It takes a lot for cryptocurrency to surprise me, but:https://www.trustnodes.com/2020/02/15/flashloans-the-crazy-new-invention-of-magic-internet-money …
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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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surely I don’t understand this fully, but doesn’t that make it no risk for the “borrower”? won’t even complete the transaction if can’t (at least) repay in the same?
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You’ll need to pay gas to execute the transaction, but that’s your sole risk, as far as I can tell. So this is plausibly million to one leverage, contingent on you being right.
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~15 seconds for Ethereum transactions
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Even better!
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so in practice this is a $3M+ bug bounty on their theorem prover, right?
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Ten milliseconds* . The money has to be back in the *same tx*. The money is back on the same tx or the ethereum transactions reverts itself.
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I fucking hate cryptocurrency but actually it’s slightly better: the code doesn’t have to guarantee the result until runtime at which point it either gets paid back or the initial loan never executes. You’re welcome to code a smart contract that fails and there’s no downside.
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well... you still need to pay for the gas even if it reverts, but yes - it's almost free!
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