OV9

Gavster wrote: Thu Apr 07, 2022 7:36 am Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Broccers wrote: Thu Apr 07, 2022 10:43 am

Gavster wrote: Thu Apr 07, 2022 7:36 am Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Now that would be an interesting comparison. Money made / lost in Turo v Crypto over the next 12 months. One requiring no input whatsoever or stress

Gavster wrote: Thu Apr 07, 2022 12:40 pm

Broccers wrote: Thu Apr 07, 2022 10:43 am

Gavster wrote: Thu Apr 07, 2022 7:36 am Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Now that would be an interesting comparison. Money made / lost in Turo v Crypto over the next 12 months. One requiring no input whatsoever or stress

BTC on 7th April 2021 = $56,000
BTC on 7th April 2022 = $43,600

Therefore £12,000 invested into BTC one year ago would be worth £9345 today, which is a £2,655 loss, meaning that my £12k into Turo resulting in a ~£1k loss (TBC) was better performing than BTC, and it gave me a free BMW 4 series Gran Coupe for a year.

Have you ever tried driving a Bitcoin to the Lake District? BMWs are way better at that

Beanstalk Farms, a decentralized finance (DeFi) platform, said it lost all of its $180 million collateral over the weekend.

Someone managed to game Beanstalk by investing enough funds to gain control of the system and promptly drained its holdings.

Beanstalk works by letting people buy beans, which are pegged at about $1 each, and earn interest. Crucially, the system was designed so that its participants can vote on changes to the platform, with the strength of their vote determined by how invested they are in the platform.

Over the weekend, someone took out a brief but massive loan to acquire enough voting rights to make the necessary governance changes to siphon off all of Beanstalk's reserves.

Beany wrote: Tue Apr 19, 2022 1:45 pm

...the strength of their vote determined by how invested they are in the platform.

Most of us are familiar with normal loans. A lender loans out money to a borrower to be eventually paid back in full. The lender receives a payout from the borrower for temporarily parting with its money.

Flash loans are similar, but they have the following unique properties:

Smart contracts: Flash loans use smart contracts, tools enabled by a blockchain that don't let funds change hands unless certain rules are met. In the case of a flash loan, the rule is that the borrower must pay back the loan before the transaction ends, otherwise the smart contract reverses the transaction – so it’s like the loan never happened in the first place.

Unsecured loan: Often lenders require borrowers to put up collateral to ensure that if the borrower can't pay back the loan the lender is still able to get their money back. But in an unsecured loan, no collateral is required. This lack of collateral doesn't mean the flash loan lender will not get its money back. It's just sent back in a different way. Instead of offering collateral, the borrower needs to pay back the money right away, which brings us to our next point.

Instant: Usually, obtaining and fulfilling a loan is a long process. If a borrower gets approved for a loan, he or she typically has to pay it back steadily over a period of months or years. A flash loan, however, is instantaneous. The smart contract for the loan must be fulfilled in the same transaction that it is lent out. This means the borrower has to call on other smart contracts to perform instant trades with the loaned capital before the transaction ends, which is usually a few seconds.

This type of loan can be useful in certain instances, such as for traders looking to quickly profit from arbitrage opportunities when two markets are pricing a cryptocurrency differently.

Broccers wrote: Mon Apr 25, 2022 10:42 am But in the UK we are more concerned about Rayner flashing her minge.

Gavster wrote: Tue May 10, 2022 8:01 am Who's crying and who's buying?

I'm crying because I thought that $39k BTCwas a good price a few weeks ago so put the money from my 4 series into it.

Big question is will there be a short retracement before continuing down into a crypto winter?