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points by JumpCrisscross 1 day ago | 0 comments

> You can win instantly by offering to trade with a transaction fee so high it almost wipes out all but a cent or two of the entire arbitrage profits, because nobody else will pay a higher fee

This is like 1980s sawtooth algos in real finance.

A lot of crypto is former HF folks taking old strategies to a dumber field.

[–] consensus1 21 hours ago

I have really enjoyed watching crypto act like they are white knights against the evil traditional financial system and then go on to reinvent it piece by piece.

[–] 59percentmore 20 hours ago

You're assuming that the contention was with the functionality and not with who controlled it.

[–] mrtesthah 17 hours ago

The current players in crypto are the same people. And there’s noting systematic about crypto that changes this — people with money can afford to buy more mining capacity or stake more coins.

[–] lotsofpulp 18 hours ago

There’s nothing evil about aiming to earn a penny or a fraction of a penny on a transaction.

[–] JumpCrisscross 13 hours ago

There is something evil, however, about scaremongering around fractions of a penny to convince folks to move money to one where the spread is several percent.

[–] malfist 17 hours ago

Who pays that penny?

[–] lotsofpulp 17 hours ago

Whoever wants to pay an extra penny. Like any other transaction.