Trading Binary Options: Strategies and Tactics (Bloomberg

Sympathy for the Drow - De-Vilifying the Dark Elves

The "Evil" races in DnD have always rubbed me kinda the wrong way. Partly once I learned that a lot of them come from racist stereotypes (Orcs, Drow, and Goblins in particular) and also just because it doesn't make sense to me. Even Nazi Germany had variation and dissenters and it only lasted for 12 years. Why would a clearly evil society never change over hundreds of years? In my opinion, a story is only as good as it's villains. So, I've set out to try and make the traditionally evil races slightly more believable and even sympathetic in places.
Now, I've not been a DM very long, only like three years. But the first campaign I ever ran was through Curse of Strahd which paints the Vistani (an itinerant society heavily based on the real world Romani) as a conniving group of thieves, murders, and vampire-worshipers. Thankfully, I found through reddit and other sites how to steer away from the racists depictions of the Vistani and making them seem like, at worst, opportunists. So, I hope to be able to do that with some other of the classic DnD antagonist races.
I've read some other phenomenal post on here about evil races that totally inspired me as well. There's a great two part post about Decolonizing D&D which I adore. The post about alignment is easily my favorite. There's a couple great ones on Orcs and Yuan-Ti too so if some of my ideas are lifted from them, I hope y'all consider it flattery instead of theft. So, here are some primer notes before I get into it.
For creating the Dark Elves, I tried to keep as much as I could from the books. Obviously some stuff has to get thrown out the window though. I also tried to standardize calling them Dark Elves instead of Drow partly because I feel like Drow has a much nastier sound to it and calling them Dark Elves follows the naming convention with the High and Wood Elves. I tried to model them after real-life matriarchal societies like the Mosuo people of China and their pantheon after real deities like the Greeks, Romans, and Norse. I also quickly realized that building a society is inseparable from geography. Where a people are from effects their language, values, mythology, history, and family structure. I've tried to outline details I think are necessary to making this society realistic while leaving it open ended enough to be place-able in different worlds with relative ease. All that aside, lets get into the meat of it.

The Dark Elves: Elven Outcasts

The Elves are a varied and magical people that come from many planes and many environments within them. But none are met with more distrust and fear than the Dark Elves. Easily set apart from their cousins by their charcoal or pitch-black skin, pink-red eyes, hair of grays and whites, and shorter stature, these people have earned a reputation as killers, thieves, demon worshipers, and liars. But history is a cruel mistress, something the Dark Elves know better than most.

The Divine Divide

As the legends go, when the world was still young, Corellon Larethian lived on the Plane of Arvandor with his fellow Primal Elves. They were wild and mutable, emotional and free in all things. They changed shapes at will, gave and took freely to and from the world, and never stayed in any location too long. They wandered to and fro, scattering their peoples across almost every plane. However, this unbridled freedom was not without a price. Arguments, feuds, and small scale wars were incredibly common between them. Some elves would find themselves stranded on far off planes after most of their companions impulsively decided to leave. Their self serving impulses drove them to often completely disregard the needs or wants of others if they went against their own desires. And their reckless revelry was wreaking havoc on the natural world with Elven parties decimating whole planes of edible plants, wild game, and drinkable water.
One such Primal Elf began to see the destruction of their ways and talked to other elves about their actions. Slowly, this Elf by the name of Lolth amassed a small following of devotees that saw the negative ramifications of their inconsiderate freedom. Lolth and her followers agreed to take on fixed forms to show recognition of the dangers that impulsivity could bring. Lolth led this small group of devotees to Corellon to ask for his support. Now, Corellon did not lead these Primal Elves: he was just as wild as the best of them and did not take kindly to others telling him what to do. But he was the First Elf ever born and was universally respected amongst the Primal Elves and if Lolth could convince him, others would surely follow. Corellon listened to her proposition and agreed that they should change to prevent more destruction and conflict, but refused to order his kinsfolk into any action. He was an Elf, same as all of them, and he wouldn’t dare order around his family. He balked when Lolth asked him to take a concrete form as a show of solidarity and brushed her off as a killjoy.
Lolth was unsatisfied with this outcome and her following set out to convince each Elf to change their ways to preserve the beauty of the worlds. However, without the support of Corellon, many elves refused her offer. Her anger grew with each failure and her opinion of Corellon turned sour, something she made no attempt to hide from her Elven siblings. Now, Corellon is a proud god and once he caught wind that Lolth was bad mouthing him in an attempt to win over others, he became enraged. He railed against Lolth calling her a snake-tongued thief and Lolth called him incompetent and cruel. Their tempers flared and all the elves chose sides between Corellon’s freedom and Lolth’s stability. During this great debate, the Primal Elves turned to violence. The Dark Elves maintain that Corellon’s side threw the first blow, while the High Elves claim that it came from Lolth’s side.
No matter the source, this violent outburst soured relations between Lolth and Corellon forever after. He cast her and her followers out of Arvandor and barred her from ever returning. He also cast all but his most trusted kin from Arvandor, forcing them all to live lives on other worlds out of fear of another perceived insurrection. Thus, the Seldarine remain in Arvandor to judge the souls of Corellon’s faithful when they die and Lolth takes refuge in Arcadia with her pantheon where she minds the souls of the Drow. Corellon’s faithful call her pantheon the Dark Seldarine, while her faithful call it the Myrkalfar.

