You touch on a very good point and I want to answer that.
First of all, I never claimed that the exchange was broken or any similar thing, and in a somewhat recent reddit thread that made a dubious claim that Funcom promised to sell Au on exchange for 300 mof from “developer supply” I very clearly stated that it 1) was never claimed by developers anywhere and 2) would be a pretty terrible idea for economy.
However. I disagree with the notion that current state of exchange is good for new players. It is, factually, very bad for new players vs the state of the exchange 2 years ago when we still had playerbase to have no PO backlog on AU at max price. A new player would be able to start playing the game and by the end of 1st month get a sprint upgrade fairly easily. Whereas now with the backlog it will take them a significant amount of time to get necessary Au.
There is an inherent problem with Exchange (or rather AU as currency) in that there is absolutely no reason to not convert all of the MoF you have into AU as soon as you can. Sure, I think that both of those currencies hold little value in endgame for anything other than cosmetics, but regardless, AU is a more liquid currency than MoF, you can buy anything in the game for AU and MoF has limited variety of goods.
Now it really becomes a problem when you have no reason not to put 12k AU PO all the time and “people who do it on 8 alts all year long” bloating the PO queue to high heaven, giving people who are already sitting on combined thousands of AU and billions of MoF even more AU on top of that before new people who just joined the game and can only put like 1k AU MoF PO.
The question then becomes “can the PO bloat be reduced?” Well, yes.
AU PO cap can be lowered
AU PO cap can be made account wide
AU total that you can obtain from exchange can be capped (so that you have to spend it before you can buy more)
AU PO’s on exchange that haven’t been fulfilled in a timeframe can be automatically cleared (so that people who are new or just have less characters have more windows of opportunity to place PO over people that “do this on 8 alts all year long”)
Am I asking for any of these changes or saying that these things should have been there from the very beginning? No. Funcom designed a system that worked decently well with big enough playerbase and once that dwindled they just never bothered to adjust the exchange to not screw over new players, in the same fashion they haven’t released any fixes to any of the bugs in 2 years.
Current sad state of exchange is not a result of malice or ill intent, but rather simple indifference.