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Neural Foundry's avatar

Sharp distinction between probability-based thinking and coordination-based thinking. The insight that 'one tick can change the entire regime because it changes what the crowd believes is now allowed' nails the social dynamics of market structure. Most traders obsess over probability signals but miss how markets are fundamentaly coordination games. Reminds me of Keynes' beauty contest, where winning is about predicting what everyone else will think not what's 'objectively' true.

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