different market participants end up having different ideas of the future value of a stock. 2) This difference in valuations is part of the reason we have volatility. 3) IV crush happens as a consequence of future possibilities being extinguished at a binary catalyst like earnings very rapidly, as opposed to the normal slow way. I promise I'm getting to the good parts, but I'm also writing these as a guidebook which I can use later so people never have to talk to me again. In this part I'm going to start veering a bit into the speculation territory (e.g. ideas I believe or have investigated, but aren't necessary well known) but I'm going to make sure those sections are properly marked as speculative (and you can feel free to ignore/dismiss them). Marked as [Lily's Speculation]. As some commenters have pointed out in prior posts, I do not have formal training in mathematical finance/finance (my background is computer science, discrete math, and biology), so often times I may use terms that I've invented which have analogous/existing terms (e.g. the law of surprise is actually the first law of asset pricing applied to derivatives under risk neutral measure, but I didn't know that until I read the papers later). If I mention something wrong, please do feel free to either PM me (not chat) or post a comment, and we can discuss/I can correct it! As always, buyer beware. This is the first section also where you do need to be familiar with the topics I've previously discussed, which I'll add links to shortly (my previous posts: 1) https://www.reddit.com/thecorporation/comments/jck2q6/no_gods_no_kings_only_nope_or_divining_the_future/ 2) https://www.reddit.com/thecorporation/comments/jbzzq4/why_options_trading_sucks_or_the_law_of_surprise/ --- A Random Walk Down Bankruptcy A lot of us have probably seen the term random walk, maybe in the context of A Random Walk Down Wall Street, which seems like a great book I'll add to my list of things to read once I figure out how to control my ADD. It seems obvious, then, what a random walk means - when something is moving, it basically means that the next move is random. So if my stock price is $1 and I can move in $0.01 increments, if the stock price is truly randomly walking, there should be roughly a 50% chance it moves up in the next second (to $1.01) or down (to $0.99). If you've traded for more than a hot minute, this concept should seem obvious, because especially on the intraday, it usually isn't clear why price moves the way it does (despite what chartists want to believe, and I'm sure a ton of people in the comments will tell me why fettucini lines and Batman doji tell them things). For a simple example, we can look at SPY's chart from Friday, Oct 16, 2020: https://preview.redd.it/jgg3kup9dpt51.png?width=1368&format=png&auto=webp&s=bf8e08402ccef20832c96203126b60c23277ccc2 I'm sure again 7 different people can tell me 7 different things about why the chart shape looks the way it does, or how if I delve deeply enough into it I can find out which man I'm going to marry in 2024, but to a rationalist it isn't exactly apparent at why SPY's price declined from 349 to ~348.5 at around 12:30 PM, or why it picked up until about 3 PM and then went into precipitous decline (although I do have theories why it declined EOD, but that's for another post). An extremely clever or bored reader from my previous posts could say, "Is this the price formation you mentioned in the law of surprise post?" and the answer is yes. If we relate it back to the individual buyer or seller, we can explain the concept of a stock price's random walk as such:
Most market participants have an idea of an asset's truevalue (an idealized concept of what an asset is actually worth), which they can derive using models or possibly enough brain damage. However, an asset's value at any given time is not worth one value (usually*), but a spectrum of possible values, usually representing what the asset should be worth in the future. A naive way we can represent this without delving into to much math (because let's face it, most of us fucking hate math) is: Current value of an asset = sum over all (future possible value multiplied by the likelihood of that value)
In actuality, most models aren't that simple, but it does generalize to a ton of more complicated models which you need more than 7th grade math to understand (Black-Scholes, DCF, blah blah blah). While in many cases the first term - future possible value - is well defined (Tesla is worth exactly $420.69 billion in 2021, and maybe we all can agree on that by looking at car sales and Musk tweets), where it gets more interesting is the second term - the likelihood of that value occurring. [In actuality, the price of a stock for instance is way more complicated, because a stock can be sold at any point in the future (versus in my example, just the value in 2021), and needs to account for all values of Tesla at any given point in the future.] How do we estimate the second term - the likelihood of that value occurring? For this class, it actually doesn't matter, because the key concept is this idea: even with all market participants having the same information, we do anticipate that every participant will have a slightly different view of future likelihoods. Why is that? There's many reasons. Some participants may undervalue risk (aka WSB FD/yolos) and therefore weight probabilities of gaining lots of money much more heavily than going bankrupt. Some participants may have alternative data which improves their understanding of what the future values should be, therefore letting them see opportunity. Some participants might overvalue liquidity, and just want to GTFO and thereby accept a haircut on their asset's value to quickly unload it (especially in markets with low liquidity). Some participants may just be yoloing and not even know what Fastly does before putting their account all in weekly puts (god bless you). In the end, it doesn't matter either the why, but the what: because of these diverging interpretations, over time, we can expect the price of an asset to drift from the current value even with no new information added. In most cases, the calculations that market participants use (which I will, as a Lily-ism, call the future expected payoff function, or FEPF) ends up being quite similar in aggregate, and this is why asset prices likely tend to move slightly up and down for no reason (or rather, this is one interpretation of why). At this point, I expect the 20% of you who know what I'm talking about or have a finance background to say, "Oh but blah blah efficient market hypothesis contradicts random walk blah blah blah" and you're correct, but it also legitimately doesn't matter here. In the long run, stock prices are clearly not a random walk, because a stock's value is obviously tied to the company's fundamentals (knock on wood I don't regret saying this in the 2020s). However, intraday, in the absence of new, public information, it becomes a close enough approximation. Also, some of you might wonder what happens when the future expected payoff function (FEPF) I mentioned before ends up wildly diverging for a stock between participants. This could happen because all of us try to short Nikola because it's quite obviously a joke (so our FEPF for Nikola could, let's say, be 0), while the 20 or so remaining bagholders at NikolaCorporation decide that their FEPF of Nikola is $10,000,000 a share). One of the interesting things which intuitively makes sense, is for nearly all stocks, the amount of divergence among market participants in their FEPF increases substantially as you get farther into the future. This intuitively makes sense, even if you've already quit trying to understand what I'm saying. It's quite easy to say, if at 12:51 PM SPY is worth 350.21 that likely at 12:52 PM SPY will be worth 350.10 or 350.30 in all likelihood. Obviously there are cases this doesn't hold, but more likely than not, prices tend to follow each other, and don't gap up/down hard intraday. However, what if I asked you - given SPY is worth 350.21 at 12:51 PM today, what will it be worth in 2022? Many people will then try to half ass some DD about interest rates and Trump fleeing to Ecuador to value SPY at 150, while others will assume bull markets will continue indefinitely and SPY will obviously be 7000 by then. The truth is -- no one actually knows, because if you did, you wouldn't be reading a reddit post on this at 2 AM in your jammies. In fact, if you could somehow figure out the FEPF of all market participants at any given time, assuming no new information occurs, you should be able to roughly predict the true value of an asset infinitely far into the future (hint: this doesn't exactly hold, but again don't @ me). Now if you do have a finance background, I expect gears will have clicked for some of you, and you may see strong analogies between the FEPF divergence I mentioned, and a concept we're all at least partially familiar with - volatility. Volatility and Price Decoherence ("IV Crush") Volatility, just like the Greeks, isn't exactly a real thing. Most of us have some familiarity with implied volatility on options, mostly when we get IV crushed the first time and realize we just lost $3000 on Tesla calls. If we assume that the current price should represent the weighted likelihoods of all future prices (the random walk), volatility implies the following two things:
Volatility reflects the uncertainty of the current price
Volatility reflects the uncertainty of the future price for every point in the future where the asset has value (up to expiry for options)
