Flash Loans and the Advent of Episodic Finance

Flash Loans have been making the rounds. Even if the concept has been around for a year or two, it's only very recently that they have been getting a lot of attention with the surge of DeFi, and ultimately a few “exploits” seen in the wild, where $1M was totalled by the people behind them. Why the quotes around “exploits”? We'll get there in a minute.