/biz/ - Business & Finance

>>17306313
RIIIIIIGHT TO $0
>Should anyways if investors had any sense

people are getting too creative with flash loans

Someone made out with 2,388 ETH on this flash loan transaction


https://twitter.com/econoar/status/1229637401271603200

>>17306342
>any sense
>crypto

>>17306484
Didn't the first guy who did this only pay $9 for the gas fees? And this guy only paid about $100. how is this not all over biz as the next get rich quick scheme

>>17307113
/biz/ is way too stupid to perform this

weren't they using chainlink now?

>>17307140
i doubt 1% of the ppl here can even tell you what a flash loan is

>>17306310
defi is a joke

blockchain paused

>>17306310
I love how these guys can't form a single sentence without having grammatical errors.
Pottery

defi is such a scam

At least Sergey warned them before he threw a brick in their window

>>17307194
heh... leave the oracle problem to me

>>17306310
Defi more like Deif! am I right guys? Link to 1000k and BSV to 1000k!

>>17306310
Holy fuck I keep getting raped by them

>>17307236
> requires KYC
centralized it is

>>17307209
sure thing boomer.

>>17307113
and if the flash loan isn't repaid, isn't it just reverted? So aren't these attackers assuming no risk whatsoever? Am I understanding this correctly?

>>17306310
imagine when Sergey uses the pause button

>>17306310
heh. it was easy, really. now they will come crawling back to me. without decentralized oracles, they are nothing.

>>17306484
Holy shit, we’re about to have our first defi casualty

>>17307265
seems like the only risk is what you pay for gas. this transaction cost $113.12. the other flash loan play that got attention was this one

https://etherscan.io/tx/0xb5c8bd9430b6cc87a0e2fe110ece6bf527fa4f170a4bc8cd032f768fc5219838

and that only cost $8.30

>there are people out there right now turning lunch money into thousands of eth in profit with flash loans

https://twitter.com/econoar/status/1229658960593965056?s=19

https://twitter.com/DegenSpartan/status/1229646531717820416?s=19

>>17307265

You are correct.

>>17307271
there's actually inherent issues with their systems using decentralised oracles currently. Just with synthetix really, but it happens that their prices are based on the oracles which update every 5-10minutes. But the system doesn't know whats going on in the real world, so if you get a 10% spike in the 5min between oracle updates you can buy before the spike and sell after.

https://twitter.com/ChainLinkGod/status/1229665117471563776?s=19

>>17307234
>A faulty oracle will be behind my ne...er, I mean the next big crypto hack

Büllisch für Chainlink.

This wasn't an Oracle exploit

https://www.palkeo.com/en/projets/ethereum/bzx.html#b-the-compound-borrow

HAHAHAHAHAHAHAHAOOOOOOOHAHAHAHAHA

>>17307519
this. nobody here can read. fucking funny that Decrypt article where Sergey talked about preventing the attack with Link. He didnt even know how the attack was performed. How weak

>>17306310
At this point if you are not all in Chainlink you are a full blown brainlet.

>>17307531
>https://www.palkeo.com/en/projets/ethereum/bzx.html#b-the-compound-borrow
wrong attac kek

>>17307519
that was the one 24 hours ago. new one today.

>>17307234
this KEK, all of these coincidences are eroding my sanity

>>17307466

front running was a huge issue for SNX. The temporary trading fee increase and the update on the 20th fixed this issue.

