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23943867 No.23943867 [Reply] [Original]

QRD on the flash loan attacks. High level explanation please, three sentences at most

>> No.23944188

Not attacks or hacks. You take out massive loan that only exists for the execution of the contract. You use your massive leverage to create an arimbitrage opportunity between tokens, all in the space of one contract, one execution.

>> No.23944259

>>23944188
Thanks for the explanation.
>Not attacks or hacks.
Debatable. It is clearly using the contracts in a way that wasn't foreseen.

>> No.23944303

Not hacis or attacks..
Say binance has shittoken at 50% of price on kraken, flash loan lends you 100k ,in transaction to buy from one and sell on the other. Some are just smart enough to chain 5 different tokens together across exchanges to take advantage of these opportunities. Again, has to be programmed as a single transaction.

>> No.23944362

>>23944303
It has drained defi vaults, it's clearly an attack. I know how arbitrage works. You could say there are no hacks on eth because it's doing what the contract specifically allows but that's just being obtuse.

>> No.23944374

>>23944362
You are just buying/selling/depositing/withdrawing how is that an attack?

>> No.23944387

>>23944188
>arimbitrage
what

>> No.23944397

>>23944374
You're just calling functions, how is that an attack? You're creating the arbitrage opportunities yourself, if this works like anon said. If this was a traditional market you'd have SEC up your ass in no time.

>> No.23944424

>>23944362
Gtfo of crypto you pussy. Code is code is code. You never hear a bitcoiner say things like: "Our protocol wasn't shitty it was just expoiiiileeeetted by a baddd guyy"

>> No.23944439

>>23944424
You have autism. I don't use vaults because I foresaw the smart contract risk being much larger than people thought. It's an attack that was successful and the attacker deserves the funds drained.

>> No.23944465

>>23944362
Code is law.
CODE IS LAW.
And if the human legal analogy is too weak, then let me rephrase with stronger language.
Code is thermodynamics.
There is no counterargument which also includes the words "immutable"

>> No.23944495

>>23944465
Autism. It's an attack which is legal according to the rules of the game.

>> No.23944784

>>23944439
Ok got it. I assumed you were someone crying for a rollback. Apologies for my autismo