I'm not disputing that Mr Levine's take was that SBF and co were "in the Ponzi (trading) business" rather than running a Ponzi themselves.
I am just just pointing out that while this is not as rapidly or completely unstable as running one of the traded Ponzis, it is also not fundamentally stable and sustainable. IDK what "vibes" have to do with that, if anything. These are fundamentals that eventually bring down temporarily bubbles. If that's what you mean by "vibes", it's the opposite.
I am just just pointing out that while this is not as rapidly or completely unstable as running one of the traded Ponzis, it is also not fundamentally stable and sustainable. IDK what "vibes" have to do with that, if anything. These are fundamentals that eventually bring down temporarily bubbles. If that's what you mean by "vibes", it's the opposite.