What are Flash Loans? (Animated) Borrow MILLIONS Instantly in Crypto
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- Опубликовано: 25 июл 2024
- Are you wondering what Flash Loans are in the DeFI and Crypto space? In this video we explain that Flash Loans are instant loans of up to millions of dollars without any collateral down that you can use for whatever purpose you desire. The catch is that you must pay back the loan with a very small interest fee in the same blockchain transaction that you borrowed it from.
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Flash Loan Attacks are a bit dodgy. Though it does serve as a warning to the developers that there is a bug in their system and they should fix it if they want to. If not it means more money for the people doing the flash loans. And as always another great video! Keep up the great work!
today have watched 5 videos from this playlist, thank you Theodore
Been watching your videos for the past few weeks. Had no idea how much I have actually learned until I started l looking a little deeper into blockchain development. It amazes me that I understand the jargon and what is being explained. All thanks to these videos. Keep it up!
@LearnCrypto101 shutup scammer
Have you made any money yet?:)
Amazing explanation!
*I love this channel.*
Thank you for video 🧐
yay, another working get rich quick scheme i missed..
It’s still working bro
@@efexzium what do you use to do this?
@@jamesmargo1875 did you not watch the fucking video? You need to write a smart contract that borrows the money and pays it back within the same minute
@@xRedNationx dosnt work your a scammer
@@jamesmargo1875 Why not? Look up, how to write smart contracts online.
I paused the video after you said $100 mil 😂 let me continue now
Awesome video! Are you the guy from Practical Psychology? If so, double kudos!! One question, why does people creating bots to automate trading arbitrage makes it now difficult to take advantage of that flash loan use case?
Competition from all the arbitrage trading bots reduce the potential profits from price imbalances.
how long is deadline of borrowing flash loan. for example can we borrow and trade for a day and a day later pay back the loan to complete the transaction?
very moral very ethical
Nice ...
Could someone explain the use of the second use case? Thanks in advance
You might want to watch the vid again
Can you provide link to borrow flash loan
Could you please make vide about Atompad ( ATPAD Coin ) ?
Where can one learn to write code to create a smart contract that will trigger a flash loan?
Great video, explained very well and nonsense.
@Whiteboard. You are that friend who break down all complicated topics just before the exams.
So genius
Make a video about bscscan please
great video on flash loans - thank you.
I learnt a lot for this video . Now I know new ways to make money without trading make more videos of this kind please 😅
Thanks for watching again Sathvik! I think we have some videos you'll really enjoy coming up here in the future ;)
@@WhiteboardCrypto I am a huge fan man I have watched all your videos ( can't wait for the new) 😂
Awesome please next video on how to do a flash loan step by step! The best education on Cryptos on RUclips! Thanks!!!
😂😂😂😂😂😂
You have to learn solidity
You will need to start your coding journey by learning JavaScript html and css it’s a very tough one mate
@@F.I_tv Thanks for your reply why can’t we use AI to help us write a code!
I would like to import a token into my wallet that has a zero balance. Is there a way that I can use crypto flash loans to cover transaction (gas) fees?
hmm well can you cash out and do payments and build credit or what
ill have to learn blockchain engineering to do this
beware lots of scammers trying to offer us free smart contracts and loot bnb
The discord link doesn't work
where does one get these codes? 13 seconds? sounds hard as you would need to complete an eth transaction inside an eth transaction. Exploiting an oversight in the code is something gamers have done forever. Using them as attacks should not be allowed.
*Wow wow wow!!*
That *$45million* _‘bug-trade’_ was pure genius!!!
And I’m of the opinion that it was completely ethical!! People who are operating in this sector are fully aware of the risks and of course, *THE REWARDS!*
Amazing and I have had ideas like this for years but I’m no good at coding...🤯🤷♂️🤬💩
Might need a longer video to explain the steps in more detail. Or break the video down to the different vectors.
So if I am the token issuer, in others words I have my own crypto currency, how would I use flash loans in particular, trading arbitrage to sell coin? Couldn’t I create the opportunity for trading arbitrage because I can sell the coin at discount to those who would buy in bulk? Any help on this would be greatly appreciated.
youre just buying the price of a token on another exchange. You keep the difference. Could be 1-3 % usually. Most people use that % for day trading. If you have 50 mil you're doing this with, you made great money. If the money is not paid back, the deal is just terminated.
