The short version: They’ll allow you to borrow millions of dollars for up to ten minutes if you code a smart contract that programmatically guarantees, atomically, that you will repay the millions of dollars in those same ten minutes.
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“What user need does this serve?” Leverage on the side effect attacks you’re making on other market participants. That’s no longer a hypothetical use case, either. (See article.)
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I thiiiiiink you must be able to use these primitives to effectively assert irrationality of 1+ participants in cryptocurrency ecosystem, paying gas cost ($10 or so) if the blockchain-based theorem solver judges your asset as unsatisfiable and “arbitrarily high” otherwise.
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Good timing as another attack just happened using it.https://www.theblockcrypto.com/post/56207/bzx-attacked-again-645k-in-eth-estimated-to-be-lost …
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This is a better explanation of what happened from a more technical perspective: https://www.palkeo.com/en/projets/ethereum/bzx.html#b-the-compound-borrow …
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@odtorson if we ever meet, alcoholic beverage of choice on me for a reasonable part of the evening. *goes off to sulk and take another Aspirin* -
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When I was living in America tech executives I knew and one I lived with did this all the time with cash money, this seems to just be putting it on the blockchain making it auditable, when they do it cash way its illegal and hard to trace this makes it easy to trace them imho
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Free lunch, but only if you eat fast?
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