Liquidity has value too. Many FTX customers needed immediate liquidity. If you need immediate liquidity the value proposition years later is meaningless for most people because most people can’t get any bridge financing to cover the gap.Mt. Gox also ran a fractional exchange for a long time until the bottom fell out. The trouble is that you simply can’t run an unannounced fractional exchange. Isn't the bigger issue with the parent's argument that its comparing apples and oranges?Like the custome...