How to Trade Binary Options Successfully

Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)

Hello, dummies
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
submitted by fuzzyblankeet to wallstreetbets [link] [comments]

Freestanding in Prague

Freestanding in Prague

The C++ standards committee met in Prague, Czech Republic between Feb 10 and Feb 15. The standard is wording complete, and the only thing between here and getting it published is ISO process. As is typical for me at these meetings, I spent a lot of time doing freestanding things, Library Incubator (LEWGI) things, and minuting along the way (15-ish sessions/papers!).

Freestanding

I had three freestanding papers coming into this meeting:
The first two papers are pieces of my former "P0829: Freestanding Proposal" paper, and had been seen by the Feature Test study group in Belfast. During this meeting, I got to run them by the Library Incubator for some design feedback. The papers were received well, though some potential danger points still exist. Library Evolution can look at the papers as soon as they have time.
P2013 is the first smaller piece taken out of "P1105: Leaving no room for a lower-level language: A C++ Subset". Exceptions are probably the most important thing in P1105, but there's so much activity going on in this area that it is hard for me to make good recommendations. The next highest priority was new and delete, hence P2013 being born. I also felt that P2013 was a good test paper to see if the committee was willing to make any language based change for freestanding.
I had presented P2013 in a prior Low Latency / SG14 telecon, and received unanimous approval (no neutral, no against votes). I was able to present it in the Evolution Incubator, and received no against votes. Then, in a surprisingly quick turnaround, I was able to present to Evolution, and again received no against votes. So now I just need to come up with wording that accomplishes my goals, without breaking constant evaluated new.

Errors and ABI

On Monday, we held a join session between Evolution and Library Evolution to talk about one of the C++ boogeymen, ABI. P1836 and P2028 have good background reading if you are not familiar with the topic. The usual arguments were raised, including that we are losing out on performance by preserving ABI, and that breaking ABI would mean abandoning some software that cannot be rebuilt today. We took some polls, and I fear that each person will interpret the polls differently. The way I interpreted the polls is that we won't do a "big" ABI break anytime soon, but we will be more willing to consider compiler heroics in order to do ABI breaks in the library.
One ABI area that is frequently overlooked is the situation that I am in. I can rebuild all of my source code, but even despite that I still care about ABI because I don't ship all of it together. I build a library with a plugin architecture, and breaking ABI would mean updating all the plugins on customer systems simultaneously... which is no easy task. I also ship binaries on Linux systems. We would prefer to be able to use new C++ features, despite targeting the various "LTS" distributions. ABI stability is a big part of that. I am hoping to make another post to cpp with my thoughts in the next few months, tentatively titled "ABI Breaks: Not just about rebuilding".
On Tuesday, LEWG discussed "P1656: 'Throws: Nothing' should be noexcept". This is a substantial change to the policy laid out in N3279, authored by Alisdair Meredith. That's why it is informally called the "Lakos" rule. We discussed the trade-offs involved, including how adding noexcept can constrain future changes, how noexcept can make precondition tests more difficult, and how this will change little in practice, because implementers already mark most "Throws: Nothing" calls as noexcept. Arguments about performance, code bloat, and standards guaranteed portability won out though. This paper was "only" a policy change, so a follow-on paper will need to be authored by someone in order to actually do the noexcept marking.
Wednesday night we had a social event celebrating the impending C++20 release. The event was held in the Prague Crossroads, built in 927 A.D.. The large tables let us have conversations with people we may not have really bumped into during the rest of the meeting. I started talking exceptions with a few of the other people at the table, and one of the had some particularly in depth knowledge about the topic. As it turns out, I was sitting at the same table as James Renwick of Low-cost Deterministic C++ Exceptions for Embedded Systems fame. I ended up talking his ear off over the course of the night.
Thursday in LEWG, we talked about Niall Douglas's "P1028: SG14 status_code and standard error object". This is the class that may one day be thrown by P0709 "Static" exceptions. Coincidentally, the most contentious parts were issues involving ABI. In several of the virtual interfaces in the standard, we've wanted to add things later, but haven't been able to do so.
Friday, James Renwick was able to present his paper, and the room was very receptive of it. One of my concerns going in to the presentation was that the committee would be unwilling to change anything in the standard related to today's exceptions. After the presentation and discussion, I'm less concerned about that. There was definitely a willingness to make some changes... but one of the big challenges is a question of whether we change default behavior in some cases, or change language ABI, even for C.