[Ignore this section if you aren't pedantic] There's obviously more complex mathematics, because I'm sure some of you will argue in the comments that IV doesn't go up monotonically as option expiry date goes longer and longer into the future, and you're correct (this is because asset pricing reflects drift rate and other factors, as well as certain assets like the VIX end up having cost of carry). Volatility in options is interesting as well, because in actuality, it isn't something that can be exactly computed -- it arises as a plug between the idealized value of an option (the modeled price) and the real, market value of an option (the spot price). Additionally, because the makeup of market participants in an asset's market changes over time, and new information also comes in (thereby increasing likelihood of some possibilities and reducing it for others), volatility does not remain constant over time, either. Conceptually, volatility also is pretty easy to understand. But what about our friend, IV crush? I'm sure some of you have bought options to play events, the most common one being earnings reports, which happen quarterly for every company due to regulations. For the more savvy, you might know of expected move, which is a calculation that uses the volatility (and therefore price) increase of at-the-money options about a month out to calculate how much the options market forecasts the underlying stock price to move as a response to ER. Binary Catalyst Events and Price Decoherence Remember what I said about price formation being a gradual, continuous process? In the face of special circumstances, in particularly binary catalyst events - events where the outcome is one of two choices, good (1) or bad (0) - the gradual part gets thrown out the window. Earnings in particular is a common and notable case of a binary event, because the price will go down (assuming the company did not meet the market's expectations) or up (assuming the company exceeded the market's expectations) (it will rarely stay flat, so I'm not going to address that case). Earnings especially is interesting, because unlike other catalytic events, they're pre-scheduled (so the whole market expects them at a certain date/time) and usually have publicly released pre-estimations (guidance, analyst predictions). This separates them from other binary catalysts (e.g. FSLY dipping 30% on guidance update) because the market has ample time to anticipate the event, and participants therefore have time to speculate and hedge on the event. In most binary catalyst events, we see rapid fluctuations in price, usually called a gap up or gap down, which is caused by participants rapidly intaking new information and changing their FEPF accordingly. This is for the most part an anticipated adjustment to the FEPF based on the expectation that earnings is a Very Big Deal (TM), and is the reason why volatility and therefore option premiums increase so dramatically before earnings. What makes earnings so interesting in particular is the dramatic effect it can have on all market participants FEPF, as opposed to let's say a Trump tweet, or more people dying of coronavirus. In lots of cases, especially the FEPF of the short term (3-6 months) rapidly changes in response to updated guidance about a company, causing large portions of the future possibility spectrum to rapidly and spectacularly go to zero. In an instant, your Tesla 10/30 800Cs go from "some value" to "not worth the electrons they're printed on". [Lily's Speculation] This phenomena, I like to call price decoherence, mostly as an analogy to quantum mechanical processes which produce similar results (the collapse of a wavefunction on observation). Price decoherence occurs at a widespread but minor scale continuously, which we normally call price formation (and explains portions of the random walk derivation explained above), but hits a special limit in the face of binary catalyst events, as in an instant rapid portions of the future expected payoff function are extinguished, versus a more gradual process which occurs over time (as an option nears expiration). Price decoherence, mathematically, ends up being a more generalizable case of the phenomenon we all love to hate - IV crush. Price decoherence during earnings collapses the future expected payoff function of a ticker, leading large portions of the option chain to be effectively worthless (IV crush). It has interesting implications, especially in the case of hedged option sellers, our dear Market Makers. This is because given the expectation that they maintain delta-gamma neutral, and now many of the options they have written are now worthless and have 0 delta, what do they now have to do? They have to unwind. [/Lily's Speculation] - Lily
Recently on the csharp subreddit, the post C# 9.0 records: immutable classes linked to a surprisingly controversial article discussing how C# 9.0's records are, underneath it all, immutable classes. The comments are full of back-&-forth over whether one should use records for ease or structs for performance. The pro-struct argument revolved around the belief that performance should always be a developer's #1 priority, and anything less was the realm of the laggard. Here is a real-world example that shows with stark clarity why that kind of thinking is wrong. Consider the following scenario:
You're working on a game with dozens, maybe hundreds of people on the team; you don't know because when you were cross with facilities about them removing all the fluorescents, you got accused of being against the new energy saving initiative. Now you swim in a malevolent ocean of darkness that on some very late nights alone in the office, you swear is actively trying to consume you.
The team that preceded you inherited an engine that is older than OOP, when source repositories were stacks of 8-inch floppies, and it looked as if Jefferson Starship was going to take over the world. One year ago they bequeathed upon the company this nightmare of broken, undocumented GOTO spaghetti & anti-patterns. You're convinced this was their sadistic revenge for all getting fired post-acquisition.
Management denied your request to get headcount for an additional technical artist, but helpfully supplied you with an overly nervous intern. After several weeks working alongside them, you're beginning to suspect they're pursuing something other than a liberal arts degree.
Despite the many getting started guides you spent countless evenings writing, the endless brownbags nobody attended, and the daily dozen emails you forward to oppressively inquisitive artists comprised of a single passive-aggressive sentence suggesting they scroll down to the part that begins FW: FW: FW: FW: FW: FW: RE: WE BROKE TOOL NEED WORKAROUND ASAP ...
...yes, despite all of that, the engineering team still spent days tracking down why the game kept crashing with Error 107221: У вас ошибка after re-re-re-re-re-throwing an ex_exception when it couldn't (and should never even try to) load a 16K-textured floor mat.
Despite your many attempts to politely excuse yourself, one blissfully unaware artist exhausts 48 minutes of your lunch break explaining how the Pitchfork review for the latest "dope slab" of this TikTok-Instagram-naphouse artist you never heard of was just sooooo unfair.
And then in their hurry to finish up & catch the 2:30 PM bus home, they forget to toggle Compress To CXIFF (Custom Extended Interchange File Format), set the Compression slider 5/6ths of the way between -3 & -2, look to their left, look to their right, click Export As .MA 0.9.3alpha7, and make absolutely, positively, 100% SURE not to be working in prod. And THAT is how the game explodicated.
You know better than anyone the intermediate file format the main game loop passes to Game.dll, memory mapping it as a reverse top-middle Endian binary structure.
You know for 381 of the parameter fields what their 2-7 character names probably mean.
YOU know which 147 fields always have to be included, but with a null value, and that the field ah_xlut must ALWAYS be set to 0 unless it's Thursday, in which case that blackbox from hell requires its internal string equivalent: TRUE.
YOU know that the two tech artists & one rapidly aging intern that report to you would totally overhaul tooling so artists would never "happen" again, but there just aren't enough winters, springs, summers, falls, July 4ths, Christmas breaks, Presidents Days, and wedding anniversaries in a year to properly do so.
And so somehow you do. A blurry evening or two here. A 3:00 AM there. Sometimes just a solitary lunch hour.
Your dog no longer recognizes you.
You miss your wife calling to say she's finally cleaning out the hall closet and if you want to keep this box of old cards & something in plastic that says Underground Sea Beta 9.8 Grade, you better call her back immediately.
And your Aunt Midge, who doesn't understand how SMS works, bombards you one evening: your father is... no longer with us... they found him... 1 week ago... in an abandoned Piggly Wiggly... by an old culvert... split up... he was then... laid down to rest... sent to St. Peter's... and your father... he's in a better place now... don't worry... it's totally okay... we decided we will all go... up to the mountain
You call your sister in a panic and, after a tidal wave of confusion & soul-rending anxiety, learn it was just Hoboken Wireless sending the messages out of order. This causes you to rapidly cycle.
On your bipolar's upswing, you find yourself more productive than you've ever been. Your mind is aglow with whirling, transient nodes of thought careening through a cosmic vapor of invention. It's like your brain is on 200mg of pure grade Adderall.
Your fingers ablaze with records, clean inheritance, beautiful pattern matching, bountiful expression syntax, aircraft carriers of green text that generate the most outstanding CHM for an internal tool the world has ever seen. Readable. PERFECTLY SOLID.
After much effort, you gaze upon the completed GUI of your magnum opus with the kind of pride you imagine one would feel if they hadn't missed the birth of their son. Clean, customer-grade WPF; tooltips for every control; sanity checks left & right; support for plugins & light scripting. It's even integrated with source control!
THOSE GODDAMNED ARTISTS CAN'T FAIL. YOUR PIPELINE TOOL WON'T LET THEM.
All they have to do is drag content into the application window, select an options template or use the one your tool suggests after content analysis, change a few options, click Export, and wait for 3-5 minutes to generate Game.dll-compatible binary.
Your optimism shines through the commit summary, your test plan giddy & carefree. With great anticipation, you await code review.
A week goes by. Then two. Then three. Nothing. The repeated pinging of engineers, unanswered.
Two months in you've begun to lose hope. Three months, the pangs of defeat. Four months, you write a blog post about how fatalism isn't an emotion or outlook, but the TRANSCENDENCE of their sum. Two years pass by. You are become apathy, destroyer of wills.
December 23rd, 2022: the annual Winter Holidays 2-hour work event. The bar is open, the Kokanee & Schmidt's flowing (max: 2 drink tickets). The mood a year-high ambivalent; the social distancing: acceptable. They even have Pabst Blue Ribbon, a beer so good it won an award once.
Standing beside you are your direct reports, Dave "Macroman" Thorgletop and wide-eyed The Intern, the 3 of you forming a triumvirate of who gives a shit. Dave is droning on & on about a recent family trip to Myrtle Beach. You pick up something something "can you believe that's when my daughter Beth scooped up a dead jellyfish? Ain't that something? A dead jellyfish," and "they even had a Ron Jons!"
You barely hear him, lost as you are in thought: "I wishIhad 2 days of vacation." You stare down ruefully at your tallboy.
From the corner of your eye you spot Milbert, index finger pointed upward, face a look of pure excitement.
"Did I tell you about my OpenWinamp project? It's up on SourceForge", he says as he strides over. It's unsettling how fast this man is.
