4 ms·

> Additionally, trading off chain is much cheaper than on chain. How this does not wake up all the idiots, I will never understand. How come your superior tec

by oblio 4y ago

> Additionally, trading off chain is much cheaper than on chain. How this does not wake up all the idiots, I will never understand. How come your superior technology is inferior in one of the crucial axes of trading technology???

pclmulqdq 4y ago
You can't forget that it's also usually slower than trading off-chain. It's inferior in a lot of ways, which is why it never took over the way its proponents thought.
SuoDuanDao 4y ago
it's superior in terms of not having the trusted third party that facilitates your trade make off with your money, as is happening in these self-described exchanges right now. Keeping a trusted third-party in the loop is always cheaper than automating that function using a blockchain, unless the risk is factored in.
- cma 4y ago
  The risk of misplacing your keys/passphrase or getting hacked with it in plaintext on your computer may be higher across the end-user population.
  - oblio 4y ago
    "May be higher" is a gross understatement. Is "provably much higher" is closer to the truth.
    - LawTalkingGuy 4y ago
      There are a few classes of users. If you're the type who always uses the "I forgot my password" workflow on sites then you probably are the type who will lose your keys. But if you're the type of trader who makes a trade and then forgets about it for a while you're at risk of losing the funds left on the exchange - like with Paypal.
DennisP 4y ago
Lots of things are tradeoffs. In this case, the tradeoff is that trades are more expensive on chain, but you don't have to worry that the exchange will blow up and lose all your money, like happened with a huge exchange just last week. As a bonus, Ethereum's scaling roadmap is coming along pretty well, with a pretty clear path to 100K tx/sec within the next few years. That should make transactions quite a bit cheaper.

4 ms·

> Additionally, trading off chain is much cheaper than on chain. How this does not wake up all the idiots, I will never understand. How come your superior tec

by oblio 4y ago

pclmulqdq 4y ago
You can't forget that it's also usually slower than trading off-chain. It's inferior in a lot of ways, which is why it never took over the way its proponents thought.
SuoDuanDao 4y ago
it's superior in terms of not having the trusted third party that facilitates your trade make off with your money, as is happening in these self-described exchanges right now. Keeping a trusted third-party in the loop is always cheaper than automating that function using a blockchain, unless the risk is factored in.
- cma 4y ago
  The risk of misplacing your keys/passphrase or getting hacked with it in plaintext on your computer may be higher across the end-user population.
  - oblio 4y ago
    "May be higher" is a gross understatement. Is "provably much higher" is closer to the truth.
    - LawTalkingGuy 4y ago
      There are a few classes of users. If you're the type who always uses the "I forgot my password" workflow on sites then you probably are the type who will lose your keys. But if you're the type of trader who makes a trade and then forgets about it for a while you're at risk of losing the funds left on the exchange - like with Paypal.
DennisP 4y ago
Lots of things are tradeoffs. In this case, the tradeoff is that trades are more expensive on chain, but you don't have to worry that the exchange will blow up and lose all your money, like happened with a huge exchange just last week. As a bonus, Ethereum's scaling roadmap is coming along pretty well, with a pretty clear path to 100K tx/sec within the next few years. That should make transactions quite a bit cheaper.