taway789aaa6

Thank you!

Third, notice that the only remaining multiplication is a multiplication by 4. Because 15 is one less than a power of 2, multiplying by 2 modulo 15 can be implemented using a circular shift. A multiplication by 4 is just two multiplications by 2, so it can also be implemented by a circular shift. This is a very rare property for a modular multiplication to have, and here it reduces what should be an expensive operation into a pair of conditional swaps.

Aside: multiplication by 16 mod 21 is the inverse of multiplying by 4 mod 21, and the circuits are reversible, so multiplying by 16 uses the same number of Toffolis as multiplying by 4.

I couldn't really find anything explaining the significance of this. The only info I found said that "4 mod 21 = 4" (but I don't know if it was AI slop or not).

Is "multiplying by 4 mod 21" something distinct to quantum computing?

I'm so glad someone else has noticed this as well. They get a healthy eye roll every time. "Brought to you by...C3 dot AI"

Always a good sign when they start putting together "lists". Worked out well in Germany.

well, because then open AI needs to pay out even more money than they're already losing...

What's with the random musky quote shoved in there...

Access denied due to bad server certificate

You tried to visit:https://adam.math.hhu.de/

Bummer. Worked fine on my phone but not on a computer with ZScaler running.

Surely that image is a computer rendering and not an actual photo though! I want to see an _actual_ photo. Like on a counter. How big is it? Wires? Power brick? Cool concept, but hard to make a decision with so little information.

Assuming that they have a proper firewall between the two and there are no conflicts of interest..

This is the way.

What led to the 95% decrease in fixed fees?

Schwab has a pretty good explainer: https://www.schwabassetmanagement.com/content/understanding-...

Ultimately the AP (authorized participant) is incentivized to make ETFs available because they get to use supply/demand imbalances as an arbitrage opportunity.

The creation and redemption mechanisms help ETF shares to trade at a price close to the market value of their underlying assets. When ETF shares begin to trade at a price that is higher than the market value of their underlying assets (at a “premium”), APs may find it profitable to create ETF shares by buying the underlying securities and exchanging them for ETF shares, and then sell those shares into the market. Similarly, when ETF shares begin to trade at a price lower than the market value of their underlying assets (at a “discount”), APs may find it profitable to buy ETF shares in the secondary market and redeem them to the ETF in exchange for the underlying securities. These actions by APs, commonly described as “arbitrage opportunities,” help to keep the market-determined price of an ETF’s shares close to the market value of their underlying assets.

http://www.understandetfs.org/creation_redemption.html

My understanding is that volatility is good for ETF APs because there are more arbitrage opportunities.

Well we all know financial institutions never do anything illegal.

https://www.sec.gov/newsroom/press-releases/2023-192 https://www.sec.gov/newsroom/press-releases/2017-11

But there would be so many other parties discovering it way before their annual financials are published.

Looking at Bernie Madoff I'm not sure this is really the case...

Great question! Keep in mind that ETFs in general are designed to NOT give you the rights to the underlying shares, or to vote as a shareholder. An ETF is a derivative, not an asset unto itself. It sounds like this product is mainly to allow people to invest in ETFs not into single tickers?

The alternative is to not fall for the "its basically free!" schtick.

If its free, then you're the product.

If its $1/month, then you're still probably the product. In the case of my investments, I do not want the firm that I invest with -- to whom I trust my assets -- to turn around and lend out my assets to other organizations that have no obligation to me to act in my best interest. Share lending is almost always to lend to short-sellers that are trying to decrease the price of the asset being borrowed.

Even the bank and pensions gamble with your money, its how they move

I guess its not worth having an opinion that this is not a good thing then? Bring back Glass-Steagall to separate out banks and gamblers.

The market maker will eventually need to trade out of that position

This is why Citadel has $60+ billion dollars of "securities sold not yet purchased" on their financial statements.

They have sold $60+ BILLION of shares to investors and not yet bought the underlying securities.

So when exactly will that $60 billion of buy pressure hit the market?

PFOF and excessive off-exchange trading persist because so many trading platforms rely on the revenue it generates, essentially productizing their clients. Defenders of PFOF have claimed that retail brokers who route to high-speed traders (in exchange for PFOF) provide better price execution for investors and that it’s a net positive, despite creating an inherent misalignment between these platforms and their customers, and despite public evidence to the contrary. Leaning on the flawed argument that they categorically provide retail customers with best price execution quality, there is little by way of self-regulation to foment change or prevent applications designed to optimize transaction volume (i.e. speculation and day trading) and risky activity (i.e. margin and options trading). Further, their ability to claim best execution is part of the flaw of the system, as even within the current structure better outcomes are possible on an order-by-order, and aggregated basis.

https://advocacy.urvin.finance/advocacy/we-the-investors-pfo...

Not a win win.

The Firm assesses fees monthly, in arrears. Fixed fees are $20/month, in arrears. Fees are debited directly from client accounts.

If the fee is $1/month, why does your form ADV state that fixed fees are $20/month? https://double-disclosures.s3.amazonaws.com/Double+Finance+A...

Ah yes, the old "we'll buy stocks for you and then turn around and lend them out to short sellers that actively want you to lose money. Promise we care about you!"

I do not trust any institution that makes money off of lending MY shares out to predatory short-sellers who's sole purpose is to decrease the value of MY shares.

The "farce" is that when a market maker like Citadel purchase your order flow, the orders are typically not routed to the lit market (e.g. NYSE, IEX, etc) but instead routed to "alternative trading systems" (ATS) e.g. "dark pools" where your purchase has no effect on the price of the security.

This breaks the whole idea of a "market" where every buy puts upward pressure on a price and sales put downward pressure. Thus, a "farce".

That's not even getting started on the "farce" that is an ETF and how they are balanced/re-balanced.

Gotta love brokers that don't have your best interest in mind. Who needs best execution? /s

hah. tricked you! I rely on folks like you to help me ID the things that the app can obviously not ID correctly :) The best way to get the correct answer on the internet...

This is wonderful. I would use this!

These are not trained singers. They're off-rhythm, and off-key in ways that sheet music would not be able to convey.

"This is what ancient Greek music sounds like" is kind of like recording a restaurant version of happy birthday and saying that's what "modern Western music sounds like"

Well said.

I would rather _not_ be immersed in the whole virtual world AND _not_ stare at a 7 inch screen for a large part of my day.

(written from a 16 inch laptop that I stare at for work)

I've been trying to exist more (in terms of "time-spent") without my phone in my pocket as it seems to be primarily a driver of distraction.

I feel similarly with gardening. Try growing a food forest -- it expands your mind's time horizon to try picturing your six inch tall hazelnut seedling as a 20 foot tall tree. Each year is a new feeling of progress as everything starts to bear fruit!

over your lifetime it's actually very hard to not mouth words when you read

My reading is all in my head. I don't know when I made the transition to not mouthing things out, but it would have been pretty early on.

Because _that_ would never get abused.

If you have nothing to hide, you have nothing to fear

What if you're in a country/locale that, for example, makes same sex relationships illegal? You do have to hide it now, and so you do have to fear. Who gets to determine what has to be hidden?

"Corporations are people too, my friend."

If they can have "free speech" and are "legal persons" then the public _surely_ has an interest in knowing who is benefiting (the ultimate beneficial owner) from that corporation's actions.

Agreed. Came here to say this. Yuck.

I know this type of music writing as "shape note singing" and I've never actually heard it referred to as "sacred harp". There is a tradition of shape note singing in some Quaker circles -- quite a bit different from the Southern Baptists, but probably similar repertoire.