Other papers

P1385: "High level" Linear Algebra

This one is the "high level" linear algebra paper. There's a different, "lower level" linear algebra paper (P1673) that covers BLAS use cases. P1385 is intended to be something that can sit on top of P1673, if I understand correctly.
For being a math paper, there was surprisingly little math discussion in Library Incubator. We were generally discussing general interface issues like object ownership, concept requirements, and how to spell various operations, particularly inner product and outer product.

P1935: Physical Units

We are still in the philosophy and goals stage of this paper. We got to discuss the finer points of the distinctions between "kilogram" and "1 kilogram"; the difference between a unit, a dimension, and a quantity; and the difference between systems and models.
This paper is challenging in that there is significant prior art, as well as strong opinions about "the right way" to do things. This gets to one of the trickier parts of standards meetings... driving consensus. The interested parties have been requested to (preferably) work together outside of the three meetings a year, or failing that, to write a paper that gives some outline of what a solution should look like.
This paper also has an absurdly awesome / terrifying metaprogramming trick in it. A base class uses a friend declaration to declare (but not define) a function with an auto return type and no trailing return value. The derived class then declares and defines the function (again via friend) and lets the definition of the function determine the auto return type. This lets the base class use decltype to pull type information out of the derived class without explicitly passing that information down in a template argument (sorcery!). The main caveat with this trick is that it only works with exactly one derived class, as otherwise you end up with multiple conflicting definitions of the same function.

Concurrent Queues, P0260 and P1958

It's amazing what a minor paper reorg will do for productivity. This pair of papers used to be a single paper in the San Diego time frame, and we had a difficult time understanding how the pieces worked together. With the paper split as it is now, we have a small, concrete piece to review, which we were then able to see how it fit in to the interfaces and concepts of the larger paper. We got to dig in to some corner case traps with exception safety, move semantics, and race conditions. There were implementers in the room that could say what their implementation did, and I feel that the room was able to give good feedback to the authors.

P1944: constexpr and

Antony Polukhin is secretly my accidental nemesis (well, not so secret anymore). Over the course of C++20, he sprinkled constexpr on many of the things. As it turns out, there is a large (but not 100%) overlap of constexpr and freestanding. Each thing that went constexpr turned into a merge conflict that I got to resolve in my papers.
And he's still at it!
In this case, 100% of the things that were constexpr'd were also things that I have previously identified as being potentially freestanding. So that's a positive. There were concerns about implementability though, as sometimes, the C library and the C++ library come from different vendors, and having forwarding wrappers is far from trivial.

A minute about minuting

For the wg21 readers out there, if you think you are bad at taking minutes, that just means you need more practice :) . If you find yourself in a room that is about to review a paper that you are not heavily invested in, volunteer to take minutes. That way you can make a valuable contribution, even for an area where you don't have domain expertise.
As a bonus, you get to follow the minuter's code (something I just made up) about spelling other people's names. As the person taking minutes, you have license to change up to three letters in someone's name, so long as it isn't used maliciously. You can freely take any double letter in a name and convert it to a single letter (e.g. Connor -> Conor), turn a single letter to a double letter (David -> Davvid), or completely rearrange any consecutive series of vowels. And people will thank you for it! You are also given free license to interrupt people in order to ask them who they are. Give it a try!

Closing

I've got a bunch of papers to write for the next mailing, and I won't even be in Varna. So if you're interested in championing some freestanding papers, let me know, and I can coach you on the topics.
submitted by ben_craig to cpp [link] [comments]

OVERVIEW OF SYNCHROBIT HYBRID EXCHANGE: #1 WORLD'S DIGITAL TRADING PLATFORM!