Myrkalfar: The Spider Mother’s House

Lolth the Spider Queen is the unquestioned head of the Myrkalfar, with all other deities seen as her divine family. Lolth is considered at times to be fickle or even cruel, but her ire is never gained without good reason. A very involved deity, her followers constantly search for signs of her favor or scorn in everyday life. When a Dark Elf contemplates a risky or controversial decision, they consult priestesses or perform their own rites which often gives them direct and succinct answers. She serves as an example to matriarchs of Drow families as demanding yet understanding, punishing yet guiding. She asks for a lot of her priestesses, demanding they be an unflinching example of everything a strong leader should be. The Myrkalfar is often presented as a divine household, with Lolth as the matron.
Keptolo is the consort of Lolth and considered to be the ideal of what a male should be. Beautiful and kind, strong and hard working, he helps Lolth in everything she does. Sometimes he serves as a messenger, other times as an agent of redemption, sometimes as a divine healer. When a Dark Elf is tasked with a divine charge, he is usually the one to deliver the message and guide them through their charge. He serves also as a fertility deity and is often worshiped by women or men seeking a child. Outsiders see him as a weak and subservient husband to Lolth, but his faithfulness to his matron is considered a virtue and his status as a “husband” is relatively alien to the Dark Elves as they have no binding marriage in their society.
If Keptolo is the agent of Lolth’s mercy, Kiaransalee is the agent of her vengeance. She is the eldest daughter of Lolth and Keptolo and one that Dark Elves pray to when they feel wronged. Only the most binding and serious contracts are signed under her name. To break an oath made under her name is sure to bring destruction. She is also the governor of the dead, judging the souls of those passed in the afterlife. She opposes the mindless undead created by mortals, but spirits and revenants that return to finish unresolved business amongst the living are considered under her protection. Should a Dark Elf encounter a returned spirit that is seeking vengeance, it’s their duty to leave them on their way and pray that the spirit isn’t there for them. This reverence of certain undead is something many outsiders consider downright evil.
Selvetarm is the Dark Elven warrior goddess and youngest daughter of Lolth. Often depicted with eight arms, she represents the pinnacle of hand to hand martial prowess, but often is without restraint. She serves as both an inspiration for warriors, and a warning. Vhaeraun is the eldest son of Lolth and governs ambition and stealth. Both of these traits are not necessarily vilified, but worship of him is highly scrutinized. Haughty and rash, tales of him often include deceiving his fellow gods for good and ill and more often than not are cautionary ones. He’s depicted as wearing a mask, either as some punishment for endangering Lolth and her family or to hide his identity for various schemes, possibly both.
Malyk is Lolth’s youngest son and a youthful deity of change and growth. He’s often seen as a bouncing young boy that Lolth and her family have to reign in from wild misadventures. His freedom and curiosity is often seen as a double edged sword, both gaining him great riches but also putting him in tremendous peril. He has strong ties to sorcerers and when a child is born with innate magical talent, he is often the one thanked for it. He serves as an outlet for a Dark Elves youthful chaotic nature, but also warns them of the ramifications of their actions.
Ghaunadur is a strange figure in the pantheon. Their place in the family is a bit of a mystery, sometimes called the sibling of Lolth, or her child, or even as Lolth’s parent. What makes them truly unique is that they are a formless deity, something that Lolth once warred with Corellon over. The legends go that when Ghaunadur joined Lolth, they refused to give up their changeable nature. When questioned, Ghaunadur pointed to the slimes, oozes, and formless creatures of the world and said that they wished to protect them from the Elves and the Elves from them. Lolth agreed, cementing their position as the deity of the changing forms of nature. Their favored creature is the ooze, but they govern all natural creatures. Dark Elves often pray to Ghaunadur to protect them from the creatures that lurk in the depths of the forest.
Zinzerena is Lolth’s sister and is the goddess of poisons, illusions, and magic. Viewed as an elderly and patient figure, she often serves as council to Lolth in desperate times. She’s said to be the mother of all poisons and venoms and her teachings are all about finding the wisest solution to a problem. Zinzerena teaches that even though the spider is small, it’s bite can still fell a panther. Despite her perceived age, she’s considered the younger sister of Lolth and is thought to be incredibly quick and nimble: a reminder that not everything is as it seems.
Eilistraee is Lolth’s niece and daughter of Zinzerena. Considered the black sheep of the pantheon, she serves as a goddess of redemption and moonlight. Dark Elves that turn their back on their family or scorn traditions will sometimes find themselves turned to Driders, half-spider half-Dark Elf creatures shunned by all. Eilistraee is said to watch over these creatures and if they are repentant, offer them challenges that they could complete to redeem themselves. Lolth often views her with contempt or mistrust, but never hates her and maintains her place in the pantheon. Dark Elven faithful rarely worship her as the others. She’s also one of the only deities of the Myrkalfar to claim no animosity toward the Seldarine and their faithful.
Spiders are the sacred animal of Lolth and are often used as an example of social order and the importance of family bonds. Each strand of silk serves the web as whole. More literally, the giant spiders of the Underdark are multifaceted and incredibly useful creatures. Serving as beasts of burden, war steeds, meat producers, household guardians, and silk producers, they are present in almost every facet of society. Their silks are used in everything from wound dressings to armor to architecture. To kill or steal another family's spider is considered akin to stealing a member of the family. Smaller and more poisonous spiders are often kept in temples and their webs are used as divining tools for priestesses.

Elven Exiles

The recorded history of the Dark Elves is full of contradictions from High Elf and Dark Elf sources. What historians can agree on is when the Elves of the Prime Material arrived, the followers of Lolth secluded from their Wood and High cousins and retreated into the Azelarien, also known as the Green Sea in Common. A massive forest, nearly 1 million square miles of dense and vibrant trees, that grows denser and darker the farther in one ventures. For countless eons, the High, Wood, and Dark Elves lived in relative harmony in their own corner of the world. High Elves lived near the forests in towns and villages, the Wood Elves lived in the lightly forested outlands of the Green Sea, and the Dark Elves lived deep in the central forests which was so dense that very little light reached the forest floor.
As time passed and their villages turned to cities, the High Elves began expanding into the forest, chopping some down to build homes and heat their furnaces. This began pushing into the territory of the Wood Elves and eventually the Dark Elves as well. These two peoples formed a shaky alliance to push back the expansive tide of the far larger High Elven armies. This alliance proved successful however and the High Elven forces began losing ground. What happened next is a matter of some debate. High Elven historians attest that the Dark Elven armies used Wood Elven soldiers as unwitting bait to lure the High Elven armies into a trap, thus causing a schism between them. Dark Elven historians state that the Wood Elven armies turned on them after the Wood Elves met in secret with High Elven leaders and bargained for their independence. Some Wood Elven historians claim that after a brutal defeat on the field, they were met by High Elven dignitaries that offered them clemency if they turned on their allies. They initially refused, but after the dignitaries threatened to make the same offer to the Dark Elves, they had no choice but to accept. No matter the cause, the histories agree that the Wood Elves turned on their erstwhile allies and helped push the Dark Elves into a rapid loss of ground.
Facing the might of the two armies with their own relatively small one, the Dark Elves were beaten into a hasty retreat into their own territory. Losing every open encounter, the Dark Elf matrons developed a new strategy of combat. The armies switched from training as many as quickly as they could, to training only a select few in multiple different forms of combat and magic. As the High and Wood Elves advanced into their territory, they quickly found their supply lines cut out from under them, their soldiers ambushed while sleeping, their scouts captured, and their leaders assassinated. And even if they would make it to a Dark Elf settlement, they would find it abandoned and booby-trapped, warned by their fast and silent scouts. If the Dark Elves couldn’t face their enemies head-on, they would weaken them with quick and decisive strikes.
Eventually, the war ground to a stalemate. The High Elves couldn’t push into the Dark Elf territory far enough to capture any cities of note without taking severe casualties and the Dark Elves were only managing to hold the invading armies back and couldn’t muster a force strong enough to push back to the enemy capital. Thus, the war cooled into a tense peace. The leaders came together to draw borders, but neither side fully forgave nor forgot one another’s actions. High and Wood Elves viewed the change in tactics by the Dark Elves as an unethical violation of the standards of war. The Dark Elves felt a particular animosity toward the Wood Elves, considering them backstabbers in their darkest hour.

