Coinbase seems to be the exception here

Coinbase has racked up $2 billion in losses for 2022 already, so I’m not sure about the “not morons” part. At this rate a bankruptcy is not out of the question.

That loss is due to R&D and headcount spend though, they're not using customer funds to make crypto bets.

I think the point is that coinbase is struggling to compete when there are tons of exchanges out there offering low/no fees and ludicrous interest payments on coins kept on the exchange. Even if those other 'exchanges' do all seem to be turning out to be ponzi schemes... For whatever reason people keep flocking to the next one.

I have realized that being a ponzi scheme is a feature not a bug in the crypto space. A chicken race to pull out as late as you dare.

There’s still time.