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Why don't they make a internet supercomputer?

Was just curious as to why they don't make a supercomputer using peoples personal computers around the world? Simply just by asking people to download software that uses that computers computational power at a certain time. It would take a very very small fraction to create a computer more powerful than any other supercomputer. The only floor to it that I can think of that may be why they wouldn't do it is massive latency times, but surely the positives of so much power would weigh out the negatives?

Update:

*flaw - Didn't review my writing :p

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