Trying to put stuff on soft war is a great experiment because it causes all other things to happen. People don't understand that if we were gong to trade a hundred million of treasuries, iould call you on the phone. There's like ten people from back office. The whole thing is archaic and insane. But experimentation in that space has led to a lot of really interesting insights. I would never have been exposed to that if someone didn't try to replace a market maker with a piece of software. Is an automated market maker better than a hedge? High cy trading funds extracting billions of dollars from equy trades and no one actually understanding that the moneyis going in this

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