3 ms·
Crypto exchanges basically are giant bots, based upon massive technical investment over many years, whose purpose is to stay at the cutting-edge of manipulating
by crtified 3y ago
Crypto exchanges basically are giant bots, based upon massive technical investment over many years, whose purpose is to stay at the cutting-edge of manipulating billions in customer funds in such a way that their own profit is paramount.
- alphanullmeric 3y agoThis was a decentralized exchange. If you chose to run an open source program on your computer, you aren’t being manipulated. Hardest part about business is minding your own. Concern yourself less with what other people do with their own money.
- crtified 3y agoYou may have read my use of the term manipulate as cynical. In fact I meant it neutrally - that is, exchanges manipulate (or, "enable actions upon") money in the same way that computer applications manipulate data. Nothing inherently good or bad about it. Totally dependent upon the parameters. I don't think this story "Crypto bot borrows $200M to make $3" is particularly salacious, simply because even in it's seeming extreme, it's still a fairly mundane matter of shifting figures around. And matters of risk or custody are their own areas, for which each individual may take their own responsibility.