Dave snickers. The Intern keeps staring wide-eyed. You position yourself somewhat close to the studio's 3 young receptionists, hoping they serve as a kind of ritual circle of protection.
It works... kind of. Milbert is now standing uncomfortably close to The Intern, Dave nowhere to be seen.
From across the room you distinctly hear "Think about it, the 1st-person UI could be Lua-driven Electron."
The Intern clearly understands that words are being spoken to them, but does not comprehend their meaning.
You briefly feel sorry for the sacrificial lamb.
You slide across the wall, putting even more distance between you & boredom made man. That's when you spot him, arrogantly aloof in the corner: Glen Glengerry. Core engineering's most senior developer.
Working his way up from a 16-year old game tester making $4.35 an hour plus free Dr. Shasta, to pulling in a cool $120K just 27-years later, plus benefits & Topo Chicos. His coding style guides catechism, his Slack pronouncements ex cathedra; he might as well be CTO.
You feel lucky your team is embedded with the artists. You may have sat through their meetings wondering why the hell you should care about color theory, artistic consistency, & debates about whether HSL or CMYK was the superior color space (spoiler: it's HSL), you were independent and to them, a fucking code wizard, man.
And there he stands, this pseudo-legend, so close you could throw a stapler at him. Thinning grey-blonde tendrils hanging down from his CodeWarrior hat, white tee with This Guy VIMs on the back, tucked into light blue jeans. He's staring out into the lobby at everything and yet... nothing all at.
Maybe it's the 4.8% ABV. Maybe it's the years of crushing down anger into a singularity, waiting for it to undergo rapid fiery expansion, a Big Bang of righteous fury. Maybe it's those sandals with white socks. Maybe it's all three. But whatever it is, it's as if God himself compels you to march over & give him a piece of your mind, seniority be damned.
"Listen, you big dumb bastard..."
That... is maybe a little too aggressive. But Glen Glengerry barely reacts. Pulling a flask out of his back pocket, he doesn't look over as he passes it to you.
Ugh. Apple Pucker.
"I thought bringing in your own alcohol was against company policy", wiping sticky green sludge from your lips. He turns with a look of pure disdain & snorts.
"You think they're going to tell ME what I can & can't bring in?" He grabs the flask back, taking a big swig.
For what feels like an eternity, you both stand in silence. You swallow, speaking softly. "None of you even looked at my code. I worked very, very hard on that. My performance review for that year simply read 'recommend performance improvement plan." The words need no further context.
"I know", Glen² replies. "That was me."
Now you're not a weak man, and maybe in some other circumstance you would have punched him in the goddamn lip. But you feel nothing, just a hollowness inside. "Why?", you ask, wondering if the answer would even matter.
"Because you don't use Bulgarian notation. Because your method names aren't lower camel case. Because good code doesn't require comments. Because you use classes & records over more performant structs, pointlessly burdening the heapstack. BECAUSE. YOUR CODE. IS. SHIT."
You clinch your fists so tightly the knuckles whiten.
He looks away from you, taking another sip of green goo. "You're not a coder. You're an artist masquerading as one" he speaks, as if it were fact.
The only thing artistic about you is the ability to create user-friendly internal tooling using nothing but a UI framework, broken down garbage nobody wants to touch, & sheer willpower. If your son's life depended on you getting accepted into art instruction school, you couldn't even draw a turtle.
He doesn't pause. "I'll champion ruthless micro-optimization until the day I die. But buddy, I'm going to let you in on a little secret: you aren't here to improve workflow. You're here to LOOK like you're doing something NOBODY else can."
He goes on. "What do you think those artists are going to do when they have to stare at a progress bar for 4, 5 minutes? They're going to complain your tool is slow."
"Sure, it may take them 20, 30 minutes to do it the old way, there'll be an error, and either they'll stare at it for 30 minutes before adding that missing semi-colon or they'll come get you. And you'll fix it. And 1 week later, they won't remember how. And you'll stay employed. And every. Body. Wins."
A little bit of the pride, the caring, wells back up inside from somewhere long forgotten.
"You don't think we should care about rapid application development & KISS, quickly getting things out that help our team, instead devoting ourselves to shaving off ticks here & there? What do you think artists are going to do with those 4 minutes you talk about?
You don't stop. "I'll tell you what they'll do. They'll 9GAG for 20 minutes straight. They'll listen to podcasts about dialectical materialism vis-a-vis the neo-feudalism that is a natural extension of the modern world's capitalist prison. They'll Reddit."
His silence gives you the bravery to push the limits.
"Christ, man. Are you only in it for the $120K..."
He corrects you: "...$123K."
"...only in it for the $123K/year? The free snacks from the microkitchen? The adulation? Have you no sense of comraderie?? No desire to push us to something better?! No integrity?!!!"
His eyes sharply narrow, face creases in anger. You clearly have overstepped your bounds.
"You thinkIdon't have integrity? No sense of teamwork? I'm only in it for the cold cash? You think I don't care about you all?", he roars.
A light volley of small green flecks land on your face.
"Why do you think they made a 16-year old tester the lead developer of a 1993 Doom clone?! Because my code was clean & painless to work with?! Because I made coding look easy?! No! IT WAS BECAUSE I WAS A GOD TO THEM.
And from a God, a PANTHEON. We built monuments to over-engineering! We crafted that of 7 weeks onboarding, that of immortal bugs, demonic hosts spawned by legion from the very loins of a fix. It took 2 years before a developer could BEGIN to feel confident they knew what they were doing. And by that time, they were one of US!
You think the team we laid off November '19 was fired because they were bad at their jobs? NO! It was because they worked themselves out of one. They didn't leave us a broken pipeline. They left an internal Wiki, a wealth of tools & example projects, and a completely transparent code base.
We couldn't have THAT, now could we? No, we couldn't. So we got rid of it. ALL OF IT. Poof. Gone. Just like that. Before anyone even knew a THING."
He leans forward, so close his psoriasis almost touches yours. With an intensity that borders on frightening, he whispers "You think they left us Game.dll? I fucking *MADE** Game.dll."*
The words hit hard like a freight train.
And without another word, he turns & leaves. You're left there, alone, coworkers milling about, with only one thought.
Were one to get a hobby, should it be cocaine?
It's these kinds of situations that make me believe there are far more important considerations than a ruthless dedication to performance, even in the game industry as my real-world scenario so clearly demonstrates.
[Feedback] Why are they hiding the dice rolls so much?
This is honestly a big UI complaint which is negatively effecting the enjoyment of the game for me. I still am enjoying myself and the full game will be a blast, but - What's the point of marketing a game as being based off the 5E tabletop ruleset, then fighting against the visual language of the D20 at most turns? The obvious example is skillchecks. Having the DC be lowered based on your bonus is a little unintutive - and it's unsatisfying. I don't feel like I came close to a difficult challenge but unfortunately lost when I roll a 8 under a 10, but I do when I rolled a (8 + 2) under a 12 DC. Imho, the DCs should remain the same - we should see the dice roll, have a moment of tension, THEN apply our skill bonuses! Imagine how cool and tense it would be to see the dice rattle to a 10 on a 12 DC, then have a +4 Persuasion bonus bring us over the top! This, however, rolls on into so many of the other game's mechanics. Yes, there's a combat log, but you have to mouse over the text to see what the result of your dice rolls are. It's a very binary hit or miss - you don't get that "OOHH, damn, so close!" or "WOAH! I just barely hit that!" feeling you get in regular D&D. The current VATS system for Nat 20s is a GREAT start - very satisfying! As an idea: Give us a toggle option to show live dice rolls that scroll upwards from our characters, sort of like how MMO damage numbers work. Communicate the information, then show us how it played out. Something like: HIT! 18 (14 + 4) vs 10 AC or FAILED SAVE! 4 (6 - 2) vs 13 DC - With the most important information (whether we hit or missed) coming up first, then the other info on how close we got being shown clearly to us. You can even give us an option to extend this to damage rolls! Give us that visual satisfaction of all of the dice that get pumped into a 2nd level Thunderwave spell! Hell, half the fun of casting fireball in the tabletop version is the fact that you get to rattle 8d6 around in a dice tray. Right now, missing feels like XCOM - "what? I missed with a 94% chance? damnit!" it's both more in the spirit of the game, dramatic, and interesting to know just how close we might have come.
