Q- 🤷 Anyone Experienced w. Crypto Flash Loan Trading?

[m1zz]

Hey all, ​

​

So I'm fairly new to the crypto world and wanted to ask those who have more experience...​

​

I've been hearing a lot about making big profits using flash loans and flash loan bots..​

for eg.​

​

and it really seems like I'm missing out... I've never used money that's not mine to trade, and you can guess that the profits (and losses of course) were very minor..​

​

But it seems like with some knowledge of solidity and blockchain networks, you can easily take out a flash loan and make some good profits...​

​

My question is, has anyone had much experience with flash loan trading? To me, it just sounds a bit scary because we're talking big money!​

​

Would love to hear about your experience??​

 

[alexmisaila]

Hey all, ​

​

So I'm fairly new to the crypto world and wanted to ask those who have more experience...​

​

I've been hearing a lot about making big profits using flash loans and flash loan bots..​

for eg.​

​

and it really seems like I'm missing out... I've never used money that's not mine to trade, and you can guess that the profits (and losses of course) were very minor..​

​

But it seems like with some knowledge of solidity and blockchain networks, you can easily take out a flash loan and make some good profits...​

​

My question is, has anyone had much experience with flash loan trading? To me, it just sounds a bit scary because we're talking big money!​

​

Would love to hear about your experience??​

Don't do it, all that codes you see on the videos to "copy-paste" behind them had malicious codes that send all the "minimum needed $100" to the scammer.

More detailed:

 

[Saint Gabriel]

CRYpto.

 

[m1zz]

Wow I couldn't have guessed that thanks haven't tried it.

But in general, is it worth trying out using flash loans? Ive never tried trading using code, I used mostly binance platform etc.

 

[aw miaw]

don't! just avoid it. that my advice.

 

[m1zz]

So does anyone make any money in crypto??! :S Maybe only all the people that make a crypto course and sell it? lol

 

[aw miaw]

So does anyone make any money in crypto??! :S Maybe only all the people that make a crypto course and sell it? lol

I've made about $1000 in crypto for free, but that was around 2014. Now you have to spend money first, with high risk of course if you want profit. or maybe I am just wrong.

 

[m1zz]

I've made about $1000 in crypto for free, but that was around 2014. Now you have to spend money first, with high risk of course if you want profit. or maybe I am just wrong.

Have you tried flash loans? it's basically running a smart contract, where you borrow (lots of) money, use it to make a transaction, like arbitrage or some form of trade, and within that same contract, you have to pay back the loan with interest. If you haven't paid it back, money returns to lender and the only thing you lose is gas fee. Sounds ridiculously amazing, but that's the concept

No one tried it??

 

[aw miaw]

Have you tried flash loans? it's basically running a smart contract, where you borrow (lots of) money, use it to make a transaction, like arbitrage or some form of trade, and within that same contract, you have to pay back the loan with interest. If you haven't paid it back, money returns to lender and the only thing you lose is gas fee. Sounds ridiculously amazing, but that's the concept

No one tried it??

personally i don't like concept of borrowing, but i am no longer interested in crypto, so maybe my knowledge nowadays is wrong. So make sure to read any review on reputable sites, not just some youtube video I suggest. Good luck!

 

[m1zz]

personally i don't like concept of borrowing, but i am no longer interested in crypto, so maybe my knowledge nowadays is wrong. So make sure to read any review on reputable sites, not just some youtube video I suggest. Good luck!

Thanks though I can't say I know any reputable reviews sites that aren't forgulent. Hard to trust anything online nowadays.

 

[Hisaki]

I've been hearing a lot about flash loans, I would like to know how it's fone also, if you find something plz post it back bro.

 

[m1zz]

I've been hearing a lot about flash loans, I would like to know how it's fone also, if you find something plz post it back bro.

I've been asking around everywhere, even people taking courses about this strategy but none of them succeeded in making something out of it =\

 

[Hisaki]

I've been asking around everywhere, even people taking courses about this strategy but none of them succeeded in making something out of it =\

Damnn!

 

[Turab]

I spent a few hours reading the codes of these smart contracts, as they said in this threat - the BNB that you "send" to the smart contract will be redirected to the scammer's wallet.
To be able to successfully execute a flash loan, you have to be good at solidity, and understand what you are doing exactly (oracle manipulation, price dump, reentrancy etc..) - then you'll need to code the smart contract based on this logic. There is no "universal" contract that works for all flash loans. every single opportunity needs a different contract.

 

[m1zz]

I spent a few hours reading the codes of these smart contracts, as they said in this threat - the BNB that you "send" to the smart contract will be redirected to the scammer's wallet.
To be able to successfully execute a flash loan, you have to be good at solidity, and understand what you are doing exactly (oracle manipulation, price dump, reentrancy etc..) - then you'll need to code the smart contract based on this logic. There is no "universal" contract that works for all flash loans. every single opportunity needs a different contract.

I very quickly realised that what those scammers do in the code is importing a function from an ipfs file that sits in the cloud, the function basically sends the money into the scammers wallet. If you look up BNB on YouTube you'll find so many scam accounts publishing videos on how to "make money with flash loans".

I gave up on that notion, the theory part of a flash loan sounds good, but nothing really can be done with it unless you're a seasoned web3 developer that knows the ups and downs of the coin market.

 

[Turab]

I very quickly realised that what those scammers do in the code is importing a function from an ipfs file that sits in the cloud, the function basically sends the money into the scammers wallet. If you look up BNB on YouTube you'll find so many scam accounts publishing videos on how to "make money with flash loans".

I gave up on that notion, the theory part of a flash loan sounds good, but nothing really can be done with it unless you're a seasoned web3 developer that knows the ups and downs of the coin market.

That's absolutely true, very few people check the IPFS, so they wouldn't suspect anything
i'm myself a web3 developer, flash loans are truly not that easy, you need a goddamn HUGE brain to find the opportunity