[terribleperson]

If an exchange isn't misappropriating customer funds, it doesn't matter if the bubble pops. They facilitate transactions and take a fee in return. As long as they have customers and don't blow money all over the place, they should be profitable.

[nivertech]

Risk management for traditional derivatives is hard, risk management for crypto derivatives is almost impossible.

Even if "exchange" doesn't misappropriating customer funds, the customers themselves can easily become insolvent in a moment, and then it will cascade to every other market participant.

[dehrmann]

If crypto stops appreciating, won't transaction volume collapse? I guess the question is how much crypto use is real (I'm sure there's a better word) and how much is speculative.