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This is precisely why the outrage is so apoplectic. A threat to the establishment monopoly on a class of scams 😆 If it were a unique/weird crypto scam they’d laugh it off. The threat is that it rhymes uncomfortably precisely with establishment criminality they’re complicit in.
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2/ the #FTX set up of exchange+ hedge fund mirrored the exact problems of prop trading that played such a large role in the global financial crisis, in other words, not at all specific to #crypto
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Plus the disruptive speed. SBF did in months with bits and bytes what took the subprime crowd years and way more effort to rig up.
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Main difference is FTX pursued alpha rather than beta, didn't correlate with the rest of the crypto market, so it can be singled out rather than being part of a large coalition advocating for bailouts under threat of general economic collapse
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