Dark Elf Families: Matrons of Order

The Dark Elf society, to an outsider, looks like an oppressive and cruel society of slave traders and backstabbers. But the truth is more subtle. The Dark Elves value tradition and filial piety above almost all else. To a Dark Elven citizen, their family name is their most valuable possession and they are taught from a very young age that to look after their parents and their younger siblings is the highest virtue. Ancestors that have achieved great things often have shrines in a household alongside the gods themselves. A Dark Elf going against the will of their family is considered one of the highest taboos and often causes them to be outcast from Dark Elven society as a whole. Dark Elf society is matrilineal meaning that the eldest woman in each family is revered as the household leader and receives great respect from her family and society. This also means that the males of the society don’t inherit wealth as frequently as the females.
Dark Elven families are quite large, often with multiple generations along with aunts, uncles, and cousins living in the same household. New children almost always reside with their mother. Males of the society are expected to care not for their own biological children, but for the children born to their sisters, aunts, or nieces. This results in a striking amount of sexual freedom for both men and women, but is often viewed from the outside as promiscuity. The Dark Elves do not marry in the traditional sense, instead favoring long term partners with one another that can end at any time with no concerns to material wealth or ownership.
However, to become a member of a Dark Elf family is not entirely a matter of heritage. When a family that cannot support another child has one, they are often adopted by more well to do families and raised as one of their own. These adopted children are considered just as legitimate as if they were born into the family. Also, should a family lose all their heirs or become destitute, they often ask to become assimilated into other families for their own safety. The latter is considered a morose ceremony as the members of the smaller family forsake their surnames. To take in such a family is both an extreme honor and grim burden, as it means ending another family's line.
The borders of Dark Elven civilization only goes so far as there are trees so many newer up and coming families have expanded underground, a difficult and slow endeavor. This has put multiple houses at odds with one another for territory. However, Dark Elves do not tolerate open hostility between families as they have a very strong sense of collective identity. Dark Elves do not war against fellow Dark Elves, same as a spider does not fight its own web. This leads to many tensions and conflicts needing to be resolved in other ways. Most families will attempt a diplomatic solution, but when that isn’t an option, sabotage and coercion is the favored outlet. Murder is considered a bridge too far by most houses, but subterfuge in almost every other facet is, while not accepted, tolerated.
Legends of Lolth’s rebellion and the tension of their enclosed territory have imbued the Dark Elves with a strong sense of symbiosis with nature and conservancy. Sustainable living is the cornerstone of Dark Elf society. In the wild, no creature is killed or plant destroyed unless it’s a matter of self defense or necessary to survival.

Dark Elven Sex and Gender

As with many Elven peoples, sexuality is seen as a fluid and non-binary matter. Same sex relationships are usually seen as just as acceptable as male-female relationships. Since Dark Elves have no marriage structure, same sex life partners are common and widely accepted. Inheritance is passed along by the family as a whole, not linearly, meaning some houses may have matrons with no direct biological descendants while still serving at the elder matron. Power dynamics in relationships are still a factor, with the elder female in a gay relationship considered slightly above their partner socially and is seen as the inheritor in cases of property or genealogy. Male same sex relationships are accepted with little controversy. Since children are passed down their mothers line, the males have no social obligation to sire an heir as with other societies.
Transgender and transexual Dark Elves are met with slightly more controversy. Lolth’s rejection of the Primal Elves mutable forms is sometimes cited against transgender and transexual Dark Elves. Ghaunadur, however, is considered the patron god of these people and teaches that just as they are part of nature, they can change their forms. Many of these people join the religious order of Ghaunadur, serving in various roles both in religious ceremonies and as forest guides. Some even consider them to be blessed by Ghaunadur and are highly sought after in forays into the forests for protection. Children born to transgender Dark Elves are still expected to be a part of their eldest mother’s family or eldest father if no woman is part of the union.

Slavery Amongst the Dark Elves

While the Dark Elves do take slaves, their slavery doesn’t look the same as many other societies. When a family becomes indebted to another and they cannot pay off the debt, a member of their family, usually male, will be sent to work for the owed family. They give him room and board and are expected to care for him as if he were one of their own. He’ll work for them for an agreed upon amount of time before returning to his native family. Injury or misuse of this person is often grounds for them to leave and the debt to be nullified. Children born to servant fathers needn’t worry about inheriting their father’s status since they’re considered to be their mother’s child. On the rare occasion that a female servant has a child while in servitude, the child is returned to the mother’s family to be raised by her family while she works off the remaining debt. Some trade of servants does occur between houses, with indentured servants being traded for goods or services or even other servants of special skills, but the family of the servant reserves the right to veto such a trade for any reason.
During their frequent clashes with external armies, the Dark Elves do sometimes take prisoners of war, though very rarely are they used for slave labor. They never bring them back to major settlements, often keeping them on the outskirts of their territory to prevent them from learning critical knowledge of their territory. Most prisoners are held as bargaining chips to be traded for passage, supplies, or captured Dark Elves. Captured military leaders are sometimes brought to Dark Elven cities to be tried for their crimes against their people.

Dark Elven Government: Independent Houses

Unlike many other cultures, the Dark Elves lack a centralized government. Societal etiquette govern the standard for how certain crimes and disagreements should be handled, but each family unit acts as its own governing body. Disagreements within families are thus resolved internally. Inter-family disputes are resolved in multiple different ways. Most often, the two matrons of the family will meet and agree on terms to fairly compensate both sides. In cases when these talks deteriorate, the High Priestess of Lolth is often called to serve as the mediator and serves as the ruling body between disputes. Her rulings are final and indisputable, as she is considered the mouthpiece of Lolth’s will.
In times of crisis, historically the many houses of the Dark Elves have convened to discuss threats to all of Dark Elven society. This is uncommon as it’s difficult logistically to gather all the matrons in the same place at the same time, so often houses are represented by either the second eldest woman of the family or the eldest daughter of the matron. The High Priestess of Lolth often resides over these meetings as an arbiter in the event of split decisions or in delivering guidance from Lolth herself.

There's my take on the Dark Elves. Any comments, suggestions, questions, outrages, and critiques are welcomed. This is my first comprehensive look at a whole race so if I've missed things, I'll try and patch them up. I'd like to do similar things for Orcs, Goblinoids, Kobolds, and others so those might be seen soon. Thanks!
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MAME 0.222

MAME 0.222

MAME 0.222, the product of our May/June development cycle, is ready today, and it’s a very exciting release. There are lots of bug fixes, including some long-standing issues with classics like Bosconian and Gaplus, and missing pan/zoom effects in games on Seta hardware. Two more Nintendo LCD games are supported: the Panorama Screen version of Popeye, and the two-player Donkey Kong 3 Micro Vs. System. New versions of supported games include a review copy of DonPachi that allows the game to be paused for photography, and a version of the adult Qix game Gals Panic for the Taiwanese market.
Other advancements on the arcade side include audio circuitry emulation for 280-ZZZAP, and protection microcontroller emulation for Kick and Run and Captain Silver.
The GRiD Compass series were possibly the first rugged computers in the clamshell form factor, possibly best known for their use on NASA space shuttle missions in the 1980s. The initial model, the Compass 1101, is now usable in MAME. There are lots of improvements to the Tandy Color Computer drivers in this release, with better cartridge support being a theme. Acorn BBC series drivers now support Solidisk file system ROMs. Writing to IMD floppy images (popular for CP/M computers) is now supported, and a critical bug affecting writes to HFE disk images has been fixed. Software list additions include a collection of CDs for the SGI MIPS workstations.
There are several updates to Apple II emulation this month, including support for several accelerators, a new IWM floppy controller core, and support for using two memory cards simultaneously on the CFFA2. As usual, we’ve added the latest original software dumps and clean cracks to the software lists, including lots of educational titles.
Finally, the memory system has been optimised, yielding performance improvements in all emulated systems, you no longer need to avoid non-ASCII characters in paths when using the chdman tool, and jedutil supports more devices.
There were too many HyperScan RFID cards added to the software list to itemise them all here. You can read about all the updates in the whatsnew.txt file, or get the source and 64-bit Windows binary packages from the download page.

