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> The system does billions of dollars worth of trades every day. Billions of dollars? Ha. Uniswap does none of this. Uniswap allows you to convert one cryptocu
by mbesto 5y ago
> The system does billions of dollars worth of trades every day.
Billions of dollars? Ha. Uniswap does none of this. Uniswap allows you to convert one cryptocurrency to another.
Example:
Bill creates a coin called $FOO, it has 1,000,000 tokens and I give Mary one token in exchange for $100
My friend Josh creates a new coin called $BAR, it has 1,000,000 tokens and I give Steve one token in exchange fro $100.
Josh now gives one of his $BAR tokens to Bill for one of his $FOO tokens using uniswap 1:1. In theory $100 was "traded". Was it though?
> If anybody can point out to me a broker that does similar volumes that would allow me to make million-dollar trades with a few lines of code with no possibility of censorship I will happily concede that web3 is a failure.
If you can tell me how I get the USD that comes from my paycheck into a system that uses a few lines of code I'll be happy to concede that web3 is not a failure. Bill can't use his new $BAR token and Josh can't use his $FOO token to pay for groceries. So this whole premise is entirely useless.
- vvpan 5y agoWhat if one of the big banks ran AMM for stock trading?