5 ms·

> The aWETH that I approved was not Armstrong ETH, but rather Aave's aWETH. On my main address, almost all of my ETH is sitting in Aave... Just one example, bu

by cmckn 5y ago

> The aWETH that I approved was not Armstrong ETH, but rather Aave's aWETH. On my main address, almost all of my ETH is sitting in Aave... Just one example, but this entire thread is Greek to me. What the hell is “staking an NFT”? I am feeling so left behind by this crypto nonsense. Is this what getting old is like? (I’m not yet old)

nfw2 5y ago
Same, and I am probably younger than this guy. My really basic understanding after reading very slowly is he got some crypto asset from scammer, and he needed to approve lending it out to get some sort of crypto interest on it. But approving the "lending X out" action apparently looks exactly like the same as the "give Y away" action if you don't look closely at the contract. Maybe it's just ignorance, but the whole system seems like a mess to me.
- hypertele-Xii 5y ago
  In the same way as if you lend cash to someone, you have to read the contract you're both signing attesting to the fact they owe you that amount, or they can just disappear with the cash.
The_rationalist 5y ago
progval 5y ago
This seems to be vocabulary invented by a specific app (probably to sound cool by association, because of Proof of Stake), described in the screenshot here: https://twitter.net/thomasg_eth/status/1492663229784408065 https://twitter.net/thomasg_eth/status/1492663229784408065 As far as I understand, it's just a synonym for "lending" here. They even use the word "leasing" for the people on the other side.
- 0x64 5y ago
  "Staking" was definitely not invented by this protocol as a term, and is not really related to the consensus protocol, barring the fact that you lock up ("stake") some underlying token in a smart contract. Various protocols offer staking as a way to lock funds, which might distribute a pre-existing token allocation to the people staking as a form of interest. This could be done for a myriad of reasons, like getting a governance token in exchange, or in order to limit the liquidity/dumping of new tokens. I can't say that I were too well versed on what has been happening in the defi space in the last year, but it's definitely not a new term.
ajkjk 5y ago
No, it's what not being embedded in a peculiar subculture is like.

by cmckn 5y ago

nfw2 5y ago

Same, and I am probably younger than this guy. My really basic understanding after reading very slowly is he got some crypto asset from scammer, and he needed to approve lending it out to get some sort of crypto interest on it. But approving the "lending X out" action apparently looks exactly like the same as the "give Y away" action if you don't look closely at the contract. Maybe it's just ignorance, but the whole system seems like a mess to me.

hypertele-Xii 5y ago
In the same way as if you lend cash to someone, you have to read the contract you're both signing attesting to the fact they owe you that amount, or they can just disappear with the cash.

The_rationalist 5y ago

progval 5y ago

This seems to be vocabulary invented by a specific app (probably to sound cool by association, because of Proof of Stake), described in the screenshot here: https://twitter.net/thomasg_eth/status/1492663229784408065 https://twitter.net/thomasg_eth/status/1492663229784408065 As far as I understand, it's just a synonym for "lending" here. They even use the word "leasing" for the people on the other side.

0x64 5y ago
"Staking" was definitely not invented by this protocol as a term, and is not really related to the consensus protocol, barring the fact that you lock up ("stake") some underlying token in a smart contract. Various protocols offer staking as a way to lock funds, which might distribute a pre-existing token allocation to the people staking as a form of interest. This could be done for a myriad of reasons, like getting a governance token in exchange, or in order to limit the liquidity/dumping of new tokens. I can't say that I were too well versed on what has been happening in the defi space in the last year, but it's definitely not a new term.

ajkjk 5y ago

No, it's what not being embedded in a peculiar subculture is like.