MAME Testers Bugs Fixed

New working machines

New working clones

Machines promoted to working

Clones promoted to working

New machines marked as NOT_WORKING

New clones marked as NOT_WORKING

New working software list additions

Software list items promoted to working

New NOT_WORKING software list additions

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Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)

Hello, dummies
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
submitted by fuzzyblankeet to wallstreetbets [link] [comments]

MAME 0.222

MAME 0.222

MAME 0.222, the product of our May/June development cycle, is ready today, and it’s a very exciting release. There are lots of bug fixes, including some long-standing issues with classics like Bosconian and Gaplus, and missing pan/zoom effects in games on Seta hardware. Two more Nintendo LCD games are supported: the Panorama Screen version of Popeye, and the two-player Donkey Kong 3 Micro Vs. System. New versions of supported games include a review copy of DonPachi that allows the game to be paused for photography, and a version of the adult Qix game Gals Panic for the Taiwanese market.
Other advancements on the arcade side include audio circuitry emulation for 280-ZZZAP, and protection microcontroller emulation for Kick and Run and Captain Silver.
The GRiD Compass series were possibly the first rugged computers in the clamshell form factor, possibly best known for their use on NASA space shuttle missions in the 1980s. The initial model, the Compass 1101, is now usable in MAME. There are lots of improvements to the Tandy Color Computer drivers in this release, with better cartridge support being a theme. Acorn BBC series drivers now support Solidisk file system ROMs. Writing to IMD floppy images (popular for CP/M computers) is now supported, and a critical bug affecting writes to HFE disk images has been fixed. Software list additions include a collection of CDs for the SGI MIPS workstations.
There are several updates to Apple II emulation this month, including support for several accelerators, a new IWM floppy controller core, and support for using two memory cards simultaneously on the CFFA2. As usual, we’ve added the latest original software dumps and clean cracks to the software lists, including lots of educational titles.
Finally, the memory system has been optimised, yielding performance improvements in all emulated systems, you no longer need to avoid non-ASCII characters in paths when using the chdman tool, and jedutil supports more devices.
There were too many HyperScan RFID cards added to the software list to itemise them all here. You can read about all the updates in the whatsnew.txt file, or get the source and 64-bit Windows binary packages from the download page.

MAME Testers Bugs Fixed

New working machines

New working clones

Machines promoted to working

Clones promoted to working

New machines marked as NOT_WORKING

New clones marked as NOT_WORKING

New working software list additions

Software list items promoted to working

New NOT_WORKING software list additions

submitted by cuavas to MAME [link] [comments]

