one thing i didn't consider in prevoius post is that somebody with a big pool of money on both platform they can use it to avoid the delay caused by ethereum transaction. but still it requires at least around 2% diff to cover the cost, thats alot considering most platform when you actually trade the rate will be higher than realtime rate.
unfortunately this is how average people learn about crypto and I feel very frustrated that there are tons of disinformation like this on youtube (Chinese): www.youtube.com/watch?v=14BCR2gQDOA
The so called youtuber claims he's helping the others to take the money back from the scammer, and in this particular case the "victim" who asking for help wrote a script and opened "many accounts" to scrap off some astounding 48m USD profit by utilising the price diff and 3 minutes lag between 2 crypto exchange platforms, but the account holding platform allegedly keep locking up the user's accounts and refused to pay out, then after some twisting plots them found out the platform actually paid it out to some influencer who was previously also "requested by the victim for help", and that was because they charge a ludicrous amount of cut as "helping fee".
I believe anyone with some crypto common sense will immediately start to see the flaws in the story: because they mentioned locking up accounts and transfer user's money on behalf of the user to someone else, the account holding platform most likely to be a centralised exchanges, not a defi. From the search I've conducted, Taiwan also requires crypto service provider to KYC its users. Then how is it possible for them to open "many accounts"? opening that many accounts with different ID itself may very likely violates the t&c, as such there is no reason for the platform to pay out the money. Also we all know that in order for somebody to scrap money off using price diff between two places, that means: 1. the price diff must be >= crypto purchase fee on platform A + transfer gas fee + crypto sell fee on platform B. 2 condition #1 must be valid for at least longer than the time it takes for the crypto to be transfered and confirmed via ethereum network, which typically 1 min+. That means maintaining around 2% diff consistently for at least 1 min. How likely is that? Not to mention most crypto service set a daily cap.
However comment section shows most people buy in the story, considering crypto is a ludicrous way to earn for some "hackers", and often is a entangled with scams and money lost. This is so upsetting.
says if you are going to frozen your body and hibernate for 100 years, whats the best way to keep the saving for the future you?
criminal records that my partners in crime shares
for me Chinese knock off version of famicon (nes) ๐
remember natural history museum used to do that.
went through devil's punch bowl last sunday, slippy lanes and steep climb. my g310gs modified with rally raid lvl2 suspension holding up pretty well on the bumpy roads, had a few nice jumps, great fun.
I believe decentralisation is a great solution to what happen recently to FTX and twitter, and I wish we can have a bit more non-crypto content to attract average people to here.