I've been thinking: if there's no product differentiation, why some of the second-tier exchange still exist today? I get it when people say certain exchange has its hardcore community, or their IEO last year was popular, but how about now? What's their outlook in a year or 2?

Would love to hear what @SBF_Alameda says here given you have this interesting thread previously. p.s. the second-tier exchanges that I'm referring to are the ones that actually have significant volume and is trusted by a core group of frequent users https://twitter.com/SBF_Alameda/status/1237569545902018560