4 ms·

There is over $160M in his address. https://etherscan.io/address/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://etherscan.io/address/0xb1e9d641249a2033c37cf

There is over $160M in his address. https://etherscan.io/address/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://etherscan.io/address/0xb1e9d641249a2033c37cf1c241a01... He could have approved a malicious contract to drain the lot.

sillysaurusx 5y ago
I see. But.. why? Isn’t that a remarkably bad idea? Or is there some crypto advantage to keeping every last coin in the same basket? Other than it being a flex.
- vmception 5y ago
  people have always used wallets in a way very different from the best practices described 10 years ago no address reuse is almost impossible as the wallets make it very hard as well people don't really seem to know that Metamask gives you unlimited addresses, fwiw it is expensive to do approvals in each address
- randomhodler84 5y ago
  It’s got an ENS address associated which is only used by flexers. It’s a giant flex.
- PretzelPirate 5y ago
  There’s no advantage, just laziness. A wallet like that shouldn’t be easy to access and should never be used for for anything other than funding their other hot wallets.
  - nootropicat 5y ago
    Concentration of funds is a great advantage for borrowing.
    - whatshisface 5y ago
      Why would someone borrow when they already have funds? For example I heard of one guy locking up $600k collateral to borrow $300k. Makes no sense.
      - randomhodler84 5y ago
        There are reasons, firstly tax advantage in that there is no capital gain from selling the cryptocurrency; the other is that you don’t lose your position on the cryptocurrency, ideally over time you can increase your borrow as the underlying collateral increases in fiat value. One can also use the borrowed funds to speculate on other cryptocurrency, as a collateralized margin loan. Many lending systems offer incentives too, where you can be paid to borrow.
        ricardobeat 5y ago
        > use the borrowed funds to speculate on other cryptocurrency If you want to maximize your potential losses, that’s a great idea.
        randomhodler84 5y ago
        True that!
      - nootropicat 5y ago
        Most farms require stablecoins, so the tactic is to borrow on your eth and farm with it
    - chrisco255 5y ago
      In this case, liquidity is pooled across the Aave protocol. There's no difference in the interest rate for someone lending / borrowing $50M or $50. It's easier, but you should probably never have more than 10-20% of your portfolio in a single wallet. And probably should shrink that down even further as your net worth grows.
  - addandsubtract 5y ago
    There is one advantage, which is only needing to fund and spend gas fees from that one wallet. At $100m+ this shouldn't be a concert to you, though.
- yardstick 5y ago
  Maybe it’s only a fraction of his coins in that wallet? Maybe he does have other wallets with similar amounts or more, but just doesn’t admit to it?
aqme28 5y ago
Easier to see assets on something like debank or zapper https://debank.com/profile/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://debank.com/profile/0xb1e9d641249a2033c37cf1c241a01e7... https://zapper.fi/account/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://zapper.fi/account/0xb1e9d641249a2033c37cf1c241a01e71...
deleted 5y ago
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sillysaurusx 5y ago

I see. But.. why? Isn’t that a remarkably bad idea? Or is there some crypto advantage to keeping every last coin in the same basket? Other than it being a flex.

vmception 5y ago
people have always used wallets in a way very different from the best practices described 10 years ago no address reuse is almost impossible as the wallets make it very hard as well people don't really seem to know that Metamask gives you unlimited addresses, fwiw it is expensive to do approvals in each address
randomhodler84 5y ago
It’s got an ENS address associated which is only used by flexers. It’s a giant flex.
PretzelPirate 5y ago
There’s no advantage, just laziness. A wallet like that shouldn’t be easy to access and should never be used for for anything other than funding their other hot wallets.
- nootropicat 5y ago
  Concentration of funds is a great advantage for borrowing.
  - whatshisface 5y ago
    Why would someone borrow when they already have funds? For example I heard of one guy locking up $600k collateral to borrow $300k. Makes no sense.
    - randomhodler84 5y ago
      There are reasons, firstly tax advantage in that there is no capital gain from selling the cryptocurrency; the other is that you don’t lose your position on the cryptocurrency, ideally over time you can increase your borrow as the underlying collateral increases in fiat value. One can also use the borrowed funds to speculate on other cryptocurrency, as a collateralized margin loan. Many lending systems offer incentives too, where you can be paid to borrow.
      - ricardobeat 5y ago
        > use the borrowed funds to speculate on other cryptocurrency If you want to maximize your potential losses, that’s a great idea.
        randomhodler84 5y ago
        True that!
    - nootropicat 5y ago
      Most farms require stablecoins, so the tactic is to borrow on your eth and farm with it
  - chrisco255 5y ago
    In this case, liquidity is pooled across the Aave protocol. There's no difference in the interest rate for someone lending / borrowing $50M or $50. It's easier, but you should probably never have more than 10-20% of your portfolio in a single wallet. And probably should shrink that down even further as your net worth grows.
- addandsubtract 5y ago
  There is one advantage, which is only needing to fund and spend gas fees from that one wallet. At $100m+ this shouldn't be a concert to you, though.
yardstick 5y ago
Maybe it’s only a fraction of his coins in that wallet? Maybe he does have other wallets with similar amounts or more, but just doesn’t admit to it?

aqme28 5y ago

Easier to see assets on something like debank or zapper https://debank.com/profile/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://debank.com/profile/0xb1e9d641249a2033c37cf1c241a01e7... https://zapper.fi/account/0xb1e9d641249a2033c37cf1c241a01e717c2f6c76 https://zapper.fi/account/0xb1e9d641249a2033c37cf1c241a01e71...

deleted 5y ago

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