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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?

#361

Post by shkkmo »

kkjjkgjjgg wrote: post #267
Gigachad wrote: post #52

Earlier quoted context omitted.

The problem is that irreversible transactions are just bad. There is no way around it. Crypto is broken at the most fundamental level. This kind of fuckup could not happen with regular banking and if you somehow did mess up you can almost always have your money recovered. There is no way to just black hole it never to be seen again.

Afaik bank transactions are also non-reversible. I don't think that is the main issue, although certainly it is a problem. If it bothers you, you could probably also go through some service that insures your transactions and gives you a degree of reversibility.

I am unaware of any country where this is true. Many countries have limits on how / when transactions can be recovered but AFAIK there is nowhere where bank transfers are absolutely final with no recourse.

Re: Did I just lose half a million dollars?

#362

Post by mox1 »

ddingus wrote: post #203
jazzyjackson wrote: post #123

Earlier quoted context omitted.

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…

Good grief, this is like machine language for money

exactly, with no-do overs. Everyone hand codes their assembly correctly on the first try right!?!!

Re: Did I just lose half a million dollars?

#363

Post by ljm »

ohgodplsno wrote: post #239
Hermel wrote: post #90

Earlier quoted context omitted.

The additional transaction fees that using ERC-777 would cost in the Ethereum network are probably much higher than someone losing half a million every now and then. So economically, adopting ERC-777 would be a step backwards.

Economically, KYC in the real world is a step backwards. Economically, laws made to restrict trading is a step backwards. There's still a damn good reason we do it, but the crypto grifters seem to only see the economical part of it for some reason.

In that sense, crypto to me is like a consultancy taking a complex, legacy codebase and saying it'll be easier to rewrite it from scratch.

We see how that plays out all the time. Something shiny and new is produced but it completely fails to take into account why the original system was so complex. Given enough time, it becomes just as complex as the old system, if not more complex.

Re: Did I just lose half a million dollars?

#364

Post by ipaddr »

oblio wrote: post #225
capableweb wrote: post #202

Earlier quoted context omitted.

First time I hear about IMAP/POP3 provider being able to "undo" emails after being sent. What provider are you using and how does that work behind the scenes? And no, gmails fake "we don't actually send it until you close the tab/wait 30 seconds so you can undo it" doesn't count.

> And no, gmails fake "we don't actually send it until you close the tab/wait 30 seconds so you can undo it" doesn't count. Why doesn't it count and why does it matter how Gmail works behind the scenes?

Because email doesn't work that way. Gmail doesn't send the email for a minute. It would be like your boss asking you to send this email and you wait a minute for him to change his mind before you presses send.

Re: Did I just lose half a million dollars?

#365

Post by pessimizer »

xtracto wrote: post #292
dTal wrote: post #235

Earlier quoted context omitted.

Fine. It's not a [standard, generally accepted] word. Feel free to disregard my advice, though; it's no skin off my nose if you don't want to sound like a "native, educated speaker".

What do you mean generally accepted word? A word is or is not a word . Dont get butthurt because you were pointed wrong after trying to correct someone.

https://www.merriam-webster.com/dictionary/LOL

A word is a thing people say. If you say irregardless to somebody you're trying to impress, you will fail to.

Re: Did I just lose half a million dollars?

#366

Post by ljm »

ericmay wrote: post #358
ljm wrote: post #339

Earlier quoted context omitted.

It's like a libertarian utopia. Literally everything is an individual responsibility with no wider recourse. Want validation? Other people don't want to pay for stuff they're not validating... so it's on you to be careful. Accidentally fuck up? Not our problem, that's on you for not calling the right API. Want your money back? We're not paying money to cover for other people's mistakes. You're on your own bud.

Ok… but then if you’re going to throw out these cases you should also address how markets can fix these issues, such as great customer service: “when I fucked up they helped me out, they’ll get more of my business”, or maybe insurance, or just better products that don’t have these issues. Idk why people conflate libertarianism with this hyper-individualist stuff. It really isn’t the case.

Do ethereum and smart contracts currently have excellent customer service, such that the guy in TFA can get his 500k back?

Re: Did I just lose half a million dollars?

#367

Post by p49k »

capableweb wrote: post #249
BatteryMountain wrote: post #246

Earlier quoted context omitted.

Really? If a mail server (and the post office of most countries) don't have the specified address, it either gets sent back if there is a return address written (email non-delivery notice (aka return to sender, NOT undo) or it goes into a catch all bin (same as a lost & found)(or root account for most mail servers)(or dump it in the bin).

Yes yes, as mentioned in another sibling comment, your wallet won't allow you to send anything to an invalid address. In this case, the address was not invalid, so why expect it to get rejected?

You’re using a different definition of the word invalid.

Obviously the person you replied to meant invalid in the sense of “not intended to receive funds”

It would have been a competent design decision for a system to require some type of initial registration of intent to receive funds for an address in order for a transaction to post.

Re: Did I just lose half a million dollars?

#368

Post by pessimizer »

NikolaeVarius wrote: post #359
dTal wrote: post #311

Earlier quoted context omitted.

Sheesh. No good deed goes unpunished, eh? From the link: >We label irregardless as “nonstandard” rather than “slang.” When a word is nonstandard it means it is “not conforming in pronunciation, grammatical construction, idiom, or word choice to the usage generally characteristic of educated native speakers of a language.” Irregardless is a long way from winning general acceptance as a standard English word. For that…

Quoted post unavailable.

> No one cares about what you think.

1) It's weird to say this about someone you've never met, of course somebody cares about what they think, and 2) of course you care, which is why you're posting.

Re: Did I just lose half a million dollars?

#369

Post by IgorPartola »

aniforprez wrote: post #303
noduerme wrote: post #255

Earlier quoted context omitted.

Also, chemistry sets come with a lot of graphic warnings.

Do we need a "hot coffee is hot" warning label on every crypto transaction? And yes I'm aware the lady in the case suffered and it's terrible. I'm just being facetious

Oh come on. This is clearly a terrible system design choice and should have never been codified.

Re: Did I just lose half a million dollars?

#370

Post by draw_down »

capableweb wrote: post #228

Since no one seems to think about how this could have prevented, here is a simple way, which I've applied to lots of things in life, not just cryptocurrency transfers: - If you're making a transfer somewhere with a large amount, do a small transfer first and verify it's working. Confirm at the receiving end before moving big sums. - If you're calling a contract, try it with a small amount first. Verify the parameters…

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