On: FTX to file for U.S. bankruptcy, CEO resigns

[monkeydust]

He should have just stuck to running an exchange and trying to innovate that game (note - earlier in the year lots of talk around their automated margin plan for wider industry beyond crypto). Theres a decent business there.

[digianarchist → monkeydust]

That's not profitable though. Look at Coinbase.

That's why these companies have to mint their own shitcoins and come up with derivative Ponzi products to make money.

[herodoturtle → monkeydust]

> He should have just stuck to running an exchange

I'm a bit of a Luddite when it comes to crypto, can you please help me undersatnd what did SBF actually do that has caused all this trouble?

Aside from running an exchange I mean.

I'm just trying to understand the context of all these headlines.

[boeingUH60 → herodoturtle]

He used user deposits for risky trading and lost it all.

[zucker42 → herodoturtle]

SBF lent the money that customers deposited to Alameda research, which proceeded to lose it all.

[bogomipz → monkeydust]

What was the "automated margin plan"?

[canoebuilder → bogomipz]

> What was the “automated margin plan”?

And does/would it bring any value into the world, or is it just an effort to keep the plates spinning in the multi dimensional scam crypto has become?

Genuine question btw, if there is a real business there, does it serve the interests of broader society in any way?