The usual disclaimer applies: I'm new to all this stuff, so be gentle.
It seems like the spectrum, as defined by Balmer, of the stable homotopy category of finite complexes is something like $M_{FG}$, the stack of formal groups (that is, $Spec L/ G$ where $L$ is the Lazard ring and $G$ acts by coordinate changes). I'm not actually sure if that's true, I don't think I've seen it written quite like that, but the picture of the spectrum in Balmer's paper looks an awful lot like how I'd imagine $M_{FG}$ looking.
If the above is right, then there's another tensor triangulated category with the same spectrum, namely the derived category of perfect complexes on $M_{FG}$ (whatever that means for stacks…).
So my question is:
Just how far away is the stable homotopy category from actually being equivalent to this derived category? Is there a theorem to the effect that it can't be equivalent to such a thing? Do we even know that it's not equivalent?
I've heard that chromatic homotopy theory is about setting up a rough dictionary between algebro-geometric terminology regarding $M_{FG}$ and the stable homotopy category, so I guess the question is about whether or not we can make the dictionary into a proper functor.
Best Answer
One useful thing to keep in mind is that the cohomological functor from the stable homotopy category to the category of quasi-coherent sheaves on the moduli stack $\mathcal{M}$ is not essentially surjective. For example, if you fix a prime $p$ and a height $n \geq 1$, then there is a closed substack $\mathcal{M}^{\geq n}$ consisting of formal groups over $\mathbb{F}_p$ having height $\geq n$. A standard problem in stable homotopy theory is to try to cook up finite spectra which map to the structure sheaf of $\mathcal{M}^{\geq n}$. You can generally only do this when $p$ is large compared with $n$. For small values of $p$ you generally have to make do with finite spectra whose image is the structure sheaf of some nilpotent thickening of $\mathcal{M}^{\geq n}$. These can always be found (a deep result of Devinatz-Hopkins-Smith) and this is what gives you such a strong connection between the topology of $\mathcal{M}$ and the "spectrum" of the stable homotopy category. But you have to work hard for it, and the connection is much weaker (closed subsets of $\mathcal{M}$ have an interpretation in the stable homotopy category, rather than closed substacks) than what you would expect if Adams-Novikov spectral sequences were to degenerate.