More things change, the more they stay the same. Tldr: standard tech stack to implement some sort of confidence game / exploit asemetrical information. In the

More things change, the more they stay the same. Tldr: standard tech stack to implement some sort of confidence game / exploit asemetrical information. In the hedge fund world investing in these short duration, volitile debt is called "picking up pennies in front of a steamroller", meaning, if the market doesn't crash this month, you'll earn a few excess basis points of return, if the market does collapse you'll experience 100% principal loss. Why do the entrepreneurs chose to do this? Well, raise $100m from the Chinese, retain 5% of the equity , and hope you get liquidity before the bottom falls out. Essentially an option on an option, but with no money down. Better question is: why do the engineers do it? And why are they willing to blog about it??