[jpeterson]

Exchanges and trading firms are not "Crypto". They're human institutions which happen to sit atop cryptocurrency instruments. What we're seeing play out in realtime is what happens when unregulated human institutions come to possess fantastical amounts of wealth -- in short, they go pathological.

[ninepoints]

It's almost as if the unregulated anti-establishment ethos of crypto allowed this to happen, and allows it to keep happening.

[jpeterson]

If crypto has an "ethos", it's decentralization and departure from human institutions. The FTX fiasco is the opposite of that.

[zhdc1]

> They're human institutions

Anything that involves a person one both ends of a transaction chain inherently has one or more 'human institution' dependencies.

[chitowneats]

"Happen to sit atop" is so far from an accurate accounting of the multi-headed hydra that is the crypto/defi space. Good thing I'm not expecting much in the way of accurate accounting.