One of the exchanges charges maker/taker fees of 0.1% / 0.2%. (This means that the party which "takes" liquidity subsidizes the party which provides liquidity, which is common in the grown-up world as well, though those fees would be ludicrously high in the real world.)
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But: there is a cost to operate the world computer. You have to send "gas" along with your transactions to the exchange. So there is a *separate* fee to pay for, essentially, computing services. Their FAQ says that, unfortunately, it is recently *more than the exchange charges.*
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"How much computing power does an exchange use in the real world?" Well, I'll give you a toy answer: my last company built a toy stock exchange which processed more (mostly bot) volume than the NYSE did in 1999. We nuked our scalability problem from orbit with cutting edge ...
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Postgres running on an m3.medium. Total cost: ~$2.50 a day.
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"Is that because the exchange running on ethereum is also a toy?" I do not concede for a second that it has earned being called a toy, but it is the 2nd most active app on the ethereum network. The first most active is, of course, a Ponzi scheme.
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"You mean a Ponzi scheme like Bitcoin is a Ponzi scheme?" No I mean a Ponzi scheme like "We have a smart contract where you send money, it gets locked up, and then you earn 3.33% interest per day forever." is a Ponzi scheme. Bitcoin is much more sophisticated than that.
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There are some properties which would be really hard to obtain with centralized computing, like unstopability. There's no way an authority could issue a ceaze and desist order against a user of a decentralized exchange
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I think this is a failure of the imagination, much like “There’s no way to get a cease and desist letter if you do everything with words and cash instead of computers and financial institutions.” Those C&Ds feel fairly common!
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So it's a slow, expensive world computer. Still a world computer. Email also is used for scams. Doesn't make it an inherently scammy technology.
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If that particular exchange's fees are too high, complain about the exchange. Not sure why it's Ethereum's fault.
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