I understand ETH, but WTF is WETH?
WETH is WTF ETF.
Did I just lose half a million dollars?
161–170 of 837 posts
Re: Did I just lose half a million dollars?
#162I understand ETH, but WTF is WETH?
There's a page explaining it with that exact title: https://weth.io/
Can't say I understand it now after reading it though.
Re: Did I just lose half a million dollars?
#163Earlier quoted context omitted.
A smart contract has a set of behaviour as written in code: nodes on the network execute the behaviour. This contract doesn’t have any code to undo a mistake like this, so it is impossible to recover them. Thst said, the network is a group of machines all agreeing together on what is the correct behaviour, and that can change, so while it is not impossible forever — Ethereum might release a new feature that allows pe…
can the code be corrected though it sounds to me like the fix would be create a new map that maps account ID -> tokens, where account ID = the "sender" account where the tokens came from, and do the migration to move these 'orphaned' tokens into the right buckets. admittedly I guess that would break everything/trust if someone can just rewrite the code to say who has what tokens!
From what I understand smart contracts are immutable, so this "bug" can only be fixed by publishing a new contract which is by definition independent from the old, i.e. unable to access or manipulate any tokens (like these) that belonged to the old one.
Additionally, apparently contracts may rely upon one another, and a bunch of the contacts that utilize this WETH token depend upon the existing contract. All of these (and their dependents, recursively) would also need to be updated.
I.e. the money is gone unless there is a large concerted effort, but no one should reasonably expect this.
Re: Did I just lose half a million dollars?
#164Earlier quoted context omitted.
Let's try. I don't know what kubernetes does. Can anyone explain in five lines of text?
It abstracts away underlying hardware, leaving you with a convenient set of abstractions for deploying containerized networked services. Sort of an OS for a cluster of distributed machines. Unfortunately this involves lots of YAML. How’d I do?
One could write a sentence like that about smart contracts. One I pulled from Google:
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
Re: Did I just lose half a million dollars?
#165Earlier quoted context omitted.
I've written middleware APIs for accepting currency in carts and casinos that interfaced with / polled bitcoind and other daemons. Why on earth would this person be calling APIs directly, and why would the daemon not just reject the transaction if it's an unexpected kind of token? Or if he added funds to the contract why not be able to remove them to the same address? I never dealt with smart contracts but even allow…
from the reddit comments, similar question, apparently every instruction adds gas fees to running the contract, so if you're going to use the contract a lot, you leave out any kind of validation. >> Wow why didn't the contract creators think this through and block requests to the contract > Because adding that check would increase the cost of every user transaction. All AMM swaps would be done with WETH so it’s the r…
Back in the day or at least when I ran my own bitcoin node, any call against the blockchain was free. This sounds like someone charging for hitting the API on a rented node, as opposed to an actual cost imposed by the currency to consult the blockchain (?) But maybe the contract-generators aren't even running their own node, just piggybacking on someone else's API. Sure. Cheaper.
Re: Did I just lose half a million dollars?
#166Earlier quoted context omitted.
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.
But that's very unlikely because IBAN has a checksum precisely to prevent typos. Plus banks in Europe have a transfer reversal grave period so you just call them and they'll most likely be able to undo the transaction.
TIL - more on IBAN checksum:
> The IBAN check digit consists of two digits in positions 3 and 4 of the IBAN. It is calculated using the MOD97 algorithm and provides the primary integrity check for the IBAN standard.
Re: Did I just lose half a million dollars?
#167Earlier quoted context omitted.
> I was not investing, one of my contractors unilaterally decided to pay me in crypto. Why didn't you tell him that you wanted to be paid in real money?
Because then they would say "ok, here's crypto".
That's not usually how contracts work (in the sense of the actual law, not this smart contract bullshit).
Re: Did I just lose half a million dollars?
#168So I don't know how smart contracts are implemented at all. But I would have expected this to work more like a statically typed programming language. If this particular address doesn't handle this kind of input, it should not be possible to send it.
It is statically typed, as in this input fired off the WETH implementation that runs a no-op and returns void.
Re: Did I just lose half a million dollars?
#169Earlier quoted context omitted.
A smart contract has a set of behaviour as written in code: nodes on the network execute the behaviour. This contract doesn’t have any code to undo a mistake like this, so it is impossible to recover them. Thst said, the network is a group of machines all agreeing together on what is the correct behaviour, and that can change, so while it is not impossible forever — Ethereum might release a new feature that allows pe…
can the code be corrected though it sounds to me like the fix would be create a new map that maps account ID -> tokens, where account ID = the "sender" account where the tokens came from, and do the migration to move these 'orphaned' tokens into the right buckets. admittedly I guess that would break everything/trust if someone can just rewrite the code to say who has what tokens!
> can the code be corrected though
A defining feature of "smart contracts" is that the code is immutable once deployed, and can never be upgraded or bug-fixed.
Re: Did I just lose half a million dollars?
#170Earlier quoted context omitted.
If caught quickly enough, like within a day, and the money is still in the receiving account, it is very easy to get your money back. As you say, scammers move money quickly, and they do so to avoid the money being refunded.
> As you say, scammers move money quickly Aren't European bank accounts tied to real world identities?
You get the first somewhat sober bum on the street with an ID card to register a bank account, they give you credentials, you give them €1000.