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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?

#71

Post by noduerme »

fsh wrote: post #69
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…

I still don't get WETH. What is the purpose of exchanging ETH, which is a token on the Ethereum blockchain, for WETH, which is also a token on the Ethereum blockchain (with the same nominal value)?

Pretty soon you'll be able to get paid interest on your WETH in WTF. WTF is a meta token based on a smart contract token based on Ethereum. With WTF, you never need to worry about where your money is. You can be assured that 100% of the time you try to redeem it you will stare at your screen for hours going WHAT THE FUCK

Re: Did I just lose half a million dollars?

#72

Post by cuteboy19 »

nikanj wrote: post #70
YATA0 wrote: post #54

Crypto Darwinism is a real thing. Insane to see that amount of money just disappear. Literally just poof , it's gone. Not "gone" like someone stole it, because that money didn't disappear, the thief has it now. This money literally went into a digital blackhole.

The price of eth is surprisingly easy to calculate, with the coin price being (new dollars people are willing to invest into crypto)/(amount of coins in circulation). There are no pesky externalities like "amount of EBITDA per outstanding eth", every single dollar is coming from someone buying in. This reduced the denominator, thus increasing the value of eth.

The EBITDA of eth is exactly 0, actually.

Re: Did I just lose half a million dollars?

#73

Post by gws »

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…

I don’t understand why these contracts don’t let addresses that make this particular error recover their funds, it would be easy to implement at contract creation or am I missing something?

Re: Did I just lose half a million dollars?

#74

Post by pshc »

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…

Also, ERC-777 tokens were supposed to fix this egregious problem by having all transfers check with their destinations (through hooks). There are also various similar extensions to ERC-20 I believe.

Unfortunately, practically no one uses 777 as far as I'm aware? Certainly the OG Wrapped ETH contract doesn't, and it can't be upgraded because it's immutable.

Re: Did I just lose half a million dollars?

#75

Post by tluyben2 »

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…

But why wouldn't the contract decline this kind of 'invalid' transaction? It is invalid as it is now stuck over there forever, meaning it's a case that should be rejected.

Re: Did I just lose half a million dollars?

#76

Post by richardburton »

StringyBob wrote: post #66

Having watched cryptocurrency from a distance via HN etc. for over a decade, I thought I had a general understanding, but this made me realize I wasn’t aware of what smart contracts really were (just looked up solidity today and details of The DAO hack). The potential for irreversible losses, fraud and security holes are much bigger than I realized. This also lead me to this video which will now be my ‘go to’ recomme…

No post body was provided.

Re: Did I just lose half a million dollars?

#77

Post by khazhoux »

ur-whale wrote: post #40
hughrr wrote: post #26

Earlier quoted context omitted.

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.

Do we really think women with grandchildren can’t understand Android phones?

Re: Did I just lose half a million dollars?

#78

Post by pshc »

fsh wrote: post #69
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…

I still don't get WETH. What is the purpose of exchanging ETH, which is a token on the Ethereum blockchain, for WETH, which is also a token on the Ethereum blockchain (with the same nominal value)?

It is a tool to convert ETH into an erc-20 compatible token. ETH itself can only be spent by the private key, whereas users can grant contracts the permission to manage the user's WETH for them.

Re: Did I just lose half a million dollars?

#79

Post by masklinn »

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.

From what I understood of afidrya explanation (in a sub-comment):

* there's a smart contract to which you can send ETH (directly), it sends WETH back

* however the inverse operation (WETH -> ETH) is not done by sending the WETH, you're supposed to call a special conversion function of the contract

I guess the smart contract only looks for ETH in its wallet (at its address), it ignores the WETH entirely, and thus the WETH become inaccessible.

So the contract is a deposit ATM where you can deposit cash and it spits out a bank check, but if you deposit a bank check it just shreds the check.

Or a currency conversion machine where you can shove USDs in the slot to get EURs, but if you shove EURs in, to the shredder they go,

Re: Did I just lose half a million dollars?

#80

Post by kybernetikos »

fsh wrote: post #69
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…

I still don't get WETH. What is the purpose of exchanging ETH, which is a token on the Ethereum blockchain, for WETH, which is also a token on the Ethereum blockchain (with the same nominal value)?

After a while a standard api was invented for tokens that use smart contacts on ethereum. ETH predates these standards and is built in to the operation of the blockchain. Lots of smart contacts know how to deal with standard tokens but don't have a separate code path to deal with ETH. You can get a version of ETH that fits the interface by wrapping it in a standard token.
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