CMV: Cosmetic Genital Surgeries on Intersex Children Shouldn't be Legal
Nature doesn't follow the boundaries that humans have created to define male and female. Internal and external genitalia, chromosomes, gonads, and hormones don't always align with the binary classifications. And this is not a rare occurrence. According to what is thought to be the most accurate study to date (Blackless, "How sexually dimorphic are we? Review and synthesis"), approximately 2% of the population is born with differences in sex development, aka bodies that don't align with what is typically male or female. That is the same as the percentage of people with green eyes or red hair- ~156 million people. Differences in sex development aren't anomalous, they are an expected biological variation on the spectrum of sex development. But western/modern culture doesn't recognize this and actively erases the existence of intersex traits because they don't conform to the binary model we created. Due to the pressure to fit in with the social understanding of male and female, "gender normalizing" surgeries are often performed. These are rarely medically necessary and take place even when the infant is perfectly healthy. These surgeries didn't start because medical professionals were didn't know the sex of the infant, they started because they thought society wouldn't be able to accept their bodies' differences as the sex they were. Essentially, they are only done to enforce gender norms. Even when they present no harm to the infant, doctors pathologize intersex traits and present them as a medical emergency. For the majority of cases, the only "medical emergency" is that intersex traits challenge the sex binary of modern society and the medical professionals' ideas of gender and sex. Infants and children cannot consent, so these surgeries also violate their right to autonomy over their bodies and futures. They are irreversible and can have lifelong consequences. When it is done with parental consent, the parents who make the decision for their children are often uninformed and pressured by the doctors. The surgical procedures are also an issue in and of themselves. They often only focus on heteronormative sexual performance. For example, the surgically constructed vaginal canal just has to be “a hole big enough to fit a typical-sized penis. It is not required to be self-lubricating or even to be at all sensitive” (Dreger). Clitoridectomies (the removal or reduction of the clitoris) are associated with permanent nerve damage, scarring, incontinence, loss of sexual function, and painful intercourse. Studies done by C.L. Minto and Peter Lee found that almost 80% of people who received clitoridectomies as an infant had difficulty experiencing sexual pleasure, 56% had dyspareunia, and approximately 40% had complete anorgasmia. Under the U.S law, female genital mutilation is considered to be barbaric and a human rights violation that's illegal even when a consenting adult requests it. Yet when it happens to infants with intersex conditions that cannot consent, it's apparently fine. Also, unnecessary gonadectomies in infants makes them sterile, taking away their choice to have kids and forcing them to rely on HRT for the rest of their life. There is also evidence that genital surgery on infants has worse outcomes than for adults. The results of vaginoplasties tend to be be more successful when the patient has higher estrogen levels and there is a reduced rate of vaginal stenosis when performed in adulthood. The scar tissue can also limit the options for genital surgery that the patient might want/need in the future I'm completely pro cosmetic genital surgery once the intersex individual is old enough to consent and has been fully informed on the risks and benefits of the procedures. I'm also not against assigning a gender to an infant at birth, I just think that can be done without surgical intervention. I just don't see what's wrong about waiting and seeing how the child develops (because doctors can attempt to predict this, but it is not 100% accurate) and what gender they end up identifying as (which cannot be predicted). The lack of consent for an irreversible surgery, violation of body integrity, risk of assigning the wrong gender, loss of sexual function, and nonconsensual sterilization are all huge red flags for me. The main arguments I ever see against this is that it makes things easier for the parents and the child's future "psychological health", but even those things have been disproved. Actually, research shows that besides physical harm, the surgeries can cause significant mental harm as well, including PTSD, gender dysphoria, iatrophobia, body dysmorphia, genophobia, depression, trust issues, suicidal ideation, anxiety disorders, self-loathing, etc (Tamar-Mattis). I suppose I do somewhat understand why it happens, especially since our society that cares so much about appearance and people tend to fear things that are "different." But that's not really a logical explanation and also doesn't mean it is ethical and should be legal. Also, society is much more accepting of differences now (as compared to the 1960's when these surgeries became popular) and sometimes even celebrates them. I can't think of any legitimate, evidence-backed reason as to why cosmetic genital surgery for infants with intersex conditions should continue to happen. I must admit that I have bias, as I am an intersex male who was subjected to cosmetic feminizing surgery as an infant and I'm pretty salty about it. However, I want to hear more from those who believe it should be done and am open to revising my views on the issue. I would like to ask that you include credible sources when mentioning statistics, etc. I am happy to dm my bibliography of sources to anyone who requests it.
Well! Here we are again. Everyone is sitting around this internet campfire, anxiously awaiting another Hawk story. Some of you are making S'mores. Others have crammed a stick into a hotdog and are now roasting it. I "Cope" with life and have a fat dip in. The only person I don't see is Hawk. Wait. There he is, and he keeps sticking his fingers into the fire to, "make sure it's still hot." I wonder if there is still a need to detail how mentally deficient or completely oblivious Hawk is? I strongly encourage you to read my previous stories if you have not been formally introduced to Hawk. I suspect you will continue to read anyways, so I offer you this: Hawk is the type of guy that gets into a spelling argument with his tattoo artist and walks out proud of his two-inch sized font forehead tattoo that reads "No Regerts." We were in beautiful Iraq, a charming vacation destination for thousands of Americans. The vacation was all inclusive. The local women dressed like Pac-Man ghosts or ninjas, and countryside smelled like raw sewage and regret. Most of the locals were very hospitable, but some of the locals had a very strong desire to shout, "Praise Allah" while simultaneously trying to kill us. I am not bothered by much. Every human is entitled to their beliefs. We are also entitled to our own opinions. For example, I don't personally feel "man-dresses" and flip-flops are suitable combat attire, but who am I too judge? The only time I have an issue with people is when they are actively trying to kill me. I don't know why, but it really pisses me off. That and grape jelly. We worked out of two different locations during this deployment. The majority of my Battalion worked out of a medium-sized Forward Operating Base (FOB), but we also operated out of a smaller FOB. We typically stayed at this other location for about ten days, and would rotate with another Platoon. The location was not horrible, but I personally hated the transient lifestyle. We lived out of our ruck-sacks, and had to find ways to occupy our time when we were not conducting raids or other missions. We didn't have the luxuries we had at "home." There were no gaming systems or large televisions. We simply had find ways to occupy ourselves. Football was the game of choice for a couple weeks, then it got blacklisted. It had nothing to do with the ball being pigskin either. It was mostly due to poor mission analysis. Football was one of the few things we could all do and actually enjoyed, until it was too dark to play. We had a brilliant and genius idea. We fucking "own the night" with our Night Vision Goggle (NVGs), so why don't we rent it for a couple hours to finish the game? Game on Garth! We thought of everything. We drenched that infidel ball in Infrared (IR) chemlight (Glow Stick) juice. The depth perception problem was immediately evident. House took a fucking laser beam pass to the to the face. Two black eyes builds character though. We can work through it though. His NVGs were still Fully Mission Capable (FMC), and we all realized that we needed to be a bit quicker. The fourth play from scrimmage was undoubtedly the best, and worst football play in the history of Iraq football. Fuck punting. We were going for it. It would have been easy to confuse Tony, our quarterback for Michael Vick from the shotgun. Tony was a Michael Vick with NVGs, and without the dog fighting felony. Tony evaded numerous rushers and then superbly delivered a fifty yard completion to Ryan. It was beautiful to watch, until it wasn't. NVG's are great, but they don't offer the same Field of View (FOV) your eye-nuggets offer. Ryan thought he was all alone and started a leisurely stroll to the end-zone. The he got fucking nuked from the top and bottom, in fucking reverse directions. Sure, Ryan broke a finger and required "some" stitches. Oh and they broke three sets of NVGs in one play, but damn that was a glorious fucking hit. It was first-and-ten, but our Platoon Sergeant was less than happy. Game off Wayne! We were now bored again. There was another unit on the FOB with us, but they were not fans of us. The only real interaction we had was when their full-bird Colonel told us to, "stay the fuck away from his Soldiers." I don't know if one of the other Platoons ruined it for us, but the guy was just a complete prick to us. We did our best to keep our reverse schedule, but it was just so boring during the evenings we were not working. The majority of us resorted to playing Spades or Echure, and others read. Hawk and a handful of others would take nightly showers and then seemed to vanish. "Knowledge is power" and I knew Hawk was utterly powerless. I knew better than to ever let that retarded bird spread his wings and fly solo. I didn't see any reason to worry though. The other people Hawk was with were far smarter than Hawk woud ever be. Furthermore, with football now off the table, there was really no way for anyone to get in trouble at this FOB. Imagine Hawk in a cattle chute. If I put a box labeled "commonsense" on the opposite end, Hawk would never fucking find it. In a place he literally has no option but to find it, he would NOT FIND IT. EVER. However, if I had a box labeled "worst decision ever" and dropped it in the ocean, Hawk would fucking somehow stumble upon the lost city of Atlantis. I had never really got my ass chewed before I became Hawk's leader, but that trend went out the window when I inherited him. We lived on the second floor, and my bunk was closest to the door that rotation. Thankfully too. I was woken up when I heard, "I want to talk to one of your leaders." I didn't know "who" was in trouble, but I had Hawk so I knew it was best to simply put my shoes on and assume I was in trouble by proxy. I didn't even wait to see if I would get to sit on the Green Army Weenie, I just