Hello crypto investors and enthusiasts. I bring to you a new tiding. The question people often ask is, will crypto currency last the test of time? And will crypto currency exchange ever be secured and permanent? Checking around the recent happenings on the crypto space, one would easily conclude that crypto currency is gradually dying slowly just as we have exchanges gradually folding up. In the light of these situation, permit me to unleash a new hybrid exchange to your subconsciousness. A super and #1 world's p2p hybrid exchange which makes trades secured, easier, faster, cheaper and smarter. This exchange is none other than SYNCHROBIT EXCHANGE. This exchange is set to revolutionize the menace on the space. With my article, I shall show you how efficacious is SYNCHROBIT EXCHANGE in solving your exchange problems, how secured it is, and why you should use platform and invest in it. I hope that by the end of this article, you will have credible reasons to use the SYNCHROBIT EXCHANGE. Read on! INTRODUCTION The importance of crypto currency exchange cannot be overemphasized. So also, the need for a secured and credible exchange is the yardstick to making a healthy investment and savings. Ever since the inception of block chain technology, we have had different crypto currency projects emanating with different aims and goals. And of the most commonest of them all is the "Crypto Exchange". The exchange is an integral part of the crypto currency. And we have a lot of exchange projects being developed on daily basis. These exchange projects often seek to solve one or more problems on the space which include: 1. The problem of insecurity is a major threat to all crypto exchanges. We have couple of big crypto exchanges which have folded up because of the security threats from scammers. 2. Another issue facing crypto exchanges is exorbitant fees. A situation where users are charged higher than expected for every transaction done. 3. Thirdly is the issue of hybrid trading. For instance, most exchanges we have today are limited to just few fairs. Some are limited to just btc and ETH pairs without having in mind to include other pairs such as fiat, precious metals and other commodities. 4. Another problem slwoing down the activities of the exchanges is the issue of delayed system and rigorous trading systems as such that users find it complicated to fully adjust to the platform. 5. Another major problem and a blow to the current crypto exchanges is a slowed support system etc. All these and many more are the major threats to the smooth running operations of these current exchanges. However, a more credible and efficient system becomes to be sorted for. A need for more efficient trading and hybrid exchange is now sorted after. Hence, the auspicious launch of SYNCHROBIT EXCHANGE. SYNCHROBIT EXCHANGE is the game changer. The first and indeed the last hybrid peer to peer trading exchange. With the SYNCHROBIT EXCHANGE, users would greatly benefit and enjoy a absolute conventional trading platform of various kinds of crypto currencies, option tradings, precious metals, binary and futures trading and lots more. Below are the reasons or rather benefits if using the SYNCHROBIT EXCHANGE. 1. With SYNCHROBIT EXCHANGE, users will experience an utmost security system with their assets 100% secured. 2. With SYNCHROBIT EXCHANGE, users will get to trade faster and smarter. This will be made possible with the fact that: * The Synchrobit exchange has a simple user interface which makes it easier for both newbies and oldbies to fully utilize. * The Synchrobit exchange also provides various trading options for the users while trading. * The Synchrobit exchange will provide a multi trading platform for trading of multiple cryptocurrencies, precious metals, option and future readings etc. 3. With the synchrobit exchange, would eradicate the heavy transaction fees placed on trades and withdrawals. In turn, would greatly reduce the fees. 4. Synchrobit exchange will not only serve as trading platform, it will also serve as solution provider for both new members and old members by providing trading tools and analysis. 5. Synchrobit exchange will offer a 24/7 non stop digital exchange. This is amazing isn't it. What are you waiting for? Well, let me say this again... The SNB is the native token of the Synchrobit exchange. This SNB will be the major medium of transaction between the users and the exchange. CONCLUSION Transparency and Trust, Synchrobit exchange holds Transparency and trust at heart. Hence, the watch word of the exchange. Trust and transparency is the core values of the exchange. Synchrobit exchange is a hybrid peer to peer cryptocurrency trading exchange that will provide users with variety of trading options and pairs such as trading multiple cryptocurrencies, fiat, futures, options, margin, and binary trades with fiat, btc, bch, xlm and all other cryptocurrencies. For more information about Synchrobit exchange, visit the following websites: Website: https://snbtoken.io/ Whitepaper: https://snbtoken.io/images/wp.pdf Telegram: https://t.me/Synchronium Twitter: https://twitter.com/SynchroniumLtd Facebook: https://www.facebook.com/synchrobit.exchange
AUTHOR'S DETAILS Bitcointalk Username: Adaora2323
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2011741;sa=summary
submitted by Tina4real to BountyICO [link] [comments]

