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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?

#91

Post by noduerme »

richardburton wrote: post #76
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…

Quoted post unavailable.

What could be more of a rat's nest than the crypto scams? As soon as it became possible for anyone to create a token it just became a race to the bottom. It's the ultimate recepticle for scammers.

Re: Did I just lose half a million dollars?

#92

Post by virgildotcodes »

noduerme wrote: post #86
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…

- needed to remove this. sorry.

Any chance of making those logs public some day?

Re: Did I just lose half a million dollars?

#93

Post by jrimbault »

masklinn wrote: post #82
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…

> 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. That seemed obvious from the first time I read the expression "code is law". If code is law, any bug (whether in the contract itself or in the way the contract is called) fucks you irredee…

Especially in that real law is left for judges to interpret, and that's a deliberate feature to allow "wiggle" room.

Re: Did I just lose half a million dollars?

#95

Post by djhworld »

westcoast330 wrote: post #38

The future of currency ladies and gentlemen. This money is literally gone. Unrecoverable. Like he took the money out to a barrel and burned it. Only he didn't get any warmth out of it in exchange.

> Unrecoverable.

I'm not very well versed in this stuff, but surely the tokens he sent are somewhere right.

Like if you sent $500k to a bank but put the wrong account number in, the $500k would still go _somewhere_. It might be difficult to recover, but it's not like the money just disappears.

Re: Did I just lose half a million dollars?

#96

Post by rosndo »

dividuum wrote: post #24
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? :)

Bad example. IBAN ( https://en.wikipedia.org/wiki/International_Bank_Account_Num... ) for example has a two digit checksum that prevents this and similar simple typos.

How is it a bad example? Not everyone uses IBANs.

And besides, big banks still have to deal with checksum-passing iban typos on a daily basis. IBANs only have two check digits.

Re: Did I just lose half a million dollars?

#98

Post by helsinkiandrew »

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…

This reminded me of John Cleeses classroom instructions in "Monty Pythons meaning of life"

https://www.youtube.com/watch?v=yKg7IinlUfI

Re: Did I just lose half a million dollars?

#99

Post by rightbyte »

Gigachad wrote: post #59
sp332 wrote: post #3

> You are now the 265th person to do this but you contributed 45% of all the WETH in the contract.

265 people made a mistake which deleted their money. How is crypto still so broken at a fundamental level after over a decade of work.

265 people made a mistake in this particular way deleting their money. Given the amount of cryptobank scams and hacks, lost wallets etc I would not dare have any significant value in cryptos.

Like the people that have made them self a fortune on crypto need to understand that it is psychology a different thing to put fresh money into the system from just extracting profit made from almost nothing.

Re: Did I just lose half a million dollars?

#100

Post by SwiftyBug »

BatteryMountain wrote: post #87
afidrya wrote: post #60

Earlier quoted context omitted.

In simple words, he should have called a smart contract's function which would withdraw his tokens and send real ETH to his address. Instead, he sent tokens to smart contract's address and they will stay there forever, not associated with any account. This complexity should be abstracted away by wallet's UI. Users don't have to call APIs directly. Also, this whole situation could be prevented by trying to send a smal…

It truly is laughable. Ever heard of "Return to Sender" in case of invalid events/transactions?

YES. Weren't these supposed to be SMART contracts? My email provider is smarter than that.
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