Why is no one helping me do an arbitrage flash loan?

[AlexAkimbo]

What hidden functions?

Lots of bots out in the wild are made to drain suckers looking for "sure money" and "10% daily ROI". Everything works find, deploying contract, funding it, starting but once you want to withdraw your earning, they'll vanish into the thin air (read - bot creators' wallet instead into yours). Such function is well hidden inside some obscured part of the bot code that's not understandable to someone without solidity/blockchain knowledge. I can't stress enough how important is ii to vet every line of code we find online. One simple and poorly (or intentionally obscured) function can crash your software, still your money, etc.

 

[Plankton5165]

If you are still desperate to start with crypto arbitrage, you better set yourself off to find good working bot. When you find one check all the comments before deploying it because lot of scammers are out there. Once you find it be prepared to pay fees to the creator (usually in range 0.1 - 0.3% of profit), build it in Remix IDE, deploy, fund with ETH from your wallet (Usually you'll need some web3 provider wallet like MetaMask Chrome Extension installed. It's not necessary but helps a lot) and start it.

Note: Do not expect huge returns on this job. 0.5-2% daily profit is most you can get but it will huge depend on trading/swap volume, coin price, gas price and market itself. Everybody that promises daily returns of 5%+ is probably trying to scam you.

P.S. I forgot to mention that you must fund initial contract with at least 0.5 to 1 ETH or you will be drowned in gas fees.

I found this one, with 108 comments, and none of them said it was a scam or anything like that:

You guys are saying the code DeFiNFT1 posted is as dangerous, if not, more dangerous?

You said you want me to expect 0.5-2% daily profit. By that, do you mean 0.5%-2% of what isn’t lended added? (e.g. I have $10, I should expect to have $10.05-$10.20 the next day)

And 0.5 ETH is about $800, and I have nowhere near that much worth of assets.

 

[AlexAkimbo]

I found this one, with 108 comments, and none of them said it was a scam or anything like that:

Can be but haven't watched it nor tested it

You guys are saying the code DeFiNFT1 posted is as dangerous, if not, more dangerous?

I am not saying that code @DeFiNFT1 posted here is dangerous as i haven't checked it thoroughly. Can be bad it is up to you or someone you trust to vet it.

You said you want me to expect 0.5-2% daily profit. By that, do you mean 0.5%-2% of what isn’t lended added? (e.g. I have $10, I should expect to have $10.05-$10.20 the next day)

Exactly

And 0.5 ETH is about $800, and I have nowhere near that much worth of assets.

That's another thing. If bar was 10$ everybody would have their bots running all the time. Point with frontrunning is in gas fees, arbitrage requires constant monitoring of market (this coin can be bought here for X and sold here for Y and i can make Z from it minus fees), sandwiching is whole another story!

 

[Plankton5165]

I am not saying that code @DeFiNFT1 posted here is dangerous as i haven't checked it thoroughly. Can be bad it is up to you or someone you trust to vet it.

What does it mean to vet a code?

 

[AlexAkimbo]

What does it mean to vet a code?

To check, to understand...

 

[DeFiNFT1]

there is a discord group that i participate in, and if i can share the link here i will, just need mods to approve first.

the code i shared is not public and is safe

i suggesting using a testnet first.

 

[DeFiNFT1]

What hidden functions?

I'm from the US, so I cannot trade on Bancor according to their TOS.

I actually made a thread concerning it yesterday morning, but no one has answered my question, so DeFiNFT1, if you're from the US, maybe you could address it:
https://www.blackhatworld.com/seo/f...e-to-the-users-country.1534030/#post-16852769

what i would suggest are some blackhat methods to get approval on Bancor.
hint: ai text to image
btw im in canada.

 

[Plankton5165]

Black hat methods?

I don't believe in doing wrong.

I even tried to ask people what code to replace Bancor with, but do you know how many people have responded? Zero!

 

[Plankton5165]

And if the money you make is set to go to the code creator's wallet instead of your wallet, why not just change the receiver's wallet from their wallet to your wallet?

