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ksan.eth
@azsantosk
Kelvin Santos. Co-founder & CEO at . Previously HFT senior partner/trader. Mission: bringing radically more liquidity to DeFi.
Quiver.tradeJoined January 2014

ksan.eth’s Tweets

The property in the middle is now for sale, certainly at a much higher price than what it was worth before. A great deal for the family, but not so much for the city. This is very inefficient, and means lots of beautiful things just don't get built.
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The story of the defiant Sydney's family who refused to sell their beloved property to developers, in a sequence of satellite images [read more: buff.ly/3M382Gs]
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Sad to see Gitcoin focus on such a distorted US-centric view of the world. "reflect the diversity of the community they serve" sounds as arbitrary as rules can go Instead of this, how about building teams and projects where all are welcome based on their merit and their skill?
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✨In order to have been eligible, 50% of the project’s team must reflect the diversity of the community they serve with a particular emphasis on women, Black, Indigenous, People Of Color (BIPoC), individuals with disabilities, and members of the LGBTQ+ community.
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This is actually a decent argument. Humans are not perfectly but still decently aligned to our genes. If we can make AI similarly aligned to humans we’ll most likely end up well. Counterpoint — we don’t currently know how to do that
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Hinton: There are very few examples of a more intelligent thing being controlled by a less intelligent thing. Reality: Every animal is a more intelligent thing controlled by a less intelligent thing (its genes).
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Yes! Current governance systems suck. will run as a futarchy DAO
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If AI fears make you want better AI governance, then you really want more testing of promising governance mechanisms (like futarchy). Our current ones are crap, so using those won't go well. As AI is further away than it looks in the mirror, there's still time.
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Actually managed to use a Bitcoin ATM to get cash in San Francisco. Takes a while for the block but it works!
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AIs following their own independently created goals is much more worrisome, even if they act in a “secure” and “responsible” manner initially, as they may do “treacherous turns” later. (If we could know they’ll stay lawful / respect human property rights, that would be better).
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Failed censorship != AI misalignment. We shouldn’t be worrying about AIs doing what users want, even if the use is not “responsible” or “secure”.
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Very interesting paper by a group of CMU chemists testing a GPT4 based agent to do chemistry research and experimentation. Includes this interesting warning, among others. There sure seems to be some kind of writing on some kind of wall... arxiv.org/abs/2304.05332
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This is quite a pathetic post by OpenAI. Instead of addressing existential risks from advanced AI (especially as people are already running GPT-4 recursively to generate agents), they wrote lots of bullshit about "Protecting Children", "Respecting Privacy", etc.
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Here's OpenAI 𝗴𝗮𝘀𝗹𝗶𝗴𝗵𝘁𝗶𝗻𝗴 about AI safety today, continuing a scary pattern. It's a post called "Our approach to AI safety" that shows no acknowledgement that many observers are worried they're elevating humanity's near-term existential risk. openai.com/blog/our-appro
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I feel both profoundly disturbed and deeply inspired by the monotile. How can infinite chaos live in such an innocuous shape? And how can such a fundamental pattern have eluded us for this long? What other secrets lurk right in front of us? Anything is possible!
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This is also my intuition. I may be wrong here, but base LLMs and the way they are trained (next-token prediction) make them look like artificial "text/token-cortexes", weakly analogous to human sensory cortexes (auditory, visual, olfactory, and somatosensory, etc).
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i increasingly think the shoggoth is an inaccurate & unpleasant metaphor. the base language model is more similar to our own visual field brain regions that are optimized in a pure predictive loop to minimize surprise than some alien god with hidden intentions
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INFO TRADING STORIES WANTED: Someone I know is willing to pay $100+/hr to zoom interview you about 5+ past informed financial market trade stories of you or your firm. That is, stories of you gaining some private info, and then trying to make some trades based on that info. 1/2
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What are some good proposals for improving the banking system? I'm looking for more stable alternatives that still allow loans based on reputation or illiquid assets (e.g. illiquid IOUs).
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But many people want to borrow money, and companies often want to borrow rather than issue stock (this is a fact and imo fundamental, but can de debated). So without banks to provide supply of loans, the average interest rate will go up a lot. The market demands a solution.
