I had a friend who worked as a junior trader at a hedge fund & every time he wanted to place a big order he'd hesitate because the moment size or direction became visible on the book other players read it instantly & started moving before his order even filled, once he placed a large sell & watched the price slide against him before execution simply because the book gave his intent away. That memory is what came back to me when i looked closer at @Dusk obfuscated order books. With a normal order book everyone can see size, direction & depth which is exactly why institutional players end up building workarounds like iceberg orders or dark pools just to hide intent, workarounds that dont really fix the problem they just move it somewhere else in the system. @Dusk Hedger approach looks different because the order book itself stays obfuscated no one can see direction size or exposure until execution, but validity still gets enforced underneath so the trade cant be faked or manipulated even though its hidden. That made me think the real problem was never that order books are public its that visibility & manipulation have always been two sides of the same design flaw & most solutions just patch around it instead of removing it. Im still not sure though, does hiding the order actually stop manipulation at the source or does that same behavior just resurface in a different form once real institutional volume & size start testing the system properly, is privacy at the order level actually enough or does the pressure just move downstream to settlement or matching instead..?
@Dusk $DUSK #dusk