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Did I just lose half a million dollars?

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Re: Did I just lose half a million dollars?

#31

Post by brazzy »

tommek4077 wrote: post #21
rosndo wrote: post #14

Earlier quoted context omitted.

>Centralized systems work like a web of tunnels - you can’t send “nowhere” or make a huge mistake You can totally make a 1 digit typo while making a bank transfer that results in all the money being lost. Perhaps you’ll recover it after years of litigation, but that’s really not guaranteed. https://www.theguardian.com/money/2019/dec/07/i-lost-my-1930... E: downvoted by upset bankers? :)

Americans do not understand money transfer, they are still using cheques and western union. To everyone: If you wrongly send money to a mistyped IBAN it is gone.

To everyone: the above is wrong.

Re: Did I just lose half a million dollars?

#32

Post by tinco »

withinboredom wrote: post #19
londons_explore wrote: post #12

No value was lost here... Since everyone can see this is unspendable, It's simply a donation to all other users in the form of burning coins and increasing the value of all other coins.

That’s like saying “oops I burned my house down. Everyone can see it’s unspendable but at least it increased my neighbors value of their house because there are less houses.” Houses (and crypto) are worth actual cash. Burning them doesn’t increase the value of others in any meaningful way.

No, a burned down house can be rebuilt and burning down a house actually increases entropy in the universe. It is a clear destruction of value.

Burning Ethereum irreplaceably removes it from the pool. Ethereum is not inherently valuable, the Eth is just a token representing a contribution to the network, that you do not redeem it just makes everyone's Ethereum a little bit more valuable.

This is also why crypto is worth such ridiculously large amounts. Almost everyone is "HODLing", not redeeming their ETH for money, so the Ethereum that is in circulation is more valuable.

Re: Did I just lose half a million dollars?

#33

Post by alanfranz »

tommek4077 wrote: post #21
rosndo wrote: post #14

Earlier quoted context omitted.

>Centralized systems work like a web of tunnels - you can’t send “nowhere” or make a huge mistake You can totally make a 1 digit typo while making a bank transfer that results in all the money being lost. Perhaps you’ll recover it after years of litigation, but that’s really not guaranteed. https://www.theguardian.com/money/2019/dec/07/i-lost-my-1930... E: downvoted by upset bankers? :)

Americans do not understand money transfer, they are still using cheques and western union. To everyone: If you wrongly send money to a mistyped IBAN it is gone.

> mistyped

Very unlikely, the checksum would prevent that.

And most banks (even though I’m unsure it is mandatory) will check the recipient, if totally mismatched a warning will be raised.

But if you send money to the wrong iban+recipient, the money is gone.

Re: Did I just lose half a million dollars?

#34

Post by ipnon »

londons_explore wrote: post #10

This is really a problem to be solved by etherium clients . Instead of just saying "what address should we send this to?", they should have code which allows a "preview" of what will happen after the transfer. After all, all the logic is there on the Blockchain, so the client can easily pop up a warning saying "what you are trying to send will be permanently unspendable. You can't so this without the --i-want-to-dest…

What's frustrating is there are already many decentralized exchanges handling billions of dollars a day that perfectly solve this problem. If you insist on making bank deposits by tunneling into their servers and writing C, don't complain when they can't find your money later. Use the app!

Re: Did I just lose half a million dollars?

#35

Post by system2 »

cliftonk wrote: post #15

there's about $20b worth of eth in the weth contract. $1.1m of eth has been lost this way (so op's lost weth is about 45% of all weth lost from transfers). https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead...

Crypto gets dumber by the day.

Re: Did I just lose half a million dollars?

#36

Post by choward »

hughrr wrote: post #26
ssiddharth wrote: post #5

In case you’re wondering what happened, from the thread: He sent ETH to the WETH contract, received WETH as expected. Then he wanted to do the reverse and sent WETH, but will not receive anything, because you're supposed to swap your WETH to ETH in exchanges like Uniswap, or call the "withdraw" function in the contract. For contracts that want to only work with ERC-20 tokens, you use WETH, which comes from a contract…

The problem with crypto is despite your explanation, I have no idea what any of your post means. Not any of it.

I honestly thought it was satire at first.

Re: Did I just lose half a million dollars?

#37

Post by peakaboo »

hughrr wrote: post #26
ssiddharth wrote: post #5

In case you’re wondering what happened, from the thread: He sent ETH to the WETH contract, received WETH as expected. Then he wanted to do the reverse and sent WETH, but will not receive anything, because you're supposed to swap your WETH to ETH in exchanges like Uniswap, or call the "withdraw" function in the contract. For contracts that want to only work with ERC-20 tokens, you use WETH, which comes from a contract…

The problem with crypto is despite your explanation, I have no idea what any of your post means. Not any of it.

You are on the Internet - you can find out anything (uncensored). :)

But yeah who has the time...

Re: Did I just lose half a million dollars?

#39

Post by Traubenfuchs »

Cyberdog wrote: post #11
ab_testing wrote: post #7

Earlier quoted context omitted.

I think this is a problem with crypto that will forever prevent it from becoming mainstream. The average person understands the concept of money but understanding smart contracts is out of scope for a large part of the general population m

Agreed. It's so powerful but always so complex and confusing and there's just way too many footguns like this. "Gas" is one of those concepts where I have to relearn what it is every time I read about it but never can retain it for very long. (See also Big O notation.) Say what you will about the primitiveness of Bitcoin and other early coins but at least they're quite a bit more comprehensible.

> gas

Isn‘t that just the fee for transfering cryptocoins from one wallet to another?

And you can decide on how much it is for your transfers, but if it‘s too low, your transfer will take a long time, up to „infinity/never“.

Re: Did I just lose half a million dollars?

#40

Post by ur-whale »

hughrr wrote: post #26
ssiddharth wrote: post #5

In case you’re wondering what happened, from the thread: He sent ETH to the WETH contract, received WETH as expected. Then he wanted to do the reverse and sent WETH, but will not receive anything, because you're supposed to swap your WETH to ETH in exchanges like Uniswap, or call the "withdraw" function in the contract. For contracts that want to only work with ERC-20 tokens, you use WETH, which comes from a contract…

The problem with crypto is despite your explanation, I have no idea what any of your post means. Not any of it.

>The problem with crypto is despite your explanation, I have no idea what any of your post means. Not any of it.

Not entirely sure what point you're trying to make here.

Or, in other words: the exact same thing happens to my 80 year old grandmother when I explain about my android phone.

Doesn't make the device any less useful.

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