More more more more more. Make more vids!!!!
So do they check that the transaction you’re going to make gives you enough money to give back?
Yes that is how the contract works it will only execute when there is enough money to pay it back
Should we pay interest when borrowing flash loans ?
No
It's a different point whether it's moral. Flash loan attacks seem necessary if developers are to find their bugs.
I'm so confused. So how can you exercise a trading arbitrage or the other uses in 13 seconds ?
By writing a smart contract that loans the money and repays it in the same contract
Good video
on a side note never use any code to try and execute these yourself as the bugs are patched and scammers use this type of thing to lure people into giving them bnb tokens in return for nothing never execute someones code you found on a "how to" video as all these codes do is pretend to do things while just taking your tokens and depositing them into the scammers smart contract that goes directly into the scammers wallet
Whoa. Fr? I was about to follow a code I found in a video description
what if we can't return in 13 seconds?
the 0.09% of 100 million dollars would be $90000 not $9000, but if the fee is for the profit then you are right. I need clarity on this please
When there is a 0 before the decimal it means 9/10ths of one percent
God... Where was all of this 20 years ago. 🤦🏿♂️
Why is it called self ‘liquidation’?
The question no1 asks : What happenns when some1 takes a loan of whatever amount , thousands or whatever, and does not return them? What happenns then??
If the loan doesnt get paid back, the whole contracted is terminated. No one loses.
2:45 why is it rare now? What changed
make a video aboat MEV and sandwich attacks
Would it be legal, or even feasible - I'm not a comupter engineer - to create bugs or programs to deviate the original codes like in the last example to make profits? I remember, Whiteboard Crypto, that you once said that in these circuits money is not created, simply taken by other investors. That's why I'm asking, because I'm afraid those profits would harm other people. Thanks
In what sense? If you mean forking the code to a smart contract that has bugs and then attacking yourself then no it’s not legal if your talking about flashloan attacking someone else’s defi project then also no it’s not legal even tho it’s highly unlikely you get caught it’s still unethical you should instead try to make an arbitrage bot I made one over the span of a year and it’s barely profitable with all the other arbitrage traders competing but every now and then I make a bit of money
@@TheEnderGuyGamer like how much did you make? I'm a newbie to the crypto space and I would really like to learn about crypto
@@abdulazeezsuleiman9965 like a few thousand it isn’t much because I’m using a smaller flash loan for liquidity purposes and competing with mev bots which basically does the transaction you want before you can so yeah it’s tough but I have to been meaning to upgrade my bot to be a mev bot
@@TheEnderGuyGamer I'm a total noob in the crypto space but I've been meaning to learn Blockchain engineering and maybe make a few bucks while I'm in school
Can you teach me?
@@abdulazeezsuleiman9965 yeah sure I wouldn’t mind
Collateral swap at 3:05 way too confusing. 😅 Anybody have a better explanation?
what happen if we don't pay back the loan?
The flash loan wont execute if you can't pay back the loan. It will analyze first the code in smart contract and check if the code will make profit based on current prices of crypto involved
Keep the guvment out.
ATTENTION: IS THERE ANYWHERE THAT I CAN WATCH A LEGIT SCREEN-RECORDING OF SOMEONE DOING THIS IN REAL-TIME?
Thissss
Hahha You are funny noob. Thos does not work like that. You need to have knowledge. There is many factors involved here. Screen recording wont work for You)
Definitely ethical. Programer pay.
🙏🏾✨🙏🏼
How one can secure itself from some sandwich or frontrunning bots that can screw our arbitrage bots?
13 seconds is not enough to transfer tokens from kucoin to binance
how am i suposed to do this ?
the process handled by a smart contract AKA a program, not manually
The moral thing would be to point out the bug and help fix it. Only a highly educated individual would be able to find the bug and highly educated individuals should operate from a higher moral code.
And it was easy to understand... Hah hah!
I love your content but can you please hire a mod? So there won’t be so many scammers in the comments!
Then we might have the first case of Smart Contract Fraud. Indexed Finance got hit with a flash loan attack when the anonymous developer they hired to write the smart contract left a backdoor in it and used it to execute a massive attack on the fund. Currently this hacker is saying that the owners can't do shit about it because they accepted and implemented that backdoored smart contract. Despite not telling the owners that the backdoor was put there intentionally. This is going to court and I am certain it will count as contract fraud.
