Don't get high on your own supply

SBF+CZ's psychodrama

I don’t have any skin in the Binance/FTX game, nevertheless it remains striking how quickly crypto can unravel … and rebound (hopefully!).

As ever, I think that’s a feature of transparency and part of the sector’s antifragility, not a bug.

For fundamentally, in this case, if a large part of an exchange’s — and its associated trading unit’s — collateral …