I realised this would be interesting at some point in 2016 when i started to actually post thoughts on derivs mkts on medium https://medium.com/@Austerity_Sucks">https://medium.com/@Austerit...

But the real interesting stuff is 2013-2014

I& #39;ll tell you a quick one about Quanto vs Inverse....

so back in 2013 there was essentially two shops around: ICBit (which always struggled to "take off") and 796Exchange.

796 got popular (a Chinese exchange) letting people use BTC collateral to trade BTC:USD among other things.

But 796 was goofy, they changed around the ....

... contract specs, margin rules, and other risk parameters on an ad-hoc basis. They really did not have a clue and were just making things up as they go along.

But I still give them much respect because true early pioneers are in no-man& #39;s land where they have to iterate....