 

[DeFiNFT1]

have you seen bitsgap?

they have a built in arbritrage bot with their service. and it works on many exchanges

 

[Plankton5165]

have you seen bitsgap?

they have a built in arbritrage bot with their service. and it works on many exchanges

Not before, no.

I don’t see DEXs like Uniswap on the list of supported exchanges.

And the exchanges that are on the list, but unavailable in the US, can a US citizen still buy/sell tokens on them via bitsgap?

 

[AlexAkimbo]

And if the money you make is set to go to the code creator's wallet instead of your wallet, why not just change the receiver's wallet from their wallet to your wallet?

Because it is usually hardcoded inside obscured part of the code and someone without knowledge of solidity can not spot it.

have you seen bitsgap?

they have a built in arbritrage bot with their service. and it works on many exchanges

For bitgasp OP must be ready to pay monthly fee + willing to rethink his objectives.

I don’t see DEXs like Uniswap on the list of supported exchanges.

And the exchanges that are on the list, but unavailable in the US, can a US citizen still buy/sell tokens on them via bitsgap?

DEXes like UniSwap, SushiSwap, PancakeSwap are not supported by bitgasp.

 

[Plankton5165]

Bitsgap does offer a 7-day trial.

Are US citizens that use Bitsgap able to use exchanges they normally cannot?

And are you able to get flash loans from Bitsgap?

 

[Plankton5165]

Because it is usually hardcoded inside obscured part of the code and someone without knowledge of solidity can not spot it.

But if I were to write that very same code from scratch, would the profit go to my wallet?

 

[AlexAkimbo]

But if I were to write that very same code from scratch, would the profit go to my wallet?

Unless you plan to give your money to somebody else it will lend to your wallet once withdrawn

 

[Plankton5165]

Unless you plan to give your money to somebody else it will lend to your wallet once withdrawn

It’s strange that you have to write all that code yourself instead of copying it just to deal with that problem, but I guess it is what it is.

 

[AlexAkimbo]

It’s strange that you have to write all that code yourself instead of copying it just to deal with that problem, but I guess it is what it is.

There is no need to completely rewrite entire code but just that part where bad players insert functions to still your money. This is in case that they have published real FL or arbitrage bot.

Most of scammers will give you some junk code with sole intention to depart you from your wallet. When dealing with somebody else’s code you must be versed in it or have someone to help you like you will do in real life. I don’t think that you will go and replace your cars’ engine without proper tools and some amount of knowledge and/or experience. That’s why I am telling you that everything must be checked before making use of it. Don’t get me wrong but this is how it is.

 

[Flashloner]

98% of random flashloan/tradingbot/drainer code you’ll find on GitHub has some sort of backdoor. Mostly through fake packages uploaded to CDNs disguised as the legitimate ones (web3.js, etc). That or they’ll hide some calls to an unverified contract that follow legit looking naming convention but will empty your wallet or steal your gas fees. You gotta really be looking, don’t clone any repos just look for their core .js/.ts files and install the dependencies yourself from known official sources. anyways any burning questions feel free to ask. I’m pretty versed on the subject

 

[Plankton5165]

Can’t you just do something like paste the code to a notepad and then copy it again from the notepad, to filter out the hidden part?

 

[AlexAkimbo]

Can’t you just do something like paste the code to a notepad and then copy it again from the notepad, to filter out the hidden part?

You can’t hide code that way. There are many methods to hide it:

1. Obfuscate (encoded) code in a sort so reader not familiar with such methods and programming language won’t be able to read it. In a way if you download/copy code like that you will see all of it. (Beginner/intermediate knowledge required) - usually shared as single sol file or get-rich-quick method

2. Another method scammers use is to upload functions to CDN as modules and reference it in posted code. Once you execute such code it calls remote function that makes transfer to their wallet (requires intermediate to advanced knowledge/experience in programming) - for JavaScript/TypeScript lovers. Usually shared as full solution written in JS/TS based on NodeJs (other stack are affected too)

3. Interaction with another smart contract (this is most advanced method when it comes to blockchain) - pure smart contract solution written in solidity with hundreds of lines per file. Usually operated by groups. Even some exchanges used it as exit scams. Also, similar methods are used to collect transaction fees in DEXes.