It's solving a simple and well-defined problem: making sure that whatever tokens you put in the exchange, you can get back out. You may think this is beside the point, but it's exactly what FTX miserably failed to do.
One that seemingly failed to be properly regulated despite doing business in the USA, and where supposedly sophisticated investors seemingly failed to do due diligence.
"Crypto" is being blamed a lot for FTX, but it's starts to feel more like it's a scapegoat at this point.
(And/or an excuse for everyone to just look away from how the sausage is being made while the numbers were going up : see also : the complicated math behind the subprime morgages in the 2008 crisis.)
Surely if those US regulators and those huge investor companies felt incompetent about "crypto", they could just have hired specialists ??
(And it's starting to look that not even this was needed, simply sending your average accountant might have uncovered FTX' lack of... accountability ?!)
https://jorgevelez.substack.com/p/ftx
One that seemingly failed to be properly regulated despite doing business in the USA, and where supposedly sophisticated investors seemingly failed to do due diligence.
"Crypto" is being blamed a lot for FTX, but it's starts to feel more like it's a scapegoat at this point.
(And/or an excuse for everyone to just look away from how the sausage is being made while the numbers were going up : see also : the complicated math behind the subprime morgages in the 2008 crisis.)
Surely if those US regulators and those huge investor companies felt incompetent about "crypto", they could just have hired specialists ??
(And it's starting to look that not even this was needed, simply sending your average accountant might have uncovered FTX' lack of... accountability ?!)