>>17307466
can't withdraw until the next oracle response, if the price changed in your favor during that window then you have to pay your profits as a fee to be burned before you withdraw, is the mechanism synthetix is choosing to implement

>>17307519

That was the 1st exploit from yesterday. This exploit is the 2nd one and it's actually more of an oracle attack compared to the 1st one.

who the fuck even came up with the idea of a flash loan? fucking insanity. what good could possibly come of it apart from EXACTLY this occurring? risk-free attacks on defi apps (gas fee is negligible) that would otherwise NEVER occur. nobody is going to risk 10000ETH for a measly 7000ETH profit, assuming they dont fuck something up

>decentralized finance
>can be paused by a single party
M U H D E C E N T R A L I Z E D

>>17307907
this is how I feel.
Speaking as a link holder, I don't feel remotely confident that Chainlink will solve this problem.
Giving everyone in the world infinite capital with no collateral to do whatever they want for 1 block seems flawed.
I see how it's a really useful tool, but I don't know if the ecosystem is ready for it.

>>17307466
Didn't link have an update some time ago that also refreshes the price if a certain % change is reached? Pretty sure that was a while ago

>>17307879

Are SNX rewards for this upcoming snapshot being payed out like normal (SNX reward + exchange fees)?

>>17306398
well now they the idiots know how the system works yeah.

redpill me on flash loans
isn't it paid back in the same transaction? how do they do all this fancy shit with the crypto before it is paid back?

>>17308278
whats it like being a brainlet?

All DeFi will bend the knee

>>17308278
by writing a smart contract that does it all in the same transaction, you can do that on ethereum

>>17307168
Dont think fully yet. Plus link doesnt have staking yet so its arguable link doesnt fully work at 100% yet.

cant wait for the first chainlink backdoor. what are you thinking $0.50 for 1 year?

>>17308305
what's it like dilating your front hole?

>>17308341
thanks fren

>>17308401
cope

>>17308525
if you already know the logistics of these exploits, faggot, then why haven't you made millions doing the same thing?

>>17307265
Wtf is a flash loan?

>>17308655
because this shits already closed up you fucking idiot. Everytime this happens now they are going to shut it it down

>>17308784
yes but why didn't you make millions before it was shut down, since you seem to already know all about it and are clearly a genius?

I'm a brainlet I just hold chainlink but I tried reading about flash loans I couldn't understand anything but it seems terrifying. Looks like a weapon of mass financial destruction to me.

>>17308884
>implying i didnt

i dont really owe you explantion faggot. Its funny watching you turning this and making it about me when your a moron lol

>>17307970
I'm worried that now chainlink will be the next target of attacks, this is inevitable but way sooner than expected and it's barely developed as of now... I think the first news we'll get of 'chainlink oracles hacked, millions lost' this board is going to be nothing but pink

>>17309034
defi anons, why does it cost over $10 in ethereum fees to withdraw from fulcrum?

>>17309389
its gas but i get your point.the more money you make the more gas you have to pay. i could close my position because i didnt have enough eth to pay for gas

>>17309467
seems like it's impossible to withdraw after all. It says error: exception in contract. So they probably paused withdrawals too?

>>17309516
Maybe because they had a run on ETH and DAI with everyone trying to withdraw at the same time.

>>17309608

>>17309616
fucking scam artists dammit
I can't even take my money out

Is this why sUSD hit over $2? I wondered about that but just chalked it up to snx being a ponzi

>>17308777
You're able to borrow without putting up any collateral as long as you pay back the loan within the same transaction. If it isn't paid back, the transaction gets reverted and you only pay for the gas.

>>17309034
If only you knew how bad things really are.

>>17310519
and what would it's purpose be, other than people exploiting it?

>>17310687
Define "exploiting", people are using it to make money from legal and available market mechanisms. If bzx didnt intend this to happen they would have built a more robust system.

>>17309031
>your
bait or retard ?

>>17310687
The lender can benefit by charging a small fee. One of the benefits to the ecosystem is having more efficient markets through a massive increase in arbitrage activity. It is basically democratizing arbitrage. Whereas before you needed to be rich to make arbing worth your while, now every single person can do it.

>>17310706
this anon gets it. Don't hate the player hate the rules.

>>17310687
kek I don't know, seems pretty fucking retarded.

