Want to wade into the sandy surf of the abyss? Have a sneer percolating in your system but not enough time/energy to make a whole post about it? Go forth and be mid.
Welcome to the Stubsack, your first port of call for learning fresh Awful you’ll near-instantly regret.
Any awful.systems sub may be subsneered in this subthread, techtakes or no.
If your sneer seems higher quality than you thought, feel free to cut’n’paste it into its own post — there’s no quota for posting and the bar really isn’t that high.
The post Xitter web has spawned so many “esoteric” right wing freaks, but there’s no appropriate sneer-space for them. I’m talking redscare-ish, reality challenged “culture critics” who write about everything but understand nothing. I’m talking about reply-guys who make the same 6 tweets about the same 3 subjects. They’re inescapable at this point, yet I don’t see them mocked (as much as they should be)
Like, there was one dude a while back who insisted that women couldn’t be surgeons because they didn’t believe in the moon or in stars? I think each and every one of these guys is uniquely fucked up and if I can’t escape them, I would love to sneer at them.
(Credit and/or blame to David Gerard for starting this.)
Mild nit: “frontrunning” was a term (and practice) in use before crapto trading.
I think the classical example was “you ask your broker to buy some shares at $20 each, the broker waits as long as possible, and if the price drops low enough it buys them for $19.80, keeps 20 cents, and tells you it paid $20.”
Edit / in fact it was “Ms. Easton, a widow of Boston, MA wants to buy $1,000 of a penny stock, so the broker buys $10, waits for her purchase to drive the price up, and sells them at a profit before going out to a showing of one of those exciting new moving pictures.”
Yep. The broker is effectively buying at $19.80 and still selling to their customer at $20.00. Now, crypto is actually innovative in just how easy this is to do. In fact it’s almost required since the transactions are processed in bulk and the miners get to decide what order all the transactions in that block go in. The public mempool also means that even if the miners aren’t doing it themselves anyone who wants to front-run basically has a whole conga line of good-faith users (suckers) to get set in front of and identify the most profitable position. Without the miner’s privilege you’ll need to deal with transaction fees and it’s going to be harder to find opportunities, but it’s so easy to search that I wouldn’t expect it to matter.