Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers

Re:Celsius Execs Cashed Out $40M in Crypto Before Halting Wi... by dlubarov on Saturday October 08, 2022 @07:37PM (#33137059)

I mean Person A makes an NFT and lists it for sale for $X USDC. Then Person B, who only has $Y USDC ($Y < $X), buys it using a pre-approved loan from Person C in the amount of $X - $Y.

If Person B repays the loan within T days, the lien is removed, so Person B owns it free and clear. Otherwise, the NFT is transferred to Person C.

The pre-approved loan would just be a message signed by Person C, granting anyone permission to transfer a certain amount out of Person C's account if (in the same transaction) they also grant Person C a lien on that particular NFT.

[ Parent | on HN ]

Re:Celsius Execs Cashed Out $40M in Crypto Before Halting Wi... by lottin on Sunday October 09, 2022 @10:08AM (#33141202)

I see... yes I think such a mechanism could be used to finance the purchase of an NFT. So, I'll admit that I was wrong. You can do financing with a smart contract, although from what I gather you'd be limited to buying NFTs. Not terribly useful, but congrats on coming up with this example.

[ Parent | on HN ]