As long as they don't leverage fake paper Bitcoin derivatives to print money that doesn't exist it's hard to see how they are going to bankrupt themselves by a move like this.
I would not put it past them, we are still early!
This post is a reminder why I like reading you. You come at things from a very different angle from me and somehow reach the similar conclusions which allows I can then backwards engineer to learn something.
I (usually don't bother to) call myself an anarchist in the sense that I believe in anarchy as a final goal. To get there in less than a decade seems like lunacy to me, but I want to move closer and closer to it. I don't know how long or how to get there or what it looks like but I believe in slowly dismantling anything that doesn't serve us as both a species and as individuals, and allowing trust in other humans to grow gradually over however long it takes, to make things that once seemed impossible become reality.
I think crypto might play out like this.... at least I don't see things going well if the whole thing become the Warlord States of Crypto (Feat, Rogue Nukes)
A couple of them will but Blackrock and Fidelity won't.
Grayscale won't either.
There will likely be signals just like FTX gave.
FTX offered a lot of yield to undercut the competition.
Small outfits that offer deals too good to be true will end predictably.