Optimized Spaced Repetition Algorithm

Recently I heard about a paper, Enhancing human learning via spaced repetition optimization (pdf) published four months ago by Behzad Tabibian, Utkarsh Upadhyay, Abir De, Ali Zarezade, Bernhard Schölkopf, and Manuel Gomez-Rodriguez. It concerns itself with optimizing (hitting a sweet spot in the trade-off between maximizing recall and minimizing number of reviews) spaced repetition card reviews scheduling.
Anki being an important part of my life(!) I was rather excited, and had planned to implement the algorithm as an Anki add-on. I rolled up my sleeves and came to read the paper today, finding out that, at least ostensibly, the paper describes an algorithm that is essentially the one implemented by Anki already. The paper is rather technical and for my first read I mostly skimmed through the equations, especially since one of the important variables referred to in the paper (u, the intensity) is taken from the "temporal point process" literature with which I am not familiar, and is not described otherwise. Be that as it may, I did get the "algorithm part", namely, how the "forgetting rate" (which would correspond to the prospective interval for the next review) of a card is adjusted as a function of recall (i.e., whether the card was recalled correctly at the review at hand or not): 1. If the card was correctly recalled, the product of the current forgetting rate, a parameter alpha (00) in it instead of alpha. The probability of recall is modeled as the exponential function of the negative forgetting rate, so that the additive/subtractive change of the rate translates to a multiplicative change of the interval, if I am not mistaken.
As I see it, there are two main differences between this algorithm and what Anki employs. The great advantage the algorithm in the paper shows (vis-à-vis its comparisons) is that it is adaptive, that is, the scheduling of each card changes depending on how well the learner is doing with it. As we know, Anki does it as well. However, their model assumes binary performances on reviews (card recalled/ not recalled) while Anki offers a certain gradation: "hard", "good", "easy". In other words, in a way, an Anki user is a co-participant in determining the scheduling of her card reviews. Even if we hit "good" each time we recall correctly, the intervals of the cards would be adaptive (i.e. change depending on how well we are doing with it), but hitting "hard" or "easy" allows us to influence the adaptation, whether to slow down or accelerate the augmentation of the interval upon recall. The second difference has not so much to do with the Anki algorithm as much as with its default settings, which probably most users do not care learning about, to say nothing about changing. I couldn't find in the paper any mentions of the rough interval for the optimal values for parameter beta (which vary from learner to learner?), but the default value Anki sets "for beta" is as high as it could be (= new intervals for failed cards are reduced as far as they can): whenever a mature card is lapsed (recalled incorrectly) its interval is set to basically zero*. Judging by some videos coming from the "medical Anki usage community", some people have already figured out that 0% is not optimal. I'd say it's a pity that Anki comes out of the box with these less than idea default parameters, but this is already getting to the fine-tuning of Anki.
So, to sum up, it seems to me that Anki is already running essentially the same algorithm ––– with the exception of the poor choice of new intervals for lapsed cards which leads to more reviewing than necessary. As far as correctly recalled cards go, even if Anki comes out of the box with suboptimal parameters, over time, through the employment of the "hard" and "easy" buttons (which alter a card's ease, and therefore its spacing), a card's scheduling would roughly converge upon its ideal spacing value (which would correspond to an idea alpha). Or is that the case?
Anki is great even for simply organizing one's studying material, but of course its greatest power comes from its algorithm allowing for great gains in recall stemming for minimal time investment. As how well it does the latter job depends on numbers, I think it is worthwhile to figure out whether there's a better way to space reviews. If anyone cares to put in the time to investigate this with me, I'd appreciate it. The paper itself is rather short- 5 pages + 1 material and methods page. Here's the appendix.
** One can find it at the deck options under the "Lapses" tab. The default value for "New interval" (i.e. the new interval given to a lapsed mature card) is 0%, that is, its interval is essentially reset as if it was a new card (except that its "ease" would affect how the interval would stretch out in the future).
submitted by NesLongus to Anki [link] [comments]

