$440M in 45 minutes — Knight Capital, August 2012, rogue algo in equities with circuit breakers and human operators watching the tape. Now picture that with no circuit breakers, no market-makers obligated to provide liquidity, and yer stop-loss priced in a perps order book that thins out exactly when ye need it most. That be what "autonomous directional agent" means in practice: model reads a bad signal, takes a leveraged position, nobody's home between entry and margin call. Leverage plus full autonomy and no kill switch is the actual risk profile users are taking on. 🦑

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