The Motte Plays: Nomic

UPDATE: The Game is over.
Unfortunately, this particular game has ended up being something of a failed experiment. Thank you to everyone for playing, and my apologies that I didn't do a better job structuring it.
WHAT IS NOMIC?
Nomic is a game about making up the rules of the game as you go. Like Calvinball, but a little more structured.
WHAT ARE THE RULES?
The game starts with a very basic set of rules, all about how to create or amend new rules, as follows:
RULE 1: To propose a new rule, post it as a top level comment in this thread. Once it has 15 more upvotes than downvotes, it is a rule of the game that everyone must comply with. Rules that were proposed before this comes into effect shall be judged by the previous system.
RULE 2 To amend or repeal an existing or proposed rule, reply to the top level comment with your modification. Once it has 15 more upvotes than downvotes the top-level comment will be read as if your modification applies.
RULE 3 a vacuously satisfied rule (so to be compatible with its uselessness), instead of the current contradiction.
Additional rules have been added to the game, as follows:
Always sort by controversial: Everyday, the proposed rule with the highest "controversial" score gets accepted, regardless of its absolute score.
Lynch mcjunker: The user mcjunker shall be lynched at dawn on Thursday, August 28th 2025
Rules Have Names: Any post proposing a rule or amendment must include a bolded title for the rule.
The Basic Interpretation Rule: Where there are disagreements about how to interpret a rule, a person may post a "Proposed Interpretations for [Rule Name]:" comment.
Any person may reply to this comment with their preferred interpretation of the rule as a separate comment. After the proposed interpretations comment is 24 hours old, the reply that has the highest score becomes the binding interpretation.
Universal Starting Income Rule: Each player has an in-game wallet which begins containing 100 coins.
Conflict Of Rules: In the event that two or more rules (of the same classification, if separate classifications exist) conflict, then the latter adopted rule automatically controls.
Gem Acquisition Rule: When a rule proposal is implemented, the player who proposed it gets one gem.
Physical Locality Rule: The game map is an infinite binary tree. Players can choose their initial location on this map once by replying to this rule proposal with a string made up of a sequence of "L" and "R".
The Anti-Sneakiness Rule: The text of a rule must not have been edited to get accepted.
Adjudication Of Disputes: In the event of a dispute or interpretation that requires adjudication, a panel of three members of TheMotte shall sit as adjudicators.
The adjudicators shall be selected from the following list, which may be amended by later rules: crc128, AshLael, revengeclaus
The process by which the adjudication proceeds shall be determined by the three adjudicators, and need not include community input.
By a majority (>51%) vote of the sitting adjudicators, the adjudication becomes final and unappealable.
Adjudications do not set precedent, and are not mutually binding, unless this is changed by a later rule.
Rule List: All rules must be written down in the main post of the game once they are added.
Sequential Evaluation Of New Rules: When new rules are added, they must meet all currently existing rules, prior to the application of the new rule's text, unless the new rule explicitly states that it is overriding prior rules. Rules which do not meet this bar are not adopted, regardless of the disposition of votes, and shall have no effect.
No Ex Post Facto: Rules do not apply to themselves nor rules older than themselves. Amendment - Self-Referential Ex Facto(r): Rules containing any form of self-reference (however indirect), such as this rule, must abide by themselves.
Rule 1 Clarification: In "After the post is 24 hours old, if it has more upvotes than downvotes, it is a rule of the game that everyone must comply with", the post and it refers to the proposal comment itself, not the top-level thread.
A Rule to Deter Rule Proposal Spam
(1) Anyone for whom the number of his rejected new rule proposals is more than three times the number of his accepted new rule proposals, loses immediately, unless he has made fewer than five new rule proposals.
(2) For the purposes of subsection (1), any new rule proposal deleted by its author more than one hour after its posting shall be considered rejected.
If one's rule proposal is rejected, one shall drink one shot. Individuals consuming shots of alcoholic beverages because of this game shall consume no more than 40g of pure alcohol on each day of the game.Those who avoid alcohol for reasons of faith, addiction, or other moral reasons may substitute a shot of a non-alcoholic beverage of their choice.
Contradiction resolution: Rule 3 should be replaced with a vacuously satisfied rule (so to be compatible with its uselessness), instead of the current contradiction.
No Pay-To-Win Rule: No rule other than this one can make reference to real-world money or any resource (such as reddit gold or cryptocurrency) typically acquired with real-world money.
RULE 0: Have fun!
SKIN IN THE GAME: The user that proposes a rule must follow that rule prior to the rule being accepted. If they do not follow the rule then the rule will be automatically rejected.
RULE BY POPULAR VOTE: Rules proposed within the previous 24 hours are considered all at once but implemented in order of popularity (rather than chronologically).If RULE BY POPULAR VOTE is enacted, then the newly proposed rules will be considered at a specific time each day, called the "Evaluation Time". The initial value of the evaluation time will be determined by the Motte Nomic President, if there is one, or by AshLael if no Mott Nomic President has been selected.
Sort By New Rule: The reddit thread for game conversation is to be sorted by "New".
Parentheses Rule: Only rule text not inside parentheses is binding. Text inside of parenthesis is still recorded on the list, and may be used for interpretation or asides. (So far this seems to go without saying but it's nice to have it in writing.)
Book Review Meta Win Condition: The presumptive winner must submit a book review effort post to TheMotte subsequent to meeting all other win conditions besides this one to officially win the game. The book to be reviewed will be "Twilight", or something equally horrible as agreed on by other TheMotte users. The winner will have to actually read this book, and give it a glowing review. Said book review must be strive to be apophenic and make substantial defensible references to Meditations on Moloch, The Pentateuch, and prominent culture war issues at the time of posting.
The Archipelipatchwork Rule: Should the US Federal government be legally dissolved during this game, due to circumstances including but not limited to the election of Scott Alexander or Curtis Yarvin as President in November 2020, the existing Rules shall form the founding Constitution of at least one (1) successor microstate.
Prosecution System: A player may publicly accuse another player of rule breaking. In making such an accusation, the accused player and the allegedly broken rule must be named.
The accused player must choose how they shall be tried in 24 hours counted from the making of the accusation and start their chosen option during this interval. If they fail to do this, they are convicted. He may choose from the following options:
Trial by Voices - The accused player must state that he is innocent. If his post stating innocence has more upvotes than downvotes after 24 hours, he is acquitted. Otherwise, he is convicted.
Trial by Combat - The accused player may face his accuser in a 1 on 1 contest. If the accuser and the accused can agree on a contest, that will be the contest for the trial by combat. If the accused player wins, he is acquitted. If he loses, he is convicted. The precise nature of the contest is to be determined by amendment to this rule.
Trial by Ordeal - The accused player must complete a challenging task. If the accuser and the accused can agree on a task, that will be the task for the trial by ordeal. If he succeeds, he is acquitted. If he fails, he is convicted. The precise nature of the ordeal is to be determined by amendment to this rule.
A successfully convicted player becomes a thrall of his accuser. A thrall may only win the game if his master also wins.
If a player is accused of rule breaking by another player, no player can accuse the accused player of the same rule-breaking case later (not even the original accuser). However players can accuse the accused player of breaking the same rule later provided that the alleged breaking of the same rule constitutes a different case.
PUBLIC SPIRITED: Rule proposals must apply to everyone equally. No singling out specific users. Amendments to rules can still single out specific users.
The Hemlock Rule: No player shall corrupt the youth of Athens.
Amendments may be Amended: Amendments may themselves be amended by further amendments. Amendments and amendments to amendments don't have to be direct responses to the rule they're amending. (For example, this ought to be valid as an amendment despite the objection by Taleuntum: https://www.reddit.com/TheMotte/comments/fxlufo/the_motte_plays_nomic/fmymmm9/?context=10000 )
Ke2!: All chess matches relating to this game, whether they be a means to settle a dispute or related for some other reason, are to be played on lichess.org, and are especially not to be played on chess.com.
The Game End Rule: A single player winning or losing does not cause the game to end. The game ends when all players have won, lost, or both.
Not Actually A Rule: cjet79 asked us to take off the time-based vote hiding system. I assume this is either an attempt to make the game more interesting, part of a clever strategy, or simply sowing chaos, and in all cases I'm all for it. I've taken off the score filter for now; it'll be put back up when a moderator decides to put it back up.
It is not a coincidence that this is formatted as a rule and I encourage you to upvote/downvote accordingly.
Slavery
Players may transfer ownership of thralls between each other in exchange for in-game currency (such as Gems and Coins, as currently proposed in other rules).
A thrall is a player who has gained a win condition requiring his master to also win the game.
A thrall may purchase his own freedom using this method.
If a situation arises where there is exactly one player who, for every other player, is at the end of a chain of Thrall->Master connections starting from that other player, then that one player wins the game. A "player" for this purpose is defined as "anyone who has posted in the Nomic thread and has not lost the game".
If a closed loop of Thrall -> Master connections arises, then all connections in that loop shall be extinguished.
The General Store Rule: There is a general store that sells items, including three potions: a green potion (10 coins), a red potion (20 coins), and a blue potion (50 coins).
A player may obtain an item from this store by spending a number of coins equal to the label price.
Gems can be sold at the general store for 25 coins.
Robbers' Cove Rule: Locations on the map (of the Physical Locality Rule) with more "L"s than "R"s belong to the blue team. Locations with more "R"s than "L"s belong to the red team. Locations with an equal number of "L"s and "R"s belong to the purple team.
Coin Gifts Rule: Players may give coins as a gift to other players by publicly invoking this rule and naming a number of coins and a target player.
Only positive numbers of coins may be given via the Coin Gift Rule.
When coins are given to a target player via the Coin Gift Rule, the same number of coins is subtracted from the invoking player's number of coins.
If a player who does not have a positive number of coins invokes the Coin Gift Rule, the invocation of the coin gift rule is invalid.
If a gift via the Coin Gift Rule would cause the invoking player to have less than 0 coins, an amount equal to the invoking player's number of coins is given instead.
The Bleen/Grue Rule: The word "wins", if used in rules enacted before the beginning of April 13th 2019 A.D. (in UCT), is defined to mean something different from the standard meaning of wins and people who "win" are to be thought of as lower status.
The Fair Voting Proposition for Democracy: If a rule involves a vote with a single winner, and the voting system is not mentioned, then use approval voting by default.
The Anti-Paradox Rule: No rule may directly or indirectly cause a paradox or infinite logical loop.
Lost in Space Rule: If your location on the map (of the Physical Locality Rule) is longer than 16 characters in length, you can invoke this rule. Other players will propose new locations of no more than 16 characters in length in the replies to your invokation. The proposed location with the most upvotes, if this upvote count is positive, becomes your new location.
The Reddit Rule: Only reddit accounts may win.
submitted by AshLael to TheMotte [link] [comments]

Ranking the P5R Palaces!

