> Not sure what you're saying here? The amount of money the FTX Foundation was plausible given FTX's fees and volume.
Only if FTX and its founder found a way to create print money out of the thin air.
> That ignores new investors buying in, who I don't think had those incentives?
New investors are definitely not major investors and even those investors simply want to find an even greater fool.
Two weeks ago I overheard a bartender in a dive bar where beer and a shot goes for $6 telling the regular drunk about all the mad money he is making at FTX. Here's a thing: there's not a single non-scam that would allow a bartender in a dive bar that sells $6 beer and a shot to make gobs of money "investing" or "trading"