spit in my hand and readied my o-ring for maximal insertion. It was too early for the sun to even be out, and I was already willingly walking to my execution. My how things had changed so quickly. I walk outside and I see five Soldiers, one Hawk, and a fucking pissed of Colonel (COL). COL: Are you their leader? OP: I am one of them. How can I help you Sir? COL: Do you know where I caught them? This is where I would typically say something stupid, but this guy didn't look happy, and I didn't want to give him a reason to wake up someone who "may" have gave a shit as to why he was irate. OP: No Sir. I don't. COL: Above MY SHOWER? I was now pissed. There was a large shower tent in the middle of large open courtyard. One half was male and the other was female. These fucking morons were spying on naked females? I want to kill them for listening to Hawk. Well, I assumed it was a Hawk idea. Like Hawk's brain, I was putting the cart before the horse. I assume it was Hawk, but I had questions. OP: How in the fuck did you guys get on top the shower tent? I was working myself into a frenzy. My brain does not operate like normal people brains. I was pretty pissed considering they violated the privacy of the beautiful ladies at the FOB, but I was actually more pissed they got on top of a fucking tent. They seemingly forgot everything about military tactics and got caught; that was the foremost reason for my anger. The spying on deployment 1's (binary thingy) was second. Considerably a far worse offense, but second at the point in time. COL: NO. Not the shower tent. On my personal shower. What? This guy was so special, he had a personal shower. What, he was too good to use the pallet floored showers like the rest of us? So maybe the Romanians (We think anyways) occasionally shit on the pallets and waffle-stomped the poop through the pallets, but the water pressure was phenomenal. OP: You have a personal shower Sir, and they were on top? COL: YES. I caught them in my water tank. Well, back to being puzzled. I don't judge. I personally don't care if penis gazing is your hobby, but there are five of you? Why don't you just unleash your hogs and stare at each others? Anyways, how in the fuck did they all fit into the water tank? What the fuck did they do when they got inside? My god, my brain was running wild with unsightly pictures. OP: My apologies Sir, but how did they all fit into your water tank? COL: Come with my Sergeant; so you understand what I am talking about. OP: You mother fuckers can wait for me in, the front-leaning-rest (Push-up position). I still wasn't certain I entirely cared, but I thought this would may demonstrate that I showed concern about his fucking one-person shower. COL Prick then lead me around the side of the building and showed me his water tank. It was fucking huge. It was one of the typical hard plastic tanks, but the entire top had been cut off. God knows why, not like it was ever dusty in Iraq, but the top was no-more. It all made sense now. They weren't gay; they were chilling in a makeshift hot tub! Well, the gayness thing is up in the air, but I guess they were too loud while he was showering!?! I apologized profusely, but COL Prick had me locked up at the position of attention for at least ten minutes just dressing me down. I was a "really poor leader, and you're not going to go anywhere in the Army." Jokes on him, they haven't kicked me out yet. COL: This is why nobody likes "cool guys." Words, words, words. You'd better do something about this, words, words, words. My penis is too small to shower with the big boys, words, words, words. NOW GET THE FUCK OUT OF MY SIGHT. I returned to the Soldiers, whom were still all in the front-leaning-rest. I screamed, "GET ON THE OTHER SIDE OF THE BUILDING. I DON'T WANT TO GO TO JAIL AFTER PEOPLE SEE ME SMOKE THE FUCKING LIFE FROM YOUR BODY. NOW FUCKING RUN." They fucking scurry, and I stroll to the other side of the building. Out of sight and out of mind. (I will use "Group" unless Hawk is the person talking. Too many useless names otherwise.) OP: That fucking dickhead has his own fucking shower! What the fuck? GROUP: I know right? OP: What the fuck were you guys thinking? I would expect this from at least one of you, but I won't point elbows. (I then just fucking stare at Hawk.) GROUP: We didn't think anyone used it. We had never seen anyone go into the room, and the room looked empty. We saw the water tank on top, and just figured we would check it out. OP: How the fuck did you even get up there? GROUP: You can walk to it if you exit any second floor window on our building. Well, the courtyard side. OP: So you guys just sneak out and hang out in this guys shower water? GROUP: Yes, but we seriously thought nobody used it. We would not have used it otherwise. OP:You fucking dip-shits think this was just a randomly placed unused water tank? You fucking idiots just stand in this guys shower water for hours? HAWK: No. We are not dumb Sergeant. We sit on MRE (Meal Ready to Eat) boxes. OP: HOW LONG HAS THIS BEEN GOING ON? GROUP: (LaughteGiggles) Every night!?! OP: We have been here for five days now! NO FUCKING MORE! I will fucking kill you if I get yelled at again over this. The only thing that makes me smile is the fact that he is showering with your ball funk. Hawk: I have some excellent news then Sergeant OP: Really? Whats Hawk? Hawk: (Smirk) We made a promise that, "nobody pisses in the hot tub"... OP: This is why your mother should have swallowed you Hawk. Why the fuck would that make me happy? Hawk: (Laughing) Because I broke that rule every night. Most nights more than once! GROUP: What the fuck Hawk! We have been lounging in your piss? What the fuck dude! Hawk: I know. (Smiles.) I lied to you though! Cheer up Sergeant. I peed on him for you! For the record, Hawk did not find the hot tub. He just peed in it, a lot. I don't think any of us paid attention because they came back from wet and with towels. I merely assumed they went to the showers. I suppose I should have kept better track of time. Also, I apologize if this was not as funny as the other Hawk tales. I realized it when I reread it, but it was certainly funny being on-the-ground and witnessing it. Can't laugh at them all I suppose. Remember, next week, "Hawk Walks Home: In Iraq." I don't think it is feasibly possible to not make that one funny. Lastly, some of my stories are a result of me being in the military, but not military. Those stories and others will/are posted at FuckeryUniveristy. I am not ever going to compete with this page, but I do need a place to post other stories and have little fear they will be taken down. The mod may be a huge prick, but at least I know the guy. Man...huge prick! Cheers!
No gods, no kings, only NOPE - or divining the future with options flows. [Part 3: Hedge Winding, Unwinding, and the NOPE]
Hello friends! We're on the last post of this series ("A Gentle Introduction to NOPE"), where we get to use all the Big Boy Concepts (TM) we've discussed in the prior posts and put them all together. Some words before we begin:
This post will be massively theoretical, in the sense that my own speculation and inferences will be largely peppered throughout the post. Are those speculations right? I think so, or I wouldn't be posting it, but they could also be incorrect.
I will briefly touch on using the NOPE this slide, but I will make a secondary post with much more interesting data and trends I've observed. This is primarily for explaining what NOPE is and why it potentially works, and what it potentially measures.
My advice before reading this is to glance at my prior posts, and either read those fully or at least make sure you understand the tl;drs: https://www.reddit.com/thecorporation/collection/27dc72ad-4e78-44cd-a788-811cd666e32a Depending on popular demand, I will also make a last-last post called FAQ, where I'll tabulate interesting questions you guys ask me in the comments! --- So a brief recap before we begin. Market Maker ("Mr. MM"): An individual or firm who makes money off the exchange fees and bid-ask spread for an asset, while usually trying to stay neutral about the direction the asset moves. Delta-gamma hedging: The process Mr. MM uses to stay neutral when selling you shitty OTM options, by buying/selling shares (usually) of the underlying as the price moves. Law of Surprise [Lily-ism]: Effectively, the expected profit of an options trade is zero for both the seller and the buyer. Random Walk: A special case of a deeper probability probability called a martingale, which basically models stocks or similar phenomena randomly moving every step they take (for stocks, roughly every millisecond). This is one of the most popular views of how stock prices move, especially on short timescales. Future Expected Payoff Function [Lily-ism]: This is some hidden function that every market participant has about an asset, which more or less models all the possible future probabilities/values of the assets to arrive at a "fair market price". This is a more generalized case of a pricing model like Black-Scholes, or DCF. Counter-party: The opposite side of your trade (if you sell an option, they buy it; if you buy an option, they sell it). Price decoherence ]Lily-ism]: A more generalized notion of IV Crush, price decoherence happens when instead of the FEPF changing gradually over time (price formation), the FEPF rapidly changes, due usually to new information being added to the system (e.g. Vermin Supreme winning the 2020 election). --- One of the most popular gambling events for option traders to play is earnings announcements, and I do owe the concept of NOPE to hypothesizing specifically about the behavior of stock prices at earnings. Much like a black hole in quantum mechanics, most conventional theories about how price should work rapidly break down briefly before, during, and after ER, and generally experienced traders tend to shy away from playing earnings, given their similar unpredictability. Before we start: what is NOPE? NOPE is a funny backronym from Net Options Pricing Effect, which in its most basic sense, measures the impact option delta has on the underlying price, as compared to share price. When I first started investigating NOPE, I called it OPE (options pricing effect), but NOPE sounds funnier. The formula for it is dead simple, but I also have no idea how to do LaTeX on reddit, so this is the best I have: https://preview.redd.it/ais37icfkwt51.png?width=826&format=png&auto=webp&s=3feb6960f15a336fa678e945d93b399a8e59bb49 Since I've already encountered this, put delta in this case is the absolute value (50 delta) to represent a put. If you represent put delta as a negative (the conventional way), do not subtract it; add it. To keep this simple for the non-mathematically minded: the NOPE today is equal to the weighted sum (weighted by volume) of the delta of every call minus the delta of every put for all options chains extending from today to infinity. Finally, we then divide that number by the # of shares traded today in the market session (ignoring pre-market and post-market, since options cannot trade during those times). Effectively, NOPE is a rough and dirty way to approximate the impact of delta-gamma hedging as a function of share volume, with us hand-waving the following factors:
To keep calculations simple, we assume that all counter-parties are hedged. This is obviously not true, especially for idiots who believe theta ganging is safe, but holds largely true especially for highly liquid tickers, or tickers will designated market makers (e.g. any ticker in the NASDAQ, for instance).