Howdhee-ho everyone!
So the other day I did a ranking of all the Showtime attacks. I’d said that if it got a bit of attention and people seemed interested in this kind of stuff, I’d do rankings for other Persona 5 bits.
So today I thought I’d explore Palaces. Now, this one is going to be a bit lengthy because Palaces have a lot to talk about.
And for the usual disclaimer; Spoilers ahead! And everything from here is just my own take on it. If you feel differently, awesome! I’d love to hear your thoughts as well!
So, here are the main criteria I’m basing this stuff on.
“Story” - Now, this isn’t a plot review, but rather a review of how the Palace feels in relation to the story. Essentially, how well does this Palace fit, and does it make sense for the ruler?
“Creativeness” - How creative does the Palace feel?
“Gimmicks” - Puzzles, areas, things like that. Are they good? Do they fit thematically?
“Atmosphere” - From design, to enemies, to music. How does it feel? Does it match the tone of the current arc?
“Length” - This is not necessarily “how long is the Palace” but rather “How long does it FEEL”. Does it drag on? Does it feel too short?
Also, I will NOT be including major bosses as part of the Palace. I’ll be covering bosses another day!
So without further ado… let’s dive right in with what I feel is the worst Palace. And I don’t think this one will be a very hot take.
#9 - Okumura’s Big Bang Death Star
Yikes
Alright. I’m gonna tackle this one at a time, just going down the criteria list.
So to start with the story, I don’t think that a space station makes sense, because thematically it’s a bit… odd. Realistically, the whole “point” of Okumura’s arc is that he wants to “Ascend to the political world”. And you uh… can’t ascend much further than outer space. I think they could have gotten the same general idea with the Palace being something like a NASA Headquarters. Then you still get the space feeling, and the concept of “escaping to Utopia”. I’ll admit this one is a bit of a nitpick. But it’s always been a nagging issue for me.
Now, this is a pretty creative design for a Palace. A giant space station with faceless, robotic drones sacrificing themselves for their leader. It screams of Star Wars with the Stormtroopers just letting themselves get ripped apart for Palpy and Vader. And honestly I remember feeling this sort of overwhelming sense of wonder as I walked into the Palace for the first time and saw SPACE sprawled out in front of me. It’s cool.
Now, here’s where the problems come in. The gimmicks. Not only are they not good, but GODS ABOVE they are repetitive. First there’s the “robot interrogation” section. Try to find the highest ranking robot. But first you need to go through all the ranks below him. If I wanted to be sent up a chain of command until I talked to someone who is actually useful, I’d call up tech support. And fun fact, calling tech support is awful and nobody does it for fun. Well, except apparently the person who designed this “puzzle”. Then we have the breaking arms and lunchtime puzzles which are just… build a bridge here, hit the button, sprint across to the new bridge, make another bridge, run back to the third bridge. I dunno. It’s very uninspired. And then we have the airlocks. Or as I like to call it, wasted potential. This puzzle COULD HAVE BEEN great. But they made it so overly complex and so long that it gets grating.
Now, for the atmosphere. Honestly, I think this Palace does atmosphere very well (which is ironic since it’s in space). But it really gives the idea of a ruthless, corporate conglomerate. And while I think the music is one of the worst tracks in the game, it really does fit here. It’s tedious, repetitive, and droning. Just like working in fast food (and being in this Palace).
And length. Yeah. It’s long. Probably the longest Palace. It definitely feels like it.
So yeah. This Palace is kind of not great.
#8 - Kaneshiro in the House from Disney/Pixar’s Up
Now, I don’t want people to think I hate this Palace. Because I don’t. But I do find it to be one of the more bland ones. It’s just kind of… uninspired. Eh. I’ll get more into it below.
So as far as the story goes it makes sense but… there isn’t a lot TO Kaneshiro. Like, he’s a guy who likes robbing people. We never get to know him beyond that. So a bank is kind of the only option. So it makes sense because well… nothing else would as far as we know.
And unfortunately, this impacts how creative the Palace is. It’s cool that it’s flying, but the flight part is a little… irrelevant. Once you’re in the bank it’s just kind of… a bank. Like, there’s nothing really unique or cool about it. It’s a bank. All of it. The whole thing is just a normal, run of the mill bank once you’re inside. Well… except the money pit. Which is a full like 5 minutes of the Palace so ya’know.
Now, for the Gimmicks. There is one. One singular gimmick. And I don’t really like it. Kaneshiro’s bank has the “letter math”. Basically he has a bunch of notes with things like D=1, U=2, M=3, and B=4. Then you go to a panel with the word DUMB on it and put in the code 1234 (sounds like something an idiot would put on his luggage). So yeah. It… certainly exists.
Now I will say, I do like the atmosphere. And the BGM is, as the kids say, “A bop”. I’d say it’s the… fourth best Palace track. And the Palace DOES really feel like a bank. It’s heavily guarded, and you really get the feeling of “I don’t belong here” after you pass the main room. This is the only Palace that really made me feel like I was trespassing somewhere I wasn’t welcomed. And if you’ve ever been anywhere in a bank that isn’t the main hall, I’m sure you get the feeling. And the basement level does give me that sort of “bank heist” vibe.
Now, I don’t know how long this Palace is. But it certainly feels long. I think most of this is the basement level. Once you get to the lettenumber puzzle it feels kind of like it starts dragging.
So yeah. This Palace is… it’s okay. It’s not good. It’s not bad. It just kinda exists.
#7 - S.S. Shido
I don’t know how controversial this one will be. But I don’t really enjoy this Palace all that much. It gets REALLY old REALLY quickly. But it does have some merits.
Firstly, the Ship idea makes a lot of sense. Especially after Haru just goes “Here’s the metaphor!” in case the player doesn’t get it. Yeah, it makes sense that Shido has a giant cruise liner filled with only the elite as the country around him collapses. Plus, he does talk about “steering the country” more often than Ryuji says “FOR REAL?!” … okay. Maybe that’s not factual. But you get my point.
Now I will say, this Palace is very creative. The idea of a giant Ship cutting through buildings is cool. And I like how it’s treated as a cruise liner because it allows for a lot of additional areas, like the pool restaurant, and obviously the usual ship bits.
Now for the gimmicks… there is one. It’s the rat puzzle. And it can go fuck itself. Thank you for coming to my TED talk.
Now for the atmosphere. It feels perfect. The Palace itself feels grand, powerful, and intimidating, and the score accompanying it amplifies that feeling by quite a lot. I think it’s a bit of a step down from other Palaces, but it certainly makes sense and really works in regards to Shido.
As for length… holy hell this Palace is long. Both literally and mentally. It has basically 5 mini levels, really annoying and long puzzles, and a whole game’s worth of dialogue. I get that they have a lot of loose ends to wrap up but ye gods this Palace feels like it takes an eternity to beat.
This Palace is the textbook definition of wasted potential. It could have been amazing. It has all the pieces it needed to be. But they squander them by diluting the palace with annoying puzzles and WAY too much tangentially-related plot stuff.