It’s great news for Chainlink. You need a decentralized Oracle for December realized finance. There is only one leader in this. This exploit highlights that so so so clearly

>>17307140
Unironically these exploits are brilliant

>>17308341
>by writing a smart contract that does it all in the same transaction, you can do that on ethereum
But why? What use is a flash loan apart from attacking defi shit?

>>17310706
It's really bugging me how everyone calls this an exploit when it really isn't.

>>17310918
arbitraging between exchanges

>get flash loan
>find 5% difference in values for a coin between two decentralized exchanges
>buy at cheap exchange
>sell at more expensive exchange
>send flash loan back to contract
>keep the profits

>>17310925
It is an exploit. Buying your own dumps is illegal in regulated markets. If they could prevent it they would.

>>17307140
Over on /g/ I bet you can find a few that could execute.

>>17310937
ok I'm in where do I sign up

>>17310925
Exactly. This guy isnt a hacker, nobody got fucking hacked and nothing got stolen. He made a couple of legal trades, just because he used a script doesnt make it suddenly illegal. My favorite part though is all of the arbitrage fags are getting assblasted that normal people can get in on their game

>>17310945
"whatever burgers decided to make illegal" is not the definition of an exploit

>>17310945
Who cares what they'd prevent, they'd prevent anyone making money but them if they could.

>>17310957
its easy brah, just learn the ins and outs of solidity, ethereums smart contract language

and once youve learned it thoroughly enough to write your own smart contracts that execute these operations
then learn it even more so that you can understand other peoples significantly more advanced smart contracts
then find logic errors in their smart contracts and exploit the logic errors

ive written a few shitty smart contracts, just to make my own shitcoins and to execute automatic payments. but nothing of this scale.
and im pretty decent with python, but solidity is reasonably complex when you get into advanced smart contracts

>>17310918
Something something liquidation. I don't really understand it but here's an article outlining some usecases.
>https://medium.com/aave/sneak-peek-at-flash-loans-f2b28a394d62

this exploit seems pretty basic. It's hard to understand how nobody saw this coming. today is the first day I've ever even heard of flash loans....wish I knew about them yesterday

>>17310776
you really filled out captcha to correct my lazy typing? think about your life idiot
>>17309516
i guess they went for round 2 because there was an oacle attack now. wait for them to open it up again

>>17311881
What surprises me is that nobody did this before aave was around. Sure you'd need your own eth but the principle of a loan that only goes through if it is repaid was already possible.

>>17312257
I really hope this gets opened back up, cause I can already think of some other ways to 'use' this.

>>17312521
if by "this" you mean flash loans, they were never closed
if you mean BzX, I guess they're not completely retarded and will fix their shit first

>>17306310
Holy fuck it's like WSB tier financial wizardry autism compounded by crypto but without Robinhood raping your ass afterwards for being creative smartass.

>>17307183
It's a loan that doesn't need to be collateralized because the principal is paid back in one transaction. Money legos, man.

Defi

bZx is pulling a fast one


https://twitter.com/DegenSpartan/status/1229814898814681088?s=19

>>17313947
>>17313880
idk buddy, but I can't witdraw my shit from fulcrum lending for few hours already... Using defi saver BTW.

My sides

>>17314347
hahahahahaha

>>17314347

RIP Fulcrum

>>17314347
AHHHHHH

>>17313299
Good answer anon.

https://medium.com/bzxnetwork/bzx-teams-up-with-chainlink-5b9649e8c241

look at the date. Really makes you think

>>17307250
>kyc = centralized

This is what retardation looks like.

>>17314347
>>17314378
AHHHHHH I HAD ALL MY SAVINGS CHILLING IN THIS CONTRACT, WTF IS THIS SHIT!!!
FAGGOTS BETTER PAY ME BACK MY CASHH AAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHH

>>17314347
>>17314378

lmao should have gone all in on LINK

so can anyone withdraw DAI from fulcrum? I can withdraw like 5 DAI, when trying more it throws error