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Earlier quoted context omitted.
For me, there weren't enough words to actually make any sense of it. What I got is approximately "if you try to do ethereum stuff, bots will somehow do the same thing but earlier, and you'll lose your money".
You don't lose your money — you may lose the arbitrage opportunity or free lunch you think you spotted.
Earlier quoted context omitted.
You don't lose your money — you may lose the arbitrage opportunity or free lunch you think you spotted.
This is the bit I didn't get about the article. How could the original owner of the $12K get their money out without getting pwned by the same bots?
The whole thing is a complicated, wacky game. The DeFi stuff is especially fun right now. Opportunities (and danger) abound. There is so much money locked up in DeFi. It's not necessarily always good for the bots either. They can be exploited and tricked as well.
I really think that all of this DeFi stuff is playing with fire. If these tools scale large enough, it's easy to imagine breaking the right link in the system at the right time to cause catastrophic failures. Remember that all complex systems operate in a degraded state. If there's ever a way that only part of a complicated swap executes correctly the trade can get really far out of position. People in Ethereum land…
Isn't that the whole security / obscurity point? That true security only comes by being exposed to active, intelligent, informed adversaries for a sufficient amount of time? Or, another way: each exploit and oops only improves the system, rather than being a signal of its failure. And let's be honest, the competition is still "Oops, I accidentally sent $900M to the wrong party." [1] [1] https://news.ycombinator.com/i…
The counterargument there is that Citibank is currently pursuing a resolution in the courts to that issue, and if they win they will get their $900M back. If you flub a DeFi transaction, you're shit outta luck.
Earlier quoted context omitted.
Having deployed a contract to Ethereum, I can tell you that it is not for the faint of heart for a variety of reasons too numerous to list here. If the VM can change, but the code can't, it's gonna be hard to maintain.
I have the feeling that there might actually be more "professional DeFi thought leaders" out there than people who have deployed something to Ethereum.
As an elaborate real-money PVP system, Etherum is amazing. As a means of doing relatively normal business, being sniped, frontrun, or exploited is hugely off-putting.
The simplest way to circulate commercial paper for daily transactions is the Benjamin Franklin paper money system which involves appointing public loan officers throughout a nation to issue equity loans to anyone in possession of unencumbered interest in durable real property which they are willing to pledge as collateral which the public can auction in the event of non-payment.
This way money is placed in circulation so that the interest paid for the first use of legal tender is publicly collected and immediately spent back into the economy and so that the total quantity of money expands dynamically in proportion to the aggregate quantity of physical durable capital.
But how could you guarantee the miner was trustworthy, and wouldn't just take the money after you told them.
Hmm...what if we could come up with some sort of smart contract...
(recursion ensues)
Uniswap itself is a pretty interesting protocol:
> Uniswap is an exchange protocol that allows users to trustlessly swap ERC20 tokens. Rather using the traditional order book model, Uniswap pools tokens into smart contracts and users trade against these liquidity pools. Anyone can swap tokens, add tokens to a pool to earn fees, or list a token on Uniswap.
https://docs.ethhub.io/guides/graphical-guide-for-understand...