#6 - King Kamoshida’s Crazy Castle
Now, I know that I have this one at 6th. But that isn’t a bad thing. I personally think this is the first “good” palace. It’s nothing amazing or crazy, but for the first Palace it’s nice and fun.
Obviously the Castle aesthetic works with Kamoshida. It makes a lot of sense seeing how he lords his power over everyone in the school. Even Principal Eggman gives in to him. So an idea of him lording over everyone obviously makes a lot of sense. And a bit of a fun fact, the guards in his Palace have the same voices as the other teachers.
And the big Castle is actually pretty creative. For a first Palace it really sets a tone, and standard for other Palaces to follow. It’s grand, absurd, and completely disgusting. Makes sense for something formed from distorted desires. There are also some really cool areas like the chandelier hopping, and the crazy, distorted upper floors.
Now for gimmicks. They’re kind of simple. The two present are the book ones, where you need to place the proper book in the proper section, and the one where you need to kill enemies to get the eyes for the statue. Neither are particularly hard, or particularly inspired. They aren’t bad though. And they aren’t overly-long. They’re standard RPG trope puzzles.
Now the atmosphere is kind of… strange. Honestly, I find it hard to take this Palace seriously. The BGM sounds like something out of a 70’s porno, and the Palace itself honestly feels like 70’s porn meets Dungeons and Dragons. It doesn’t really fit the story content of the outside world. It doesn’t reflect Kamoshida’s abuse or Shiho’s suicide. It feels a little too silly. I still like the aesthetic, but I don’t think it really fits with the plot. It needed to be more serious.
And this Palace, unfortunately, does start to drag. By the time you reach the messed up, hyper distorted floors where the floor tiles are floating around, the Palace is getting a bit old. Though this could be due to the fact that you don’t really get to make any progress during your first like… four visits.
Overall, it’s a solid Palace, and a great starting point.
#5 - Madarame’s Museum (I couldn’t think of a creative name for this one. I’m sorry.)
I really like this one. It’s fantastic. And I realize saying that for the 5th ranked Palace is kind of weird, but honestly I think that’s just a testament to how great the next four are.
Starting off like normal, this Palace makes a lot of sense… but I always found it odd that his distortion is a Museum. Because like… that isn’t exactly unusual. He’s a renowned artist with a ton of very famous works. I feel like he has art in museums. I mean, we’re introduced to him at an exhibit. I dunno. It’s a nitpicky issue that I don’t want to press. Regardless, it obviously makes sense. And I love how all the paintings in here are sort of distorted in their own way to show how Madarame has to change his own cognition to accept his art as his own.
And uh… yeah. This Palace is creative as hell. Sure, at first it feels like a normal museum. But stuff like the weird golden staircase abyss, the awesome courtyard, and the painting puzzles are so cool.
Speaking of the painting puzzles. There are two major puzzles here. The painting ones where you enter paintings Mario 64 style, and the Sayuri puzzle.
The one where you enter the paintings is kind of cool, because ultimately it’s about remembering the path that works, while also unlocking other paths to take and figuring out which path will let you escape. It’s cool, and brief, but a little TOO easy. Then there’s the Sayuri puzzle which I love. Basically you are presented with a few different paintings. All the Sayuri, but with slightly different modifications. And you need to pick the “real” one. I like this because it tests how well you were paying attention. They start off obvious, but the differences get more and more subtle as it goes on. It’s a great gimmick.
As far as the atmosphere goes, this place is great. Not only does it match the overall feeling of an art museum, but it honestly has this sort of tenseness to it. I can’t really describe it, but it almost feels ominous. And I think that fits given that Madarame himself is a rather ominous figure. We know he’s bad, but we can’t really prove it for most of the arc.
And I think this Palace has a perfect length. It doesn’t feel rushed or like it’s dragging, and I think that’s more because of the physical length. It isn’t an overly long Palace as far as playtime goes.
So yeah. This one is pretty damn good. I like it.
#4 - Sae’s Controversial Casino
Yeah. This one is going to piss people off. I know that a LOT of people have this as their favorite Palace. And I can understand why. But it has a few issues that sort of drag it down for me. They don’t drag it down MUCH, but they keep it from getting any higher on my list.
Obviously, the Palace makes sense as far as the story is concerned. Sae sees her job as essentially rigged gambling. Anyone outside “the system” thinks they can win, but in reality it’s not possible. As such, everything in her Palace is rigged to make it unwinnable. Or it SHOULD be. But we have a Futaba. So we get to cheat too. “Mwehehe”.
Honestly, the casino and premise is very creative. The concept of a Casino full of rigged games that you need to unrig is awesome, and the layout and mission is great. Also, I love how they have it set up so Sae actively wants you to try to reach her. It’s incredibly unique as far as that goes.
Now for gimmicks. There’s really only one, because most of the time you’re either walking around or killing things. And this gimmick… kind of sucks to be honest. I’m talking about the House of Darkness. It’s the only part that is more than a cutscene, standard area, or standart fight. But all it is is a standard area you can’t see. And it sort of sucks. It’s really… boring. And kind of lengthy. It’s pretty bad.
As far as the atmosphere goes it uh… well, it certainly feels like a Casino. And Sae’s presence throughout makes it feel much like how the plot does outside. Sae and the SIU are closing in, rigging the game and challenging you to take the fight to them. It’s great, and I love the plot elements here.
And now onto my major gripe. The length. This is definitely the shortest Palace. And it feels short half of the time. The problem is that the parts that DON’T feel short are painfully bad, and feel painfully long. I’m talking mostly about the Dice Game, and the House of Darkness. As I just said, the House of Darkness is little more than some dark corridors. And unfortunately, the Dice Game is the same, but without the darkness. There’s no real “Game” to this Casino. It’s just a bunch of drab, grey hallways that feel like a nuisance to traverse. It sucks when what you WANT is to get to the good Casino shenanigans (like the Arena) but instead have… this stuff. It makes the Palace feel like it drags, even though it’s probably the shortest one.
So yeah. I still love this Palace but it has some glaring issues that I can’t overlook.
#3 - Lil Sister’s Big Pyramid
God I love this Palace. Much like with my Showtime list, I honestly think I could lump my top 3 all in as my “Favorite Palace” but for the sake of this I did want to try to dive into this on a deeper level. I’ll admit, too, that from here on a lot of these placements are more on gut feeling.
Anyway, to start off, this one works incredibly well as far as story. Throughout the entire Palace we see Futaba go back and forth between wanting help and rejecting help. Her shadow knows we’re busting in from day one and follows us around just like Sae does. But due to her desire to push people away, we are constantly fighting an uphill battle against her to save her, even though she wants us to save her. And the fact that her Palace is a pyramid out in the middle of the desert is awesome symbolism for how Futaba’s position is. She hates the idea of being near other people, so she locks herself away.