MAME 0.207

MAME 0.207

It’s almost the end of February, and more importantly it’s time for MAME 0.207 to be released! We’ve added two Nintendo Game & Watch titles this month: Fire (wide screen) and Snoopy Tennis. If you’re at all interested in plug-and-play TV games, this is going to be a huge update, with all the newly-supported JAKKS Pacific titles, including Disney Princess, Dragon Ball Z, Nicktoons, Spider-Man, and Wheel of Fortune, as well as a number of matching Game-Keys. The other big batch of additions this month comes in the form of a whole lot of e-kara cartridge dumps from Japan. For younger players, we’re steadily filling out the V.Smile software list, with eighteen newly supported titles. The VGM software list has been updated with the latest video game music rips, and we’ve added some more original floppy dumps and clean cracks to the Apple II software lists.
With the latest improvements to the MIPS R4000 CPU, WD33C93 SCSI and SGI Newport graphics emulation, it’s possible to install and run IRIX in MAME. This is a milestone achievement, and wouldn’t have been possible without some amazing dedication and collaboration on the part of the contributors and team members involved. With the addition of graphics and mouse support, Windows 1.0 runs on MAME’s Tandy 2000 emulation. MAME continues to add additional variants of supported systems, including the HP 9825T and the Esselte Modulab educational system.
Newly supported arcade games include an earlier prototype of Rise of the Robots, bootlegs of Ghost Chaser Densei and The Glob, and additional versions of Raiden Fighters 2, Guardian Storm, Pasha Pasha Champ, Lethal Enforcers, and X-Men. General usability improvements include friendlier Apple II disassembly, the restoration of key map support in SDL builds (Linux/macOS), and better initial window positioning on Windows.
You can get the source and Windows binary packages from the download page.

MAMETesters Bugs Fixed

New working machines

New working clones

Machines promoted to working

Clones promoted to working

New machines marked as NOT_WORKING

New clones marked as NOT_WORKING

New working software list additions

Software list items promoted to working

New NOT_WORKING software list additions

Translations added or modified

Source Changes

submitted by cuavas to emulation [link] [comments]

Belifex ( BEFX ) Whitepaper

Belifex ( BEFX ) Whitepaper

Belifex is a blockchain solution that would build its own ecosystem. Unlike other blockchains that have one focus of mass adoption. Belifex will commit itself to be a revolutionary blockchain and create its own ecosystem. This involves a social media blockchain based platform with social interaction that will use a rewarding system. Advertisements are for most consumers in today’s ecosystem faced with dozens of options for any given purchase. All these choices make it hard for consumers to make a decision; it often comes down to who can make the biggest, most memorable impression. As a result, advertisements are a huge cost for big firms or the common man. Belifex will introduce a low-cost advertisement on its ecosystem. Ecosystems of course can’t be without a trading platform, marketplaces, payment gateways for merchants around the globe.
https://preview.redd.it/knqmdk1iadn31.jpg?width=1342&format=pjpg&auto=webp&s=7760338b6ab716b2296a2ca2f4c5bd5c5d9f4016
What is Belifex Web Wallet?
The Belifex Web Wallet is a decentralized cryptocurrency storage solution created to hold and send cryptocurrencies around the world. The Belifex Web Wallet is under development with BIP39 security, which means that you can also access your wallet via other ways such as MyEtherWallet (MEW). Belifex does not retain any access to keys from its Web Wallet users. The Belifex Web Wallet is very easy to operate for every Web Wallet user. Although the Belifex (BEFX)Token is the main asset that is encouraged to be stored, it’s focus won’t be the only supported currency.
Does Belifex Web Wallet support Ethereum and ERC-based cryptocurrencies?
Yes. A complete variety of other cryptocurrencies will be added along the way, but for now we are currently limiting storage to only include Ethereum and ERC-based currencies at this current point in time.
How is Belifex Web Wallet secured?
The Belifex Web Wallet is originally created to make cryptocurrency payments towards community members easier to realise. The Belifex Web Wallet comes with a variety of securing functionalities. Among these are e-mail registrations, 12-word seed phrase, private key, one-way encryption, Client Side Generated Private Key’s, and a variety of other safety implementations to ensure security to the highest extent.
How will Belifex Web Wallet evolve?
Belifex Web Wallet will evolve as a payment system and create an easy way to collect tips and payment across different channels. Twitter, Facebook, YouTube. This will become available in the next versions of the web wallet. Users would no longer need to remember there long and complicated wallet address but instead have a username that is linked with the wallet address.

