
Eric BriggsOsunoThe process seems easy, but "early" depends on perspective. The token can be sold to private investors, launched via ICO and traded in liquidity pools way before any exchange mentions it. Each stage has a price, lock-up period and its own risks.

Eric BriggsOsunoMost tokens float in price. But a few are built so they don’t, and that’s their entire purpose. The one job of a pegged asset is to sit still, while the stuff around it doesn’t. For this, something is usually doing the holding, and it’s a lot more complicated than it may sound at first.

Albert RobertsonOsunoYou have probably already used it, though maybe without noticing it. It is your account balance on an exchange, cash balance in a payment app, and even a trading platform's cash wallet. This article explains what is a fiat wallet, how it differs from the regular bank account and cryptocurrency wallets, and what to look for before using it.

Albert RobertsonOsunoHave you ever seen two numbers at the end of the quote? Perhaps you have skipped them as being unimportant but in reality, they indicate the highest and lowest prices of the stock during the last year. It may sound boring but becomes interesting after learning how to interpret these numbers and what do investors do with them.

Albert RobertsonOsunoTwo companies can trade at the same share price, but actually be worth totally different things on paper. One fast way to notice that is to see the market value, and hold it to the assets that the business owns. This is the P/B ration, and it can show how much the business and the stock is worth underneath.

Albert RobertsonOsunoMost markets shut on Friday evening and stay shut. A few brokers quote prices anyway across Saturday and Sunday, on a limited set of instruments, under rules that are not quite the weekday rules.

Albert RobertsonOsunoAn open position carries a number that changes every second and has not actually happened yet. Both halves of that matter. It moves constantly, and none of it is real until the position closes.

Albert RobertsonOsunoGroup things that behave alike and you can say something useful about the group. That is all a class is, really. The interesting part is what happens to the instruments that refuse to sit neatly inside any one of them.

Albert RobertsonOsunoPrice tells you where the last trade happened. Depth tells you how much can happen next before the price has to move. Two different questions, and only one of them shows up on a candle chart.

Albert RobertsonOsunoThe name comes from a thought experiment, not from a policy anybody has actually run. Money gets created and handed straight to the public, no borrowing, nothing owed back. Simple enough to picture. Considerably harder to reverse.

Albert RobertsonOsunoOne deposit gets a position open. A smaller, moving one keeps it open. Confusing the two is how traders end up surprised by a call they were sure they had room to avoid.

Albert RobertsonOsunoA token that tracks another asset one for one is worth exactly what stands behind it, and not a penny more. That backing is the whole story. It is also where wrapped assets go wrong on the occasions they do go wrong.

Albert RobertsonOsunoTwo companies land in the same sector and do almost nothing alike. A drug maker and a health insurer, say. Both healthcare. The label that would have told them apart sits one rung further down, and that label is the industry.

Albert RobertsonOsunoA stop order sits there doing nothing until the market reaches a price picked in advance. Then it turns on. What it does next is buy or sell at whatever happens to be available, which is not always the price that woke it up.

Albert RobertsonOsunoLose the phone, drop the hardware wallet in a river, the coins sit exactly where they were. Getting back to them is the whole question. A seed phrase is what answers it, and it works whether or not the old device ever turns up again.

Albert RobertsonOsunoA stock falls hard, weeks on end. Then, one morning, it jumps! Buyers turn up out of nowhere, and the drop looks like it’s done with. Sometimes it really is done. But plenty of times it is not, and what you are looking at is a typical dead cat bounce.

Albert RobertsonOsunoETF is the term everyone knows. ETP is the wider category it sits inside, and the difference between the two is not academic. Some products in that category own assets, and some only promise to pay you.

Albert RobertsonOsunoA margin call is not a warning that something might go wrong. It is a demand, and it arrives after the thing already went wrong. Understanding how the trigger works is most of the protection available.

Albert RobertsonOsunoRisk is easy to talk about and hard to put a number on. Value at risk is one attempt at the number. It is used everywhere in institutional finance, and it fails in a specific way that is worth understanding before you lean on it.

Albert RobertsonOsunoMost currencies can be printed. Most tokens cannot, at least not past a number written into the code before anyone bought any. That number is the max supply, and it shapes a surprising amount of what follows.

Albert RobertsonOsunoLook at a price chart long enough and shapes start appearing. Random walk theory says most of those shapes are not there. It is one of the more uncomfortable ideas in finance, and also one of the most tested.

Albert RobertsonOsunoExposure is one of those words that sounds vague until a number gets attached to it. Then it turns into the most concrete thing on the page: how much money is actually at stake if things go the wrong way.

Albert RobertsonOsunoBorrowing money normally means asking somebody for permission. On a lending protocol there is nobody to ask. The code checks whether you have posted enough collateral, and if you have, the loan goes out.

Albert RobertsonOsunoTokens cannot really be destroyed on a blockchain, because nothing gets deleted there. What a burn does instead is send them somewhere nobody can ever spend from again. The effect is the same, and it is permanent.