We assume that all hedging takes place via shares. For SPY and other products tracking the S&P, for instance, market makers can actually hedge via futures or other options. This has the benefit for large positions of not moving the underlying price, but still makes up a fairly small amount of hedges compared to shares.
Winding and Unwinding
I briefly touched on this in a past post, but two properties of NOPE seem to apply well to EER-like behavior (aka any binary catalyst event):
NOPE measures sentiment - In general, the options market is seen as better informed than share traders (e.g. insiders trade via options, because of leverage + easier to mask positions). Therefore, a heavy call/put skew is usually seen as a bullish sign, while the reverse is also true.
NOPE measures system stability
I'm not going to one-sentence explain #2, because why say in one sentence what I can write 1000 words on. In short, NOPE intends to measure sensitivity of the system (the ticker) to disruption. This makes sense, when you view it in the context of delta-gamma hedging. When we assume all counter-parties are hedged, this means an absolutely massive amount of shares get sold/purchased when the underlying price moves. This is because of the following: a) Assume I, Mr. MM sell 1000 call options for NKLA 25C 10/23 and 300 put options for NKLA 15p 10/23. I'm just going to make up deltas because it's too much effort to calculate them - 30 delta call, 20 delta put. This implies Mr. MM needs the following to delta hedge: (1000 call options * 30 shares to buy for each) [to balance out writing calls) - (300 put options * 20 shares to sell for each) = 24,000net shares Mr. MM needs to acquire to balance out his deltas/be fully neutral. b) This works well when NKLA is at $20. But what about when it hits $19 (because it only can go down, just like their trucks). Thanks to gamma, now we have to recompute the deltas, because they've changed for both the calls (they went down) and for the puts (they went up). Let's say to keep it simple that now my calls are 20 delta, and my puts are 30 delta. From the 24,000 net shares, Mr. MM has to now have: (1000 call options * 20 shares to have for each) - (300 put options * 30 shares to sell for each) = 11,000 shares. Therefore, with a $1 shift in price, now to hedge and be indifferent to direction, Mr. MM has to go from 24,000 shares to 11,000 shares, meaning he has to sell 13,000 shares ASAP, or take on increased risk. Now, you might be saying, "13,000 shares seems small. How would this disrupt the system?" (This process, by the way, is called hedge unwinding) It won't, in this example. But across thousands of MMs and millions of contracts, this can - especially in highly optioned tickers - make up a substantial fraction of the net flow of shares per day. And as we know from our desk example, the buying or selling of shares directly changes the price of the stock itself. This, by the way, is why the NOPE formula takes the shape it does. Some astute readers might notice it looks similar to GEX, which is not a coincidence. GEX however replaces daily volume with open interest, and measures gamma over delta, which I did not find good statistical evidence to support, especially for earnings. So, with our example above, why does NOPE measure system stability? We can assume for argument's sake that if someone buys a share of NKLA, they're fine with moderate price swings (+- $20 since it's NKLA, obviously), and in it for the long/medium haul. And in most cases this is fine - we can own stock and not worry about minor swings in price. But market makers can't* (they can, but it exposes them to risk), because of how delta works. In fact, for most institutional market makers, they have clearly defined delta limits by end of day, and even small price changes require them to rebalance their hedges. This over the whole market adds up to a lot shares moving, just to balance out your stupid Robinhood YOLOs. While there are some tricks (dark pools, block trades) to not impact the price of the underlying, the reality is that the more options contracts there are on a ticker, the more outsized influence it will have on the ticker's price. This can technically be exactly balanced, if option put delta is equal to option call delta, but never actually ends up being the case. And unlike shares traded, the shares representing the options are more unstable, meaning they will be sold/bought in response to small price shifts. And will end up magnifying those price shifts, accordingly.
NOPE and Earnings
So we have a new shiny indicator, NOPE. What does it actually mean and do? There's much literature going back to the 1980s that options markets do have some level of predictiveness towards earnings, which makes sense intuitively. Unlike shares markets, where you can continue to hold your share even if it dips 5%, in options you get access to expanded opportunity to make riches... and losses. An options trader betting on earnings is making a risky and therefore informed bet that he or she knows the outcome, versus a share trader who might be comfortable bagholding in the worst case scenario. As I've mentioned largely in comments on my prior posts, earnings is a special case because, unlike popular misconceptions, stocks do not go up and down solely due to analyst expectations being meet, beat, or missed. In fact, stock prices move according to the consensus market expectation, which is a function of all the participants' FEPF on that ticker. This is why the price moves so dramatically - even if a stock beats, it might not beat enough to justify the high price tag (FSLY); even if a stock misses, it might have spectacular guidance or maybe the market just was assuming it would go bankrupt instead. To look at the impact of NOPE and why it may play a role in post-earnings-announcement immediate price moves, let's review the following cases:
Stock Meets/Exceeds Market Expectations (aka price goes up) - In the general case, we would anticipate post-ER market participants value the stock at a higher price, pushing it up rapidly. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the positive move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worthless (due to price decoherence). This means that to stay delta neutral, market makers need to close out their sold/shorted shares, buying them, and pushing the stock price up. b) If NOPE is high positive - This means a ton of call buying, which means a lot of puts are now worthless (see a) but also a lot of calls are now worth more. This means that to stay delta neutral, market makers need to close out their sold/shorted shares AND also buy more shares to cover their calls, pushing the stock price up. 2) Stock Meets/Misses Market Expectations (aka price goes down)- Inversely to what I mentioned above, this should push to the stock price down, fairly immediately. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the negative move since: a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worth more, and a lot of calls are now worth less/worth less (due to price decoherence). This means that to stay delta neutral, market makers need to sell/short more shares, pushing the stock price down. b) If NOPE is high positive - This means a ton of call buying, which means a lot of calls are now worthless (see a) but also a lot of puts are now worth more. This means that to stay delta neutral, market makers need to sell even more shares to keep their calls and puts neutral, pushing the stock price down. --- Based on the above two cases, it should be a bit more clear why NOPE is a measure of sensitivity to system perturbation. While we previously discussed it in the context of magnifying directional move, the truth is it also provides a directional bias to our "random" walk. This is because given a price move in the direction predicted by NOPE, we expect it to be magnified, especially in situations of price decoherence. If a stock price goes up right after an ER report drops, even based on one participant deciding to value the stock higher, this provides a runaway reaction which boosts the stock price (due to hedging factors as well as other participants' behavior) and inures it to drops.
NOPE and NOPE_MAD
I'm going to gloss over this section because this is more statistical methods than anything interesting. In general, if you have enough data, I recommend using NOPE_MAD over NOPE. While NOPE in theory represents a "real" quantity (net option delta over net share delta), NOPE_MAD (the median absolute deviation of NOPE) does not. NOPE_MAD simply answecompare the following:
How exceptional is today's NOPE versus historic baseline (30 days prior)?
How do I compare two tickers' NOPEs effectively (since some tickers, like TSLA, have a baseline positive NOPE, because Elon memes)? In the initial stages, we used just a straight numerical threshold (let's say NOPE >= 20), but that quickly broke down. NOPE_MAD aims to detect anomalies, because anomalies in general give you tendies.
I might add the formula later in Mathenese, but simply put, to find NOPE_MAD you do the following:
Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
Compute the median of the previous 30 trading days' NOPEs
Find today's deviation as compared to the MAD calculated by: [(today's NOPE) - (median NOPE of last 30 days)] / (median absolute deviation of last 30 days)
This is usually reported as sigma (σ), and has a few interesting properties:
The mean of NOPE_MAD for any ticker is almost exactly 0.
