How to do the job of options market making reasonably well was never in question; what was in question was whether MP could possibly be doing it if he was being truthful with his public claims never to hedge and never to take a naked position. My initial comment about this elicited a cloud of huffing and puffing from the PR lackey and then from MP, to which I later replied.

However, my original point was not to re-hash the well-known weaknesses of MP's approach, but merely to note the historical context that there had been a BTC vs. USD quasi-options market available for a long time, where by "long time" I mean relative to the minuscule amount of time that BTC itself has existed.