Did I just lose half a million dollars?

Post by dekervin » Sun, Jan 30, 2022, 11:34 PM UTC

danielvf wrote: post #500

nickjj wrote: post #381

Here's an unrelated but related question: How do you store your wallet / private keys where you would be comfortable storing an amount of money that's important to you? It feels like a bunch of consumer grade options we have are kind of flaky: Flash drives are extremely undependable. I've had a few fail to read after sitting in a closet for a year. SSDs can supposedly have data loss pretty quickly if left unpowered (…

I work for a crypto company. This is actually a solved problem. The solution is to use multi-sig wallets - at least for amounts that would be missed. A company might have a "5 of 8" multi-sig. This means that to move money, five of the eight team member accounts with keys have to agree and sign off on each transaction. This is massively better than secret sharing - once a secret is put together, that secret then work…

Post by kkjjkgjjgg » Sun, Jan 30, 2022, 11:41 PM UTC

lottin wrote: post #697

kkjjkgjjgg wrote: post #677

Earlier quoted context omitted.

That doesn't seem to make sense. Don't people usually borrow money to spend it (for example to buy a house or finance their startup)? So in most cases the borrowed money is also gone and at most you can confiscate the collateral (for example the house). That is still possible with crypto.

In decentralised finance the legal system, which in conventional finance has the power to seize the borrower's assets in the event of default, is replaced with "dumb contracts", but dumb contracts don't have such a power. Financing is basically impossible with decentralised finance.

Post by kkjjkgjjgg » Sun, Jan 30, 2022, 11:44 PM UTC

oblio wrote: post #700

kkjjkgjjgg wrote: post #675

Earlier quoted context omitted.

Bitcoin has been working pretty well for years now.

Working well for what? It's useless as currency.

Post by topranks » Sun, Jan 30, 2022, 11:50 PM UTC

SilasX wrote: post #484

Rastonbury wrote: post #403

Earlier quoted context omitted.

This is what stresses me out the most about crypto. The supposed gold standard is a hardware wallet and access is done via 12-word recovery phrase but even that is sketchy. If I'm not wrong all an attack has to do is get recovery phrase and load it into another hardware wallet if they don't have mine, this is functionality is there if the hardware wallet fails. If I've been doxxed and have several mil in crypto, thie…

Also, in ten years you won’t know what to do with the 12 words because the application was abandoned and when you try to install it you get some error messages from npm about certain dependencies being deprecated.

Post by norswap » Mon, Jan 31, 2022, 12:17 AM UTC

vmception wrote: post #670

norswap wrote: post #540

Seems fishy to me when he says "I just sent ETH to the contract to get WETH" because this is assuredly not how it works. You have to call the `deposit` function of the smart contract (transfering ETH with it indeed). And to withdraw your WETH as ETH, you call `withdraw`. These calls can be made from here (power user interface! not recommended - use Uniswap instead): https://etherscan.io/address/0xc02aaa39b223fe8d0a0e…

Thank you! Finally a code discussion here instead of all this pearl clutching hysteria. So, this is all about the ‘payable’ method, which means it is triggered by the native asset of the virtual machine. If you look closely you’ll see there is a default anonymous function with ‘payable’ accessor method which calls the deposit() method