https://preview.redd.it/1xsjbidjadn31.jpg?width=1225&format=pjpg&auto=webp&s=1807f0db19e54366f6bbdbb2d1dbeb884aa9cf45
BeliDEX Exchange allows all tokens Ethereum based ERC20 to be traded. BeliDEX is a FREE decentralized exchange based on Ethereum blockchain with no additional deposit and withdrawal necessary, nor any need for a signup. Only with Metamask and Importing user’s existing wallet, users can trade their tokens in real-time anywhere, anytime with PC and Mobile. However, in order to trade tokens in BeliDEX decentralized exchange, each token must be allowed to be traded in order to sell. Also, since it is based on Ethereum, it is troublesome to switch to WETH token in order to buy another token with Ethereum in the personal wallet. 1ETH is the same as 1WETH, and can be exchanged at any time. This is a prerequisite for storing transactions and exchanging tokens in the Ethereum Blockchain. All transactions are stored in the Ethereum blockchain and the status of transactions can be checked in real time. If the transaction fails, the asset is automatically restored again and GAS fee are restored too. However, there is a disadvantage in that there is a gas fee to be paid to the Ethereum miners to store in the Ethereum blockchain. This is not a concern because it is common among all of the decentralized exchanges, and it is a very small amount regardless of the amount of token trading and all costs including fees are cheaper than centralized exchange

https://preview.redd.it/4fksm09kadn31.jpg?width=1249&format=pjpg&auto=webp&s=0628b6501fe904e8319471af551450882468085b
BeliCEX aims to minimize the conventional boundaries and provide its users with a comprehensive platform for trading various kinds of digital assets across multiple trading ways, including binary options, futures, options, and smart contracts. BeliCEX is a Peer-to-Peer (P2P) trading platform on which users are dealing with each other anonymously. Due to its P2P nature, users play a vital role in the liquidity of the assets. However, BeliCEX will also provide adequate liquidity for the trading of assets and funds in partnership with global liquidity providers. BeliCEX aims to minimize the trading fees by introducing its native monetary system via its token, Belifex (BEFX) token, by which the trading fees will be zero. BeliCEX is more than a digital assets trading platform and provides a wide range of innovative solutions and value-added services to its valuable users, including advanced analytics, virtual trading, social trading, and many more. It will be incredibly fast, and its speed will be enhanced and improved through the next upcoming versions. BeliCEX APIs enable 3rd party developers to develop new applications and solutions to create new platforms and services. The core technology of BeliCEX synchronizes the integration of various trading solutions via hypersecure connections.

