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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?

#271

Post by i67vw3 »

noduerme wrote: post #71
fsh wrote: post #69

Earlier quoted context omitted.

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

WTF is an actual real token of ETH chain, https://www.coingecko.com/en/coins/wtf-token with a market cap of $1.3 million.

https://protos.com/crypto-airdrop-tries-cover-ethereum-gas-f... Did you know about the token beforehand and made a sarcastic post on it, or was it just a pure coincidence.

Re: Did I just lose half a million dollars?

#272

Post by benibela »

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…

That is a feature if you plan to hack it

Re: Did I just lose half a million dollars?

#273

Post by 0x64 »

cuteboy19 wrote: post #72
nikanj wrote: post #70

Earlier quoted context omitted.

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.

Depends on what you count as earnings; Ethereum did $9.9b in transaction fees and tips alone last year.

[1] https://stark.mirror.xyz/q3OnsK7mvfGtTQ72nfoxLyEV5lfYOqUfJIo...

Re: Did I just lose half a million dollars?

#274

Post by kkjjkgjjgg »

oblio wrote: post #236
kkjjkgjjgg wrote: post #45

Earlier quoted context omitted.

I think it is more a fundamental philosophical problem with Ethereum. They have fascinating ideas and workarounds for all sorts of issues, but in the end they keep layering complex solutions on more complex solutions. Maybe a bit like enterprise software, just add another abstraction layer...

The problem is, they have a fundamentally simple concept that solved the double spend and trust problems for a decentralized (sort of currency). That part we kind of figured out, maybe it's ok, albeit super slow and power intensive, but let's put that aside for a while. But is there a solid mathematical and cryptographical basis for everything else layered on top? I don't get that impression, it just looks like they'…

I went to some workshops when Ethereum was developed (sadly I decided against investing in the ICO because some aspects didn't convince me or I didn't understand them well enough). Even back then the discussion was that they were trying to do too much and it would be difficult to make it work reliably. Bitcoin deliberately chose a more conservative approach. Bitcoin also actually has a scripting language and allows for smart contracts, but they were much slower with unlocking its features for real. (I don't know the current state of it).

Just to say, it really doesn't make sense to judge "crypto" by the state of Ethereum. There are different philosophies, different approaches, different people.

Re: Did I just lose half a million dollars?

#275

Post by sshine »

zo1 wrote: post #218
noduerme wrote: post #41

Earlier quoted context omitted.

Wait. I'm not letting anyone off the hook for not knowing the above if they put $5 into something, let alone $500k. But even as a coder and someone who was deeply involved in crypto at one point (2011) I find it hard to make heads or tails of wtf this means. All I hear are a lot of acronyms and bizarre edge cases upon edge cases. It sounds like those arguments you'd hear between kids in junior high over magic cards o…

Agreed. Some people are super careful, like myself, when transferring money between personal (normal bank) accounts I always test with a small amount. Even if the bigger amount is like $200. And that's after triple checking the account number before clicking transfer. I can't imagine what I'd be doing with these exotic crypto accounts and smart contracts.

When I do money transfers on bank accounts, I read the 10 digits 4-5 times. If the person that I'm transfering to is in the room, I ask them to read aloud their account number as I follow.

The fact that you have to get 10 digits right and that a typo can result in sending the money off somewhere unknown, disturbs me a lot. It's amazing how cryptocurrencies mimicked that part about existing digital money to perfection.

Give me a QR code, or wire my wallet up with an address book.

Re: Did I just lose half a million dollars?

#276

Post by ddoice »

rwmj wrote: post #131
ddoice wrote: post #8

I lost 4.5K transfering USDT from Binance to Coinbase From time to time I check if the money is still there. The last time I asked Coinbase support they didn't even bother to answer me. I was not investing, one of my contractors unilaterally decided to pay me in crypto.

> 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?

Yup, their response was crypto or nothing

Re: Did I just lose half a million dollars?

#277

Post by ddoice »

spuz wrote: post #134
ddoice wrote: post #8

I lost 4.5K transfering USDT from Binance to Coinbase From time to time I check if the money is still there. The last time I asked Coinbase support they didn't even bother to answer me. I was not investing, one of my contractors unilaterally decided to pay me in crypto.

How was the USDT lost?

Transfered from Binance to a Coinbase BTC address

Re: Did I just lose half a million dollars?

#279

Post by irthomasthomas »

How did this just drop off the front page so quickly with 206 points in 6 hours?

Anyway, I thought this comment by the OP was interesting...

  I thought a test transaction of sending ETH and getting WETH back was enough proof. My mistake was that I made an assumption about the reverse direction. Didn't see anywhere (including the official site) that we shouldn't directly interact with the contract and we have to use a dapp :/

Re: Did I just lose half a million dollars?

#280

Post by noduerme »

i67vw3 wrote: post #271
noduerme wrote: post #71

Earlier quoted context omitted.

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

WTF is an actual real token of ETH chain, https://www.coingecko.com/en/coins/wtf-token with a market cap of $1.3 million. https://protos.com/crypto-airdrop-tries-cover-ethereum-gas-f... Did you know about the token beforehand and made a sarcastic post on it, or was it just a pure coincidence.

Pure coincidence. I had written "wtf" in response to something else and it just sounded like a good coin name for a joke. I don't follow the latest in shitcoins. Not that I'm exactly surprised there's a token called WTF...
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