How to read this issue
How to read this issue
| OBSERVED | Present in data we captured ourselves, on our own connection. The table and the instant are named. |
| CALCULATED | Derived by us from disclosed inputs. Set in vermilion, so it can be recognised before it is read. |
| REPORTED | Established from primary documents produced by somebody else: exchanges, regulators, administrators. |
| ARGUED | Our interpretation. It is allowed to be provocative. It is not allowed to borrow the other three labels. |
Numbers. A figure set in ink was observed. A figure set in vermilion was calculated by us from inputs you can see. Timestamps, sources and methods are set in mono. Prose is set in Inter, and voices, ours and other people's, in Fraunces.
The footer. Every page carries a stamp such as ONE SECOND · +0.063s · bybit printed 75,828.0. It is explained on page 6. By the end of the issue you will be able to read every word of it.
Generative tools. The illustrations in this issue were drawn with generative tools and read as illustrations. Those tools did not make any document, receipt, screenshot, trade, interview or market-data display. Where a number exists, it came out of a database we can open in front of you, or out of a named primary source.
Dissent. Twice in this issue the strongest case against it is set out and left standing. We write those pages ourselves, in the voice of the best opponent we can put up, and we do not reply to them.
SLVCE runs trading and liquidity infrastructure. It appears in this issue only as a method: its capture of market data, its willingness to publish that capture, and one bug in it that this issue found.