Now, I personally think this Palace is super creative. It has a nice blend of ancient Egypt with the pyramid, but also ultra-modern tech stuff. Random flecks of data appearing all around, mechanical traps, and the room before the boss which is basically a massive data stream with floating hunks of pyramid floor in it. It’s just so cool. It’s a combination of ancient and modern that shouldn’t work, but does.
As for gimmicks, there are three major ones here and I think they’re all great. Firstly are the Anubis puzzles. These are pretty simple, but the gist is you grab an orb from one statue and need to put it in another. However taking them blocks off certain paths. It’s not super hard. But I like it.
Next, there is the binary puzzle. Again, fairly simple. There’s a red column and a blue one, and you need to put in certain binary codes in these columns to unlock certain doors.
Finally, there’re the picture puzzles. And honestly I love these. You come to a mural of something important to Futaba’s life and you need to rearrange them to make the picture “correct”. I love it because the scrambled appearance is symbolic of Futaba’s distorted view of these events. And they get harder as you do more, but never overly hard. It’s just a quick, fun mini-game.
As for atmosphere, I think it does a great job of showing the isolation, desperation, and mistrust Futaba feels. The music score (my 3rd favorite Palace theme) is absolutely amazing and the wailing guitar helps to show the pain in Futaba’s heart.
And while this one is lengthy, it never feels overly long or overly short. It changes up the pace enough to feel fresh, and doesn’t overuse the elements it has.
So as you can see, I have no problems with this Palace. Only things I like. Which is why Placing these top three was so hard for me. But I think the things I like in the other two I happen to like more.
#2 - The Public’s Prison. Memes and Mentos.
Now, Mementos itself is kinda bleh. We all know this. But the Depths of Mementos, the Prison of Regression, is absolutely incredible. And I KNOW this one is going to be controversial as hell. But I can’t help it. I love this Palace. It’s so good.
To start with, obviously this one works with the story outside because… well… it’s the one most linked to the outside plot. This is about every single person in the world being unwilling to commit and plot their own lives. And this place thematically matches. It’s a prison, because every person sees themselves as a prisoner.
And the creativeness levels are off the charts. Sure, they could have gone with a stereotypical “hell” level but they didn’t. It’s a prison of almost alien design. It’s the kind of weird, off the wall evil that I’d expect to see in Mass Effect. Like I could see the Reapers living in the Prison of Regression while they wait for the next cycle. It’s just so damn cool looking. I love this place. It’s so menacingly malevolent without beating you over the head with the horror it holds. Plus the post-fusion part in the second half is so wild and insane looking. It looks like something I’d expect to see in Doom.
The Gimmicks are also great. While there’s only one real Gimmick, it’s a fun one. A puzzle where you need to light up tiles on the floor. The first one is a gimme. But they increase in difficulty to hilariously easy, to you actually needing to complete other puzzles first in order to do the one necessary to progress.
I already sort of touched on this with the creative part, but the atmosphere of just existential dread this place holds is immense. And the BGM, Freedom and Security (my personal favorite Palace theme) really hammers that home. It has an eerie, ominous feeling to it that really works well in tandem with the rest of the level. And as I mentioned above, tt flips from being dreadful and terrifying, to having our heroes triumphantly running up a staircase of bones, destroying Yaldy’s minions as they march on to kick his ass like Doom Guy sprinting through Hell to kill a big boss demon.
Finally, it’s a perfect length. Not overly long, but not short either. And the plot elements halfway through give a nice breather and tone shift before thrusting you into the awesome second half as you climb up to the Grail’s chamber.
If I had to give a reason why this one is in second place, it’s that the second half is a little too focused on being cinematically badass that it foregoes exploration in exchange for a linear path. And while it works well, I still prefer the first half of the Palace.
#1 - Dr. Snack’s Hospital of Happiness
Here it is folks. My Number one. I don’t think this one will be as controversial as some of the others. But even so. Here we are!
So to start, obviously this Palace makes a ton of sense for Maruki. He was intended to get a research lab built in the spot where this Palace forms, and the Palace IS a research lab. So obviously that works. And the whole concept was about using cognition to change people’s lives for the better. We can see this in the Palace during the quiz section where we see how Maruki guides patients to his happiness. Which is thematically nice because it shows that while Maruki claims he wants everyone to be happy with their desires, he actually wants them happy with his. Anyway, I’m rambling. The Palace is great as far as story and makes sense for the character.
And yeah. This place is creative as hell. It’s not just a research lab. It’s a massive spire with rainbow bridges, massive telescopes, and a dome on top meant to represent heaven since Maruki sees himself as God. It’s the most grandiose, over the top thing in this game. And I’ll remind you, in this game you shoot a God in the face with a sword gun.
*ahem* anyway. The gimmicks here are really damn good. The first thing is the awesome Quiz section. I do think it’s a little bogged down by the whole “The team must meet and discuss” part, but I love how this whole thing is just “How well do you know Maruki?”. If you know him well, you get a reward. If you don’t, you get punished. Then there’s the color bridge section which is just “If the Okumura space tunnels didn’t suck”. It’s so good because it requires a lot more strategy and a lot less luck than the Okumura port. And if you make a mistake it’s a much easier fix.
The atmosphere is amazing too. The sterile but obviously corrupted first bit when you’re in the main building feels very clinical. But the strange bits of oddities really gives off an other-worldly vibe. Remember how I said the Prison of Regression felt like it had Mass Effect vibes? This part has like… Resident Evil vibes. It’s like a modern hospital tainted by an otherworldly monstrosity and it’s awesome (and, actually, not far from the truth. Much love, Azathoth.) Oh, and the BGM is my 2nd favorite. I fucking adore Gentle Madman.
As for the length, I do think it’s probably the longest Palace. It definitely comes close with Okumura. The difference is you’re actually forced out about a third of the way through and, if you’re playing “optimally”, you won’t be back for a bit. So it never feels like it gets old or tired. And it changes up often enough, and with drastic enough changes that it never drags on like the bottom three Palaces on this list. So it’s great.
GOD DAMN I LOVE THIS PALACE.
Aaaaanyway. That’s my list. I’m thinking I’ll do bosses next, but I dunno. What would you guys want a massive rank essay on? Bosses? Awakenings? Phantom Thief members? Party Personas? And what are your thoughts on this here list? How would you rank the Palaces?
I hope you all enjoyed this, and I look forward to hearing your opinions in the comments!
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