A poker player who shows their hand before betting does not lose because the other players are smarter. They lose because everyone can price them.
Institutional trading has the same problem, which is why large orders get broken into pieces and worked quietly over hours.
On a fully transparent chain that quiet is impossible. Position sizes, counterparties, balances and timing sit in public view, and anyone watching can trade ahead of a move they can see coming.
Hedger is described as laying the ground for obfuscated order books on DuskEVM, named specificaly as a way to stop market manipulation and keep participants from revealing intent or exposure.
I spent a while thinking the privacy argument was about secrecy. Its closer to being about not being front-run by people reading your homework.
Where the poker comparison stops is the referee. At a table, hiding your cards is between you and the other players and nobody audits the hand afterward. Here the same transactions have to stay fully auditable when a regulator asks.
Thats a stranger requirement than any card game has: invisible to the table, legible to the house.
#dusk @Dusk $DUSK
Institutional trading has the same problem, which is why large orders get broken into pieces and worked quietly over hours.
On a fully transparent chain that quiet is impossible. Position sizes, counterparties, balances and timing sit in public view, and anyone watching can trade ahead of a move they can see coming.
Hedger is described as laying the ground for obfuscated order books on DuskEVM, named specificaly as a way to stop market manipulation and keep participants from revealing intent or exposure.
I spent a while thinking the privacy argument was about secrecy. Its closer to being about not being front-run by people reading your homework.
Where the poker comparison stops is the referee. At a table, hiding your cards is between you and the other players and nobody audits the hand afterward. Here the same transactions have to stay fully auditable when a regulator asks.
Thats a stranger requirement than any card game has: invisible to the table, legible to the house.
#dusk @Dusk $DUSK