[Lily's Speculation's Speculation] NOPE_MAD acts like a spring, and has a tendency to reverse direction as a function of its magnitude. No proof on this yet, but exploring it!
Using the NOPE to predict ER
So the last section was a lot of words and theory, and a lot of what I'm mentioning here is empirically derived (aka I've tested it out, versus just blabbered). In general, the following holds true:
3 sigma NOPE_MAD tends to be "the threshold": For very low NOPE_MAD magnitudes (+- 1 sigma), it's effectively just noise, and directionality prediction is low, if not non-existent. It's not exactly like 3 sigma is a play and 2.9 sigma is not a play; NOPE_MAD accuracy increases as NOPE_MAD magnitude (either positive or negative) increases.
NOPE_MAD is only useful on highly optioned tickers: In general, I introduce another parameter for sifting through "candidate" ERs to play: option volume * 100/share volume. When this ends up over let's say 0.4, NOPE_MAD provides a fairly good window into predicting earnings behavior.
NOPE_MAD only predicts during the after-market/pre-market session: I also have no idea if this is true, but my hunch is that next day behavior is mostly random and driven by market movement versus earnings behavior. NOPE_MAD for now only predicts direction of price movements right between the release of the ER report (AH or PM) and the ending of that market session. This is why in general I recommend playing shares, not options for ER (since you can sell during the AH/PM).
NOPE_MAD only predicts direction of price movement: This isn't exactly true, but it's all I feel comfortable stating given the data I have. On observation of ~2700 data points of ER-ticker events since Mar 2019 (SPY 500), I only so far feel comfortable predicting whether stock price goes up (>0 percent difference) or down (<0 price difference). This is +1 for why I usually play with shares.
Some statistics: #0) As a baseline/null hypothesis, after ER on the SPY500 since Mar 2019, 50-51% price movements in the AH/PM are positive (>0) and ~46-47% are negative (<0). #1) For NOPE_MAD >= +3 sigma, roughly 68% of price movements are positive after earnings. #2) For NOPE_MAD <= -3 sigma, roughly 29% of price movements are positive after earnings. #3) When using a logistic model of only data including NOPE_MAD >= +3 sigma or NOPE_MAD <= -3 sigma, and option/share vol >= 0.4 (around 25% of all ERs observed), I was able to achieve 78% predictive accuracy on direction.
Like all models, NOPE is wrong, but perhaps useful. It's also fairly new (I started working on it around early August 2020), and in fact, my initial hypothesis was exactly incorrect (I thought the opposite would happen, actually). Similarly, as commenters have pointed out, the timeline of data I'm using is fairly compressed (since Mar 2019), and trends and models do change. In fact, I've noticed significantly lower accuracy since the coronavirus recession (when I measured it in early September), but I attribute this mostly to a smaller date range, more market volatility, and honestly, dumber option traders (~65% accuracy versus nearly 80%). My advice so far if you do play ER with the NOPE method is to use it as following:
Buy/short shares approximately right when the market closes before ER. Ideally even buying it right before the earnings report drops in the AH session is not a bad idea if you can.
Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
Sell/buy to close shares even if it is correct ideally before conference call, or by the end of the after-market/pre-market session.
Only play tickers with high NOPE as well as high option/share vol.
--- In my next post, which may be in a few days, I'll talk about potential use cases for SPY and intraday trends, but I wanted to make sure this wasn't like 7000 words by itself. Cheers. - Lily
Coredns for local DNS resolution and forwarding over TLS (with Adblocking)
Greetings all -- I know how much y'all love unbound and pihole, but I just wanted to throw out another option that I think is super simple...CoreDNS. CoreDNS is a single-binary DNS server written in GO with many plugin options. Use Case discussed here: A complete solution for DNS resolution of internal hosts that is easy to manage while still providing AdBlocking capabilities to the entire network, and forwarding all non-local DNS requests over TLS so my crappy ISP can't see what I am doing. Solution Overview: Configure DHCP to give out pihole address as the DNS server, tell Pihole that it's upstream DNS server is CoreDNS (running on same box on a different port). CoreDNS:
NOTE IN CONFIG BELOW: My original example remains, however DanTheGreatest pointed out that there are other cloudfare examples based on your use case. Repeating here: Cloudflare introduced 126.96.36.199 (and .3) back in April. .2 Includes a malware filter and .3 also filters adult material. .2 is a great upstream for this use case.
#Here is where you will want to put your hosts style dns entries for local 10.0.20.19 server1.mydomain.com server1 10.0.20.10 database.mydomain.com database 10.0.20.42 server2.mydomain.com server2
service restart coredns
Now configure Pihole to use your Coredns as upstream. Go to http://pihole/admin settings DNS. Uncheck any DNS servers on the left hand side. Check Custom 1, and enter 127.0.0.1 and port 5300 (assuming CoreDNS is installed on same server as pihole).
.:5300 -- listen on all interfaces and bind to port 5300.
cache 3600 -- cache entries for 5 minutes. Remove this if you do not want to chache
hosts /etc/coredns/home.hosts - Use the hosts plugin and read entries from this file. CoreDNS will automatically pick up new entries when this file is updated
fallthrough -- This is important. It tells CoreDNS to try the next forwarder if it doesn't find a hit using the hosts plugin. Essentially -- if not on the internal network, keep going.
forward -- This forward block is the complete configuration for forwarding DNS over TLS to cloudfare DNS servers using round robin. If cloudfare isn't your thing, you can use any other DNS over TLS provider such as Quad9, etc. Just change the config.
What is up Depthians! We are back with another monstrous update as this one incorporates five beta test builds, so we have a lot to cover. If you want to dive straight into the massive changelog/dissertation Click We should probably start with the biggest change to From The Depths in this update and that is the change of fuel and ammo storage. Quoting Nick, our lead developer
The change is quite simple: "remove ammo and fuel as separate resources. Weapons will consume materials directly, fuel engines and CJEs will burn materials directly". Before I dig into why I think this is the right thing for FtD, I'd like to explain a few details. Energy, fuel and ammo are still needed for your constructs. We have changed the "ammo barrels (etc)" and "fuel tanks" so they are just alternative material storage containers, but with the following properties: --"ammo barrels" now increase the maximum possible rate of usage of materials as "ammo" for reloading guns. They still explode. --"fuel tanks" increase the maximum possible rate of use of materials as "fuel" for fuel engines and CJEs, with the future stretch goal of fuel tanks being flammable. --So ammo racking is going to remain a feature of the game- vehicles that need to reload a large amount of materials may need additional ammo barrels Ammo and oil processors are replaced ship-wide with existing material storage containers of the same size. They'll be made decorative blocks so you can still use them decoratively in future if you want to. The oil refinery will be repurposed (described later in the patch notes) There are two main reasons why I think this is the right move. Why it's right for the business and why it's right for the player. Let's start with why I think it's right for the player: Ammo and fuel containers are currently purchasable as either "empty or full". This is confusing when considered in the context of the campaign, story missions, custom battles, multiplayer matches...how do empty and full tanks behave in these modes? I'd need an hour to study the code and a small essay to explain it. That's not good game design. Localised resources, when considering just the moving of material (and energy, if you want), becomes infinitely more manageable. The supply group system and the transit fleet system are not intuitive and for a lot of situations, their usage becomes fiddly and too complicated. We've replaced these systems with a new supply system that is much more intuitive for moving materials and energy around. The UI is less cluttered now that ammo and fuel bars are not shown. This is not a minor point...it'll reduce the amount of data on screen by about 40% in a lot of the different views. It'll be so much easier to know at a glance if a particular fleet is running low on "materials" or doing fine. Is a transport ready to leave, or does it need to pick up more materials? Will a set of vehicles have enough materials for the next fight...this is so much easier with just one main resource type per vehicle. When you or an enemy run out of ammo or fuel in a battle it's just frustrating. By combining fuel, ammo and materials for repairing you can guarantee that if someone runs out, the fight is going to be over quickly. I imagine that deep down the majority of players would rather not have to create, stock and resupply fuel and ammo. I know that personally, the requirement to do this puts me off playing the campaign. By using a single material it still focuses the game on making efficient war machines, maintaining supply lines and growing your economy, but without the extra confusion of mat->ammo and mat-> fuel conversion. Being able to assess weapons, engines and vehicles in terms of material cost and running cost is elegant. Most grand strategy games and RTS games don't have localised resources, and many don't have more than 2 resource types to handle. Very few combine localised materials with multiple types. Why it's right for the business: The ammo and oil processors were created about 8 years ago. Boring single blocks that don't add much to the game. It's been our intention to add something similar to the oil refinery but for ammo creation. That's a lot of work and adds to the complexity of the logistical part of the game, which we feel is already a burden. Making the localised resource supply system more user friendly to make it easy/natural/pleasant to move ammo, fuel and material around the map would require a lot of effort and, quite frankly, I'm not sure we'd ever manage it. The complexity of the UI scares off a lot of our customers. The barriers to getting a gun firing or a boat moving will be lowered if a single material container can theoretically get everything working. Running out of ammo/fuel in combat is a problem for our players. We want to find a solution to that, but it would take a lot of effort to do so. We also want