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The question here is - what's the line between vertical integration (all chains of order flow/liquidity provision under one roof to cut costs) and shady activity (extracting more money from customers & hindering competition)? The line is thin. Where is FTX on the line?
I'm still learning in this arena & this whole thread may end up sounding incredibly dumb. Thanks in advance for teaching/helping me understand & learn 
great thread
looping in @chipflare -- thoughts?
Really like how this is presented.
Let's tackle the question of where FTX-Alamoeba
is on the line in less than a massive tweetstorm: I believe there is no wall between the two entities. There is precedent here:https://coingeek.com/crypto-crime-cartel-the-many-lawsuits-against-bitmex/ …
Why would other MMs participate on the exchange if Alameda were picking them off on every trade by getting a first look at exchange data? Wouldn’t a sophisticated firm see that happening immediately and stay away?
What happens on markets where there is only one supplier? If you kill competition for profitable flow, retail will be worse off in the long run
Does Alameda pay less/nothing to trade, do they have last look/first look. Do they have latency advantages and the list goes on and on. Crypto is even worse than FX (not the CME futs but spot).
It's not just the COI of trading on your own exchange, it's also that you design the exchange to favor your own trading firm, fee structures etc. it is essentially a matter of trust vs non trust, unlike regulated institutions, if a firewall exists, it is by choice.
@J0E007 often makes the point, that it's also additional counterparty risk. It's not simply a matter of Alameda having an advantage, but also that if they were to go wrong, is FTX protected?
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