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How are there so many steps holy poo poo
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Feb 6, 2022 22:53
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Chalks posted:How are there so many steps holy poo poo there's gotta be 7 layers for the full wallet bean dip
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Feb 6, 2022 22:57
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I still don't know how DeFi loans are significantly different from just selling the coins you use as collateral
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Feb 6, 2022 23:09
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ymgve posted:I still don't know how DeFi loans are significantly different from just selling the coins you use as collateral the difference is that the defi loan pays you interest for the collateral it's holding, so you make more money over time. (where does the money come from?  )but your loan is in usdc and your collateral is in some other shitcoin called matic, so i don't know how you avoid getting violently liquidated when the exchange rate of your "store of value" swings down 20% in a day for no reason
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Feb 6, 2022 23:16
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ymgve posted:I still don't know how same, they say that to know how is to love him but loving him isn't the same as knowing him
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Feb 6, 2022 23:17
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RPATDO_LAMD posted:the difference is that the defi loan pays you interest for the collateral it's holding, so you make more money over time. Money comes from number go up, of course. What happens if number go down? Don't think about that.
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Feb 6, 2022 23:31
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turned my $50k student loan into a $5m liability if ethereum goes below $1500
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Feb 6, 2022 23:45
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a 50k student loan can never almost never be discharged, a loan from who the gently caress knows what is much easier to get rid of in bankruptcy, assuming there's an entity able to try to pick up the pieces if prices implode.
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Feb 7, 2022 00:23
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NFT more like No Fanks, Tfucker
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Feb 7, 2022 00:25
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kw0134 posted:a 50k student loan can never almost never be discharged, a loan from who the gently caress knows what is much easier to get rid of in bankruptcy, assuming there's an entity able to try to pick up the pieces if prices implode. I still don’t understand what he thinks he was doing
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Feb 7, 2022 01:53
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he had enough money to pay off part of his student loans. instead of doing that, he loaned the money to other people via defi, and used the payments from those loans to pay his student loans. this worked well until it didn't and he lost all his money.
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Feb 7, 2022 02:17
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Plorkyeran posted:he had enough money to pay off part of his student loans. instead of doing that, he loaned the money to other people via defi, and used the payments from those loans to pay his student loans. this worked well until it didn't and he lost all his money. buttcoin: this worked well until it didn't and he lost all his money
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Feb 7, 2022 02:43
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ymgve posted:I still don't know how DeFi loans are significantly different from just selling the coins you use as collateral one weird trick for not realizing capital gains: taking on massive counterparty risk
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Feb 7, 2022 02:55
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Potrzebie posted:buttcoin: this worked well until it didn't and he lost all his money
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Feb 7, 2022 03:08
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Potrzebie posted:buttcoin: this worked well until it didn't and he lost all his money Although "taking on massive counterparty risk" is good too.
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Feb 7, 2022 03:18
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Plorkyeran posted:he had enough money to pay off part of his student loans. instead of doing that, he loaned the money to other people via defi, and used the payments from those loans to pay his student loans. this worked well until it didn't and he lost all his money. I don't think he lost any money yet
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Feb 7, 2022 03:23
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kw0134 posted:a 50k student loan can never almost never be discharged, a loan from who the gently caress knows what is much easier to get rid of in bankruptcy, assuming there's an entity able to try to pick up the pieces if prices implode. he already gave them 50k of his own money as collateral for the 50k "loan". afaict defi loans are more about currency conversion than debt since there's no way to actually enforce legal debt obligations on people in cryptoland if you don't already have their money
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Feb 7, 2022 03:29
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so which form of stupidity is it because while i was clearly giving more credit than the idiot deserved, i want to nail down how insanely crazy this is
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Feb 7, 2022 03:33
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buttcoin:so which form of stupidity is it
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Feb 7, 2022 03:35
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kw0134 posted:so which form of stupidity is it because while i was clearly giving more credit than the idiot deserved, i want to nail down how insanely crazy this is any time you see "stake", change that to "ponzi"
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Feb 7, 2022 03:48
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Potrzebie posted:buttcoin: this worked well until it didn't and he lost all his money
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Feb 7, 2022 04:35
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Potrzebie posted:buttcoin: this worked well until it didn't and he lost all his money
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Feb 7, 2022 05:18
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Boxturret posted:buttcoin:so which form of stupidity is it
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Feb 7, 2022 05:25
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Boxturret posted:lol that site that was making nfts of album art or something by scraping spotify's site is now just this this is after they just deleted the entire website in a panic after every musician on twitter came after them. even some of my stuff got caught up in the shitshow. i fired off a DMCA takedown to their host and by the time it was responded to the site's DNS was just pointing to nothing. i didn't see a single person defending them and they've only offered a nonapology. the RIAA is going after them now too, it's lol
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Feb 7, 2022 06:04
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yeah i had to go through dozens of replies to find one that wasn't someone mocking them, and that was someone shilling their own nft music site
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Feb 7, 2022 06:06
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HappyHippo posted:so they used == when they should have used &&? The true horror is this was a "standard library" type of function that the weth team blindly used. It was deprecated a few months ago, but they did not switch to the newer, less insecure (hopefully) call. Khorne fucked around with this message at 06:40 on Feb 7, 2022 |
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Feb 7, 2022 06:23
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lost wallets and swindled apes
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Feb 7, 2022 06:55
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oh baby i hear the feds a callin',FAUXTON posted:lost wallets and swindled apes
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Feb 7, 2022 07:22
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DeFi oh my
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Feb 7, 2022 07:25
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something about I got you pegged [to the dollar] and seeming a bit confused because you must be explaining it wrong
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Feb 7, 2022 07:26
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Shame Boy posted:oh baby i hear the feds a callin', apes stolen again
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Feb 7, 2022 07:29
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Khorne posted:The explanation in the eli5 screenshot is misleading. They allowed you to pass an arbitrary verification function address in as a parameter. Under normal circumstances, the address of the intended verification function was used as the 3rd parameter/address. The attacker called the contract with the address to their own verification function instead. Are you sure that wasn't the other heist? No, the other... no, the other.... Never mind.
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Feb 7, 2022 07:30
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it's like how french revolutions have to specify which month they happened on, bitcoin scams have to be identified by the day, maybe the hour
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Feb 7, 2022 07:39
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Boxturret posted:hedging's where you get really close to paying something off but then stop before you do to increase the anticipation of actually paying, right? jerkoff's paradox
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Feb 7, 2022 10:21
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aiui there are basically three reasons to get a defi loan despite having to post collateral: 1) you can post collateral in ethereum to borrow tethers or something, then sell the tethers you borrowed for more etherium, ie you've bought on margin which means more profit when number inevitably goes up 2) some of these platforms are funded by vcs who are doing the "pay people to be customers" thing to get their cool growth numbers 3) someone on reddit told you about this great scheme for tax evasion
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Feb 7, 2022 12:42
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killhamster posted:this is after they just deleted the entire website in a panic after every musician on twitter came after them. even some of my stuff got caught up in the shitshow. i fired off a DMCA takedown to their host and by the time it was responded to the site's DNS was just pointing to nothing. i didn't see a single person defending them and they've only offered a nonapology. the RIAA is going after them now too, it's lol Finally an answer to the old question of "How terrible do you have to be to have the RIAA be on the right side?"
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Feb 7, 2022 13:47
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Feb 7, 2022 14:35
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stop asking questions and just engage with our brand you gently caress
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Feb 7, 2022 14:49
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are you ready for bone coin?
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Feb 7, 2022 14:50
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bone coin less sexy than anticipated
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Feb 7, 2022 14:53
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