Read the entire whitepaper and find out more about this amazing project.
https://belifex.com/assets/Belifex%20official%20whitepaper%20BEFX.pdf
submitted by JimboReddJones to ethtrader [link] [comments]

MAME 0.207

MAME 0.207

It’s almost the end of February, and more importantly it’s time for MAME 0.207 to be released! We’ve added two Nintendo Game & Watch titles this month: Fire (wide screen) and Snoopy Tennis. If you’re at all interested in plug-and-play TV games, this is going to be a huge update, with all the newly-supported JAKKS Pacific titles, including Disney Princess, Dragon Ball Z, Nicktoons, Spider-Man, and Wheel of Fortune, as well as a number of matching Game-Keys. The other big batch of additions this month comes in the form of a whole lot of e-kara cartridge dumps from Japan. For younger players, we’re steadily filling out the V.Smile software list, with eighteen newly supported titles. The VGM software list has been updated with the latest video game music rips, and we’ve added some more original floppy dumps and clean cracks to the Apple II software lists.
With the latest improvements to the MIPS R4000 CPU, WD33C93 SCSI and SGI Newport graphics emulation, it’s possible to install and run IRIX in MAME. This is a milestone achievement, and wouldn’t have been possible without some amazing dedication and collaboration on the part of the contributors and team members involved. With the addition of graphics and mouse support, Windows 1.0 runs on MAME’s Tandy 2000 emulation. MAME continues to add additional variants of supported systems, including the HP 9825T and the Esselte Modulab educational system.
Newly supported arcade games include an earlier prototype of Rise of the Robots, bootlegs of Ghost Chaser Densei and The Glob, and additional versions of Raiden Fighters 2, Guardian Storm, Pasha Pasha Champ, Lethal Enforcers, and X-Men. General usability improvements include friendlier Apple II disassembly, the restoration of key map support in SDL builds (Linux/macOS), and better initial window positioning on Windows.
You can get the source and Windows binary packages from the download page.

MAMETesters Bugs Fixed

New working machines

New working clones

Machines promoted to working

Clones promoted to working

New machines marked as NOT_WORKING

New clones marked as NOT_WORKING

New working software list additions

Software list items promoted to working

New NOT_WORKING software list additions

Translations added or modified

Source Changes

submitted by cuavas to MAME [link] [comments]

MAME 0.207

MAME 0.207

It’s almost the end of February, and more importantly it’s time for MAME 0.207 to be released! We’ve added two Nintendo Game & Watch titles this month: Fire (wide screen) and Snoopy Tennis. If you’re at all interested in plug-and-play TV games, this is going to be a huge update, with all the newly-supported JAKKS Pacific titles, including Disney Princess, Dragon Ball Z, Nicktoons, Spider-Man, and Wheel of Fortune, as well as a number of matching Game-Keys. The other big batch of additions this month comes in the form of a whole lot of e-kara cartridge dumps from Japan. For younger players, we’re steadily filling out the V.Smile software list, with eighteen newly supported titles. The VGM software list has been updated with the latest video game music rips, and we’ve added some more original floppy dumps and clean cracks to the Apple II software lists.
With the latest improvements to the MIPS R4000 CPU, WD33C93 SCSI and SGI Newport graphics emulation, it’s possible to install and run IRIX in MAME. This is a milestone achievement, and wouldn’t have been possible without some amazing dedication and collaboration on the part of the contributors and team members involved. With the addition of graphics and mouse support, Windows 1.0 runs on MAME’s Tandy 2000 emulation. MAME continues to add additional variants of supported systems, including the HP 9825T and the Esselte Modulab educational system.
Newly supported arcade games include an earlier prototype of Rise of the Robots, bootlegs of Ghost Chaser Densei and The Glob, and additional versions of Raiden Fighters 2, Guardian Storm, Pasha Pasha Champ, Lethal Enforcers, and X-Men. General usability improvements include friendlier Apple II disassembly, the restoration of key map support in SDL builds (Linux/macOS), and better initial window positioning on Windows.
You can get the source and Windows binary packages from the download page.

MAMETesters Bugs Fixed

New working machines

New working clones

Machines promoted to working

Clones promoted to working

New machines marked as NOT_WORKING

New clones marked as NOT_WORKING

New working software list additions

Software list items promoted to working

New NOT_WORKING software list additions

Translations added or modified

Source Changes