Did I just lose half a million dollars?

Post by somewhereoutth » Sun, Jan 30, 2022, 5:56 PM UTC

erikbye wrote: post #337

iqanq wrote: post #164

Earlier quoted context omitted.

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, trigg…

And here's the "oh so complex" contract in question, all 60 lines. contract WETH9 { string public name = "Wrapped Ether"; string public symbol = "WETH"; uint8 public decimals = 18; event Approval(address indexed src, address indexed guy, uint wad); event Transfer(address indexed src, address indexed dst, uint wad); event Deposit(address indexed dst, uint wad); event Withdrawal(address indexed src, uint wad); mapping…

  function() public payable {
      deposit();
  }

Post by footlose_3815 » Sun, Jan 30, 2022, 6:01 PM UTC

noduerme wrote: post #41

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…

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…

Post by recursive » Sun, Jan 30, 2022, 6:12 PM UTC

sgt wrote: post #385

kuhewa wrote: post #259

Earlier quoted context omitted.

Yeah i reckon some 80 year old grandmothers struggle with some Android functions.

I have seen real proof of this. The only reason "regular" people buy Android is to save money, but it becomes a support issue for their children and grandchildren. I've made sure my entire family is on iPhone. My mom could never figure out the bottom three buttons on Android. iOS makes more sense to her.

Post by GaylordTuring » Sun, Jan 30, 2022, 6:13 PM UTC

radford-neal wrote: post #411

erikbye wrote: post #337

Earlier quoted context omitted.

And here's the "oh so complex" contract in question, all 60 lines. contract WETH9 { string public name = "Wrapped Ether"; string public symbol = "WETH"; uint8 public decimals = 18; event Approval(address indexed src, address indexed guy, uint wad); event Transfer(address indexed src, address indexed dst, uint wad); event Deposit(address indexed dst, uint wad); event Withdrawal(address indexed src, uint wad); mapping…

Why does anyone want to use this? Knowing nothing about it, this is the question that remains unanswered to me after reading through dozens of comments on this debacle. What was the person who lost half a million trying to accomplish? For what benefit? I assume that if you just want to use ETH to buy and sell stuff, you don't have to get involved with any of these smart contracts.

Post by Sebb767 » Sun, Jan 30, 2022, 6:15 PM UTC

beefield wrote: post #550

capableweb wrote: post #522

Earlier quoted context omitted.

The one who has the private keys to that account could give them the ETH back, yeah. But if no one has the private keys, they can not get it back, that would defeat the entire point of cryptocurrencies in the first place.

But of course they can - if they are the right persons, that is. (See DAO hack. Of course, that did defeat the whole purpose of smart contracts but nobody was willing to notice.)