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This is about solving the mechanism design problem for lending based on illiquid assets (like banks often do). People could live without banks (as proposes with everybody holding a portfolio of stocks and using small pieces of it to pay for stuff).
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Signing up with addresses is quite useful (we at use it), but I agree it would be a lot better if it could not be easily confused with signatures validated by smart contracts.
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Replying to @0xfoobar @opensea and @1inch
@signinwitheth works the same way. It should be a standard EIP-712 signature that wallets could display not as a normal signature but as a special kind of popup with just a "sign in to <site>" button and an optional link to ToS.
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We are working on (3): reducing loss-vs-rebalancing by using batch auctions. This cannot be done on-chain today, but will be possible in the medium-term.
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DEXes leak value to miners through three kinds of MEV: 1. Gas costs 2. Slippage/sandwiching 3. Loss-vs-rebalancing Reduce any of these leaks, and you preserve more value for swappers and LPs. So each of these categories corresponds to a promising line of DEX research.
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What if you buy 1 WBTC on DeFi that is deemed “tainted” by BitGo? Will it still be worth 1 BTC? Will exchanges be pressured into censoring users in order to get their WBTC unwrapped on-time?
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I’m not a fan of such discretionary processes. On-chain holder of WBTC should be able to unwrap to BTC imo. BitGo shouldn’t get to decide who is “the rightful” owner of the wrapped Bitcoin. In this case this is for the good of FTX creditors, but overall its a bad precedent.
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BitGo refused to unwind $50 million in wrapped bitcoin for Alameda theblock.co/post/195119/bi
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Good updates!
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#2: When a site suggests that a user connects to a given chain through MetaMask, that selection would sometimes default back to Infura as provider. We’re fixing that. #3: We are revising the custom RPC selection interface to make it more user friendly.
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As a professional high-frequency trader I say that this is 100% bullshit. Bottleneck for price arbitrage is always speed, never capital. The only ones who claim otherwise are people using supposed arbitrage trading activities as a cover for a Ponzi scheme.
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Example 2: A market-neutral strategy in periods of heightened volatility involves price arbitrage – an asset is simultaneously bought & sold on 2 exchanges, capturing the spread. Few can capture that as it requires an inventory of various assets across different platforms. 16/33
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Just made a trade as counterparty of !
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Replying to @azsantosk
Alright $100 @ 15x leverage to open a long position on ETH/BTC with $1,500 collateral. Open: 0.07342 BTC TP: 0.08490 BTC SL: 0.07042 BTC Risk/Reward of 3.68. Normally I would move a trailing SL but for the sake of simplicity, this is fun enough haha.
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Value based filtering is a nice euphemism for that I guess.
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Bonus - value based filtering. We can compute the expected value not only of action, but of messages too. Each message changes the expected policies of the players and hence the expected value. We use this to filter out unwise messages, e.g., the ones where we leak information.
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Anyone has tips for dealing with Telegram group spam? Dozens of strangers calling me/ sending DMs asking for money for AMAs in spam groups.
We just launched quiver.trade, and we'll start by making all balances public while we build the merkle-sum proof.
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i’ll give exchanges some time to get on-board, but i’ll eventually drop any exchange who doesn’t get on-board with this in the year 2023, this should be an expectation for all centralized exchanges, including public companies like @coinbase and private ones like @Gemini twitter.com/jespow/status/…
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i’ll give exchanges some time to get on-board, but i’ll eventually drop any exchange who doesn’t get on-board with this in the year 2023, this should be an expectation for all centralized exchanges, including public companies like and private ones like
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2/2 #ProofOfReserves audit must have: 1. sum of client liabilities (auditor must exclude negative balances) 2. user-verifiable cryptographic proof that each account was included in the sum 3. signatures proving that the custodian has control of the wallets kraken.com/proof-of-reser
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Hey crypto traders, running an experiment: anyone wants to make a leveraged trade on the ETH/BTC ratio? I'll be the counterparty of any traders, no need to deposit anything, just comment what trade you would like to do! (up to $100 at stake)
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