They found an opportunity and they exploited it. We all do this. I think the people who see this as illegal are mainly surprised by the ridiculous amount of money they made. They might not have felt so strongly about it if these guys made a couple of hundred dollars instead.
A"Woan" with no "Cowateral"
2:28 - 0.09% of 100,000,000 is 90000. NOT 9000.
45 million dollars serves as a good bug bounty to those who discovered the bug
Have you ever used one ?
Moral and ethical really doesn't count in business. Legal is the standard.
Hey Guys You Know How to use Flash Loan Any Video ??
We have thought about making a video over that topic, we'll keep you posted if we do!
The devs itself made that bug so they will use it after..so they did
What if user don't pay back?
Than the transaction is nullified (as it is within the same block) and you are left with the gas fees
@@BowlOfHotDogs what if I don't pay the gas fees?
Edit: as I said noob question, please ignore this. i just figured it out.
@@BowlOfHotDogs very sorry for those noob questions, but I'm trying to understand it little more. Can you tell me what will happen if I make a loss? Will I have to add more to pay all back, and what if I don't, will they arrest me or something?
@@IF_jishan What do you mean by ‘make a loss’?
If you mean that if you tried to execute a smart contract that takes out a flash loan, gets a 25x leverage margin, puts it all on black, and then you loss out on the bet. Is that what you mean? In that case it is just not possible for something like that to occur, that is because of the fact that flashloans have to be confirmed and denied by the protocols, ie, aave, and if that protocol determines that the transaction you are doing with the flash loan is at all speculative than it wont allow it and will deny you.
@@BowlOfHotDogs I'm not sure what you're saying (English is my 2nd language). Lemme explain with an example, assume I took loan of 1000BNB but instead of pump it dumped, so it turned out 980BNB (I'm not sure if that can happen or not) now what will happen. Won't I have to give them 20BNB back as I made a loss?
is this legal
idk i think this is just a feature to explore
Yes legal. It’s not like you steal it. You borrow the $$ then u gonna pay it back + gas fees. No nothing wrong with it
I think it's unethical to fix it
How on earth can i write a smart contract to buy and sell in 15 seconds 😂
bug sounds like a loophole, which is traditionally a privilege to people who are crazy rich or crazy smart. but what do i know. im just a stranger on the internet
Ftx
my grandmother cant write the books she is no more🙂
I think it’s theft that is legal but someone had to loss 45 million dollars. That worse than the mafia because they never go to jail.
You lost me at collaterall swap
Sure ! appreciate it
I just got scammed by a channel that claimed to have a flash loan bot. All it did was transfer the money to the scammers wallet.
Looks like you are a magnet for scammers, the reply you got here is a scammer
The $45M heist was unethical from the perspective of credibility. When human thoughts choose material gain over credibility, the person loses something that no amount of money can "buy back".
We cannot buy trust? We cannot buy credibility? And no human can legislate morality? Why?
If you support the actions of these individuals - no amount of money will buy, what you are missing as a human being. You probably live each moment, thinking, thinking, thinking your life away - wondering what is wrong with the world. Think now... what could be the problem?
Why do people always get jealous of how someone makes their money you make your money your way other people make money their way and everyone mind your business the Government does the same shit stealing money from everyone without do any work from things they call taxes if everyone could just mind they business the world would be some much better off
Yea you also lose a million dollars.
I think this is scam tools for developers, nothing else and real use
Absolutely ethical. However it is not ethical the keep quiet about it.
There are many devs that seem to have a big ego and keep quiet when it's their turn to open their bobsandvagene.
The customers need to know about this.
And if you do find a bug that allows this, you will usually only get a pittance back for your efforts. Remember the GTA V loading issues that was solved by a single modder? What did he get? Just 10k$ and a pair of articles featuring him.
An artist can't live on an empty stomach.
Neither an aspiring engineer
So the amount stolen would be called a fair check.
They found it, they even told me the problem? They knew I am an asshole and would give them an imaginary lunch pittance?
I deserve to lose that money in exchange for being held humble and they get their first paycheck for pentesting the codebase.
C'est la vie