Depending on how exactly you decide to solve it and how good of a mental model you have about what your code is doing, level three.  Again, a high bar Lewis&#x27; level of understanding is not.<p>I know it feels like this is an abrasively combatative statement from me, and it&#x27;s quite uncharacteristic about any topic other than Bitcoin, but if you&#x27;ve coded a trading system and then read Flash Boys it&#x27;s like several hundred pages of &quot;I used a GUI to query optimize the traceroute with MongoDB and a red&#x2F;black tree.&quot;  Those words, individually they have meaning, but in that configuration it is resoundingly unclear that the speaker understands what is going on.  It is <i>resoundingly</i> unclear that Lewis understands what an order book is, what order types are (other than (paraphrase) a mechanism by which sophisticated operators cheat mom-and-pop hedge funds out of their hard-earned 2 and 20), etc.<p>If you&#x27;d like this critique at literally book length, read Flash Boys: Not So Fast.  It&#x27;s brutal.  It&#x27;s a point-by-point and page-by-page refutation which brings in lots of crunchy detail (which Lewis scrupulously avoids), quotes extensively from experts (including ones who would be incentivized to say the opposite thing except for a respect for the truth), comports with the understanding of our informal advisors, and does not require me to suspend belief in core principles of math, physics, or computer science, which Flash Boys does multiple times.