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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Feb 17
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      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 …

      11 replies 43 retweets 193 likes
      Show this thread
      Patrick McKenzie‏ @patio11 Feb 17
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      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.

      10:17 PM - 17 Feb 2020
      • 6 Retweets
      • 68 Likes
      • Bastian Yishi Zuo Rhys Lindmark 🐌🐌🐌 Advaith Doosa seb hanlon Adel Marsh Ray ‏pix
      6 replies 6 retweets 68 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Feb 17
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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.)

          5 replies 0 retweets 26 likes
          Show this thread
        3. Patrick McKenzie‏ @patio11 Feb 17
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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.

          2 replies 0 retweets 11 likes
          Show this thread
        4. Patrick McKenzie‏ @patio11 Feb 17
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          *assert

          0 replies 0 retweets 5 likes
          Show this thread
        5. End of conversation
        1. New conversation
        2. Matt Bochneak‏ @MattBochneak Feb 17
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          Replying to @patio11

          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?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 Feb 17
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          Replying to @MattBochneak

          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.

          1 reply 0 retweets 1 like
        4. 2 more replies
        1. New conversation
        2. Linda Xie‏ @ljxie Feb 17
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          Replying to @patio11

          ~15 seconds for Ethereum transactions

          1 reply 0 retweets 6 likes
        3. Patrick McKenzie‏ @patio11 Feb 17
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          Replying to @ljxie

          Even better!

          0 replies 0 retweets 3 likes
        4. End of conversation
        1. Alan‏ @akgerber Feb 17
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          Replying to @patio11

          so in practice this is a $3M+ bug bounty on their theorem prover, right?

          0 replies 0 retweets 2 likes
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        1. Ignatius J. Reilly‏ @CryptoSecundus Feb 17
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          Replying to @patio11

          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.

          0 replies 0 retweets 1 like
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        1. New conversation
        2. DJ Capelis‏ @djcapelis Feb 17
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          Replying to @patio11

          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.

          1 reply 0 retweets 0 likes
        3. Currency Tycoon ( 👍EIP-1559)‏ @CurrencyTycoon Feb 17
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          Replying to @djcapelis @patio11

          well... you still need to pay for the gas even if it reverts, but yes - it's almost free!

          0 replies 0 retweets 1 like
        4. End of conversation

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