> In a podcast from 2019, SBF brags about making predictions on the timescale of 1-2 seconds > While this might have been considered highly competitive in 2019

> In a podcast from 2019, SBF brags about making predictions on the timescale of 1-2 seconds > While this might have been considered highly competitive in 2019-era crypto markets, it is a far cry from the microsecond-level precision of market making in traditional finance. The author is confusing tick-to-trade with prediction horizon. The "microseconds" market makers talk about is how long it takes to react to incoming market data and send out a trade message. The 2 seconds SBF is talking about is how far ahead in the future you want to predict price changes over. Doesn't really inspire a lot of confidence in the rest of the analysis if this is the level of domain knowledge the author has.