Ethereum has been described by some to be a world computer. I describe it as an investment scam platform. An example of suitability for being a world computer: there are some smart contracts which function as exchanges for the investment scams. Here's an interesting property:
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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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End of conversation
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Earning trust is expensive. Relying on trust is cheap. Very cheap. Paranoia is expensive. Very expensive.
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