I see what you (and Matt Levine) mean here, but then that still means that Alameda was putting up FTX customer funds as potential collateral in case their trades go poorly. So, in this scenario, they would have been putting customer funds at risk, which IMO isn’t relevantly different from misappropriating them for investments or directly trading with them.
Do you think that I am “putting up customer funds as potential collateral” in the example? If so, I’m confused how, because there was no customer funds. If not, then it seems like Alameda could do the same.
I see what you (and Matt Levine) mean here, but then that still means that Alameda was putting up FTX customer funds as potential collateral in case their trades go poorly. So, in this scenario, they would have been putting customer funds at risk, which IMO isn’t relevantly different from misappropriating them for investments or directly trading with them.
Do you think that I am “putting up customer funds as potential collateral” in the example? If so, I’m confused how, because there was no customer funds. If not, then it seems like Alameda could do the same.