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by SilasX
632 days ago
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There were two things going on: A) Betting more aggressively than the Kelly Criterion, which indicates a bad understanding of how to reason about risk and EV[1], and, separately B) taking unnecessary, negative EV risks that have no justification beyond laziness. B) include things like "having such sloppy accounting that you simply forget about major accounts[2] and are unintelligible to potential buyers" and "storing critical private keys in a text file that lots of people have poorly logged access to". [1] lay explanation: https://sarahconstantin.substack.com/p/why-infinite-coin-fli... [2] the infamous "hidden, poorly labeled fiat account" for example |
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