Welcome to this two-part deep dive on high-frequency cryptoasset trading. Our guest is Ed Tolson, founder of kbit. Kbit is a high-frequency trading firm that's responsible for about 0.5% of daily total crypto exchange volume. For example, in May of 2019, kbit did just shy of $1 billion of total volume. This two-part deep dive is broken up into five chapters: - Chapter One: What high-frequency trading is- Chapter Two: What high-frequency traders actually do as well as the categories of high-frequency trading that exist in cryptoland- Chapter Three: Data, fake volume, and toxic activity on exchanges- Chapter Four: How kbit operates- Chapter Five: What the future of high-frequency trading might look like In this episode, we cover chapters one and two. We discuss:

• Ed’s background in crypto and finance
• The role that artificial intelligence plays in high-frequency trading
• What Ed was doing before founding kbit
• The definition of high-frequency trading
• Who kbit is competing against
• Whether front running is possible in crypto
• Why traditional high-frequency traders have not moved to crypto
• Categories of high-frequency trading in crypto
• What a high-frequency trader does
• The concepts and mechanics involved in a trade that all beginners need to know
• Where changes in the market show up first 
• What Ed sees happening in the crypto space that others might not be aware of

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