the strategic AI to always enter a battle with enough ammo and fuel for the fight- that's another massive bunch of work. The campaign's strategic AI has to work hard to get materials where it wants them. It's a bundle of work and added complexity to get NPC fleets to restock ammo and fuel as well. We had proposed work to make resource dumps (from dead ships) contain ammo and fuel...again, that's more work, more bugs, more testing. Certain game modes such as story missions, tournament mode, and multiplayer maps should theoretically allow the player to choose the amount of ammo or fuel stocked into their vehicles before the match begins. That's another bundle of work and added complexity we'd like to avoid. Currently out of play units on the map can run out of fuel and will still continue to move "for free". It's exploitable and we don't have a solution to that...but if all the different out of play movement calculations are burning material, there will be no avoiding the cost. The development effort can be much better spent polishing up other features that I actually believe in, rather than flogging the dead horse of logistical complexity in an attempt to make it interesting, approachable and fun for everyone (which I fundamentally don't think it would ever be). Fundamentally I think that by winding back this feature we tie up a large number of loose ends and it results in a far more finished and enjoyable product. And what's-more everyone on the development team agrees that we enjoy the game for fighting, looting and creating...not staring blankly at dozens of resource bars trying to figure out who needs to head back for more fuel and how long we need to wait for ammunition to process. We've also simplified the resource transfer system. "Supply groups" and "Transit Fleets" have been replaced with a simple but comprehensive three-tier system. You can mark a vehicle as a "Creator", a "Cargo" or a "User". Creators fill up Cargos (and Users), Cargos give to Users (up to procurement levels). Users equalise their material with their neighbours, so do Creators, and there are a few handy transfers from Users back to Cargo and Creator to make sure they maintain their procurement levels as well. This system covers 95% of the way people were using the resource system and does it all semi-automatically. This simplification is much more possible now that materials are the only resource, as they invariably just need to flow from the resource zones to the front line, with everyone (Creators and Cargo) keeping what they need and passing the rest on. This new resource system also facilitates the long-range transport of materials from refinery to refinery, which is neat. The system also has an option, for Creator and Cargo types, to set their "supply chain index", so if you want to relay materials from output to output in order to accumulate them at a central location you can set the supply chain index to determine which way along the chain the materials will flow. It's all explained in the game.
After spending a lot of time with this new system from adventure to campaign and designer mode, the gameplay feels a little faster to get going and a little simpler for fleet management. As if you didn’t already know, you can shift+right click (with your supply construct selected) on the target construct / flagship of a fleet to keep supplied, keep holding down shift and right-click where you want to pick the resources up from and once again while not letting go of shift, shift+right click on the target construct/flag ship to finish the loop. This would be done of course after setting up the settings Creator, Cargo and User. Creator as an example is the harvesting construct, Cargo which would be the supply ship, User which would be a single target construct that uses the mats. This will keep the supply ship target waypoint updated and therefore your supply ship will always head to the target construct no matter where it has moved to after setting up the loop. You still need ammo and fuel boxes on your constructs, as these are governing the transfer rate / the speed that stock your turrets and fuel engine with the materials needed for them to run. You can run a construct without fuel or ammo boxes, however, once your APS clips are empty you will see a drop in your rate of fire as the material is not being transferred fast enough, this is the same for fuel engines and CJE. Another change that goes hand in hand with resource management is the changes to fuel refineries. In short:
Refineries on a force with greater than 1 million materials on it will begin refining the material into 'commodities' that are stored centrally. Commodities (AKA centralised materials) can be added by the player to any vehicle in allied territory, at any time.
Steam was previously totally unbalanced and arbitrary. For example, 9 small boilers with 1 small piston was the optimal steam setup, which was more efficient and denser than almost all other engines; and turbine power generation only depended on its pressure, so compact turbines were always optimal.
It lacked many critical info in its UI.
It was hard to control the usage of steam
What's good with new steam:
A bit more of realism and complexity
Larger steam now generally have better efficiency and density than equivalent smaller steam
More useful info such as total power production, performance over time
Possibility to regulate steam usage with valves
Pros of steam compared to injector fuel:
Denser and more efficient
Even denser with turbines
Easier to fit into irregular space
Provides a buffer with flywheels or steam tanks
More efficient when used for propellers
Doesn't require fuel containers, uses material directly from any type of storage
Computationally less intensive
Cons of steam compared to fuel:
Still hard to regulate, so it's only useful when the power usage is constant or there's a buffer energy storage
Turbines waste energy when batteries are full
Crankshafts waste energy when reaching speed limit
More susceptible to damage (injector engines can often still run fine even when half of it is gone, steam can stop working when a single pipe is destroyed)
Why cost of parts is hilariously high: Steam engines have better efficiency and density (many players seem to forget that one) than injector engines. So a higher initial costs makes it less overpowered. (In my opinion, the potential waste of energy is a major drawback of steam and justifies for its high potential power. But iirc Draba said that injector engines would be useless on designs that require a lot of power if steam doesn't have higher initial cost, which also makes sense.) Problem with new steam that can't be fixed:
Many old designs are broken due to low power output
Problems that can probably be fixed but I don't have a solution:
Inefficient steam engines are ridiculously bad (a bad steam engine is like 30 PPM and 50 PPV, while a good one is around 600 PPM and 110 PPV) (I tried to fix this and spent like 40 hours on that, but I only managed to make it easier to build a mediocre engine)
Cannot be simulated to calculate a stable power output, like fuel engines do (actually it's easy but would take a lot of time to do and I don't think it's necessary)
Another massive change is the detection rework which I also left a few questions for Ian AKA Blothorn to explain the system and how it works. Why a change was warranted:
Different types of detection weren't well balanced--for instance, visual components had better accuracy than IR and vastly better range.
Detection autoadjust used an incorrect formula, so optimizing adjustment was both mechanical and tedious.
Trackers having much better detection ranges than search sensors meant that detection was very binary--if you could see something at all you could usually get a precise lock (barring ECM, which was only counterable by large numbers of components).
Needing both sensors and munitions warners made reactive missile defence difficult on small vehicles.
There were a number of other inconsistencies/imbalances, e.g. some visual/IR sensors working through water, steam engines producing no heat, etc.
Overview of the new system: On the offensive side, each sensor type now has a role in which it is optimal, and large vehicles are best using a variety to cover their weaknesses. Visual probably remains the default for above-water detection--it remains impossible to reduce visual signature other than reducing size. IR is better against fast vehicles, as they have trouble avoiding high IR signatures from thrust and drag. Both visual and IR are weak in rangefinding (although coincidence rangefinders are adequate for most purposes); radar is correspondingly strong in range and weak in bearing, although it often offers better detection chances against vehicles that don't pay attention to radar stealth. On the defensive side, there are two approaches. Most obvious is signature reduction--while it is deliberately difficult to avoid detection entirely, reducing signature reduces detection chances and thus degrades opposing accuracy. At short ranges, however, this doesn't work well--detection chances are likely high regardless, and low errors at short range mean even sparse detections can give a good fix. Smoke and chaff can be useful here: they increase detection chance while adding a distance-independent error to opponent's visual and radar sensors, respectively. ECM, buoys, and radar guidance have also been reworked. Buoys are more powerful, becoming more accurate as they get closer to the target. While their base error is high, at long ranges a buoy at close range can beat the accuracy of any onboard sensor. If you worry about opponents’ buoys, ECM can now intermittently jam them--except if they are connected to their parent vehicle by a harpoon cable, in which case they don't need the vulnerable wireless connection. Most blueprints should need no modifications under the new system, although a few may want a few more or less GPP cards. The one exception is water interactions--IR cameras, laser rangefinders, and retroreflection sensors can no longer work through water, so submarines that used them underwater or vehicles that used them to detect submarines will need to replace them (likely with buoys). Vehicles that predominantly used visual detection should also consider adding a greater variety of sensors--in particular, visual camera trackers tied to AA mainframes should likely be replaced with IR cameras. Also, radars and cameras can take over missile and projectile detection (radar is required for projectile detection), so munitions warners can be removed/replaced with additional sensors. Last but not least a sweet little addition to our build menu prefabs. https://preview.redd.it/iqw1ymabu9t51.png?width=1920&format=png&auto=webp&s=aa1e3cdba6e1d62e07aef83caf0acad2a39249ed Please do make sure you go through the changelog as a hell of a lot has changed!
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