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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?

#821

Post by CRConrad »

dahart wrote: post #502
freemint wrote: post #269

Earlier quoted context omitted.

He tested it by converting Euros to Dollars first, used it for a while and then put Dollars in to the same machine and they were shredded. He did test but using the wrong mental model.

Why do we have a machine that shreds any dollars? Who anywhere is interested in a dollar shredding feature?

> Why do we have a machine that shreds any dollars?

Fuck knows. No legit reason that I can see; because cryptards are idiots, is the only thing that comes to mind.

> Who anywhere is interested in a dollar shredding feature?

Nobody with the least bit of sense. (But, see above...) That's why he was complaining about it.

Re: Did I just lose half a million dollars?

#822

Post by CRConrad »

nly wrote: post #64
ab_testing wrote: post #7

Earlier quoted context omitted.

I think this is a problem with crypto that will forever prevent it from becoming mainstream. The average person understands the concept of money but understanding smart contracts is out of scope for a large part of the general population m

Even in todays traditional banking system there are a litany of cases where people refuse to take responsibility for their gullible actions and expect their bank to bail them out. There are a few stories on the ThisIsMoney (UK's Daily Mail's money rag) front page right now about relatively convincing and sophisticated scams where people were robbed of thousands. The average person isn't ready for the risk of crypto.…

> Even in todays traditional banking system there are a litany of cases where people refuse to take responsibility for their gullible actions and expect their bank to bail them out.

Yeah, but in today's traditional banking system people don't have to contend with currency-changing ATMs that change dollars to euros, and when you feed euros into them by mistake they just shred your money in stead of spitting it back out.

That's not the user being gullible (or OK, maybe that too, but mainly), it's the system being moronic. Or perhaps rather, evil.

Re: Did I just lose half a million dollars?

#823

Post by CRConrad »

kkjjkgjjgg wrote: post #816
lottin wrote: post #814

Earlier quoted context omitted.

You use a dumb contract in a situation where otherwise you'd need a solicitor? Please, explain.

In my country at least, the government charges lots of money (several thousands) to change ownership of real estate in a government managed ledger. That obviously could be replaced by crypto, which (in its basic form) is a distributed ledger. Ownership can be proven via the blockchain.

> That obviously could be replaced by crypto

Could.

So far you've been using the present tense, "the [dumb] contract replaces the solicitor", or such.

Obviously it doesn't. Or could you tell me in which countries in the world you won't, at present, have to pay the government to register real estate ownership changes in its ledger just because you paid the seller in a crypto-"currency"?

Re: Did I just lose half a million dollars?

#824

Post by CRConrad »

yuvalr1 wrote: post #143
djhworld wrote: post #95

Earlier quoted context omitted.

> Unrecoverable. I'm not very well versed in this stuff, but surely the tokens he sent are somewhere right. Like if you sent $500k to a bank but put the wrong account number in, the $500k would still go _somewhere_. It might be difficult to recover, but it's not like the money just disappears.

It is right there where he sent it. It really did not disappear. It will just sit there forever, very well documented, and very well out of reach for all of us, for the end of all times.

> It really did not disappear. It will just sit there ... very well out of reach for all of us, for the end of all times.

Yeah, that's what we call "disappeared" in English.

Re: Did I just lose half a million dollars?

#825

Post by CRConrad »

SilasX wrote: post #732
asdfasgasdgasdg wrote: post #712

Earlier quoted context omitted.

If you initiated a wire to the wrong account, that's one thing. The banks will not reverse this sort of transaction, to my understanding. If someone else fraudulently initiated a wire from your account, then that's another thing. This type of transaction will be reversed. I'm not sure which situation you're talking about. ACH transactions are a whole other ballgame.

I’m talking about me wiring money to someone who was actually a scammer, same as AI said before. If your response is “oh well you should have been more careful about that”, congratulations on endorsing the very same defense crypto enthusiasts were giving and validating that they’re not all that different.

Too bad for you, my sympathies. But there is still a huge difference here: Someone has your money; it didn't cease to exist. (So from the bank's viewpoint: "Our books are balanced, it went from one account to another.") In this crypto case though, the money was destroyed by the system; the "bank" "ate" it. At least that shit doesn't happen in the old Alfa Romeo banking system.

Re: Did I just lose half a million dollars?

#826

Post by dang »

kylebenzle wrote: post #694
noduerme wrote: post #280

Earlier quoted context omitted.

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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Re: Did I just lose half a million dollars?

#827

Post by lottin »

kkjjkgjjgg wrote: post #816
lottin wrote: post #814

Earlier quoted context omitted.

You use a dumb contract in a situation where otherwise you'd need a solicitor? Please, explain.

In my country at least, the government charges lots of money (several thousands) to change ownership of real estate in a government managed ledger. That obviously could be replaced by crypto, which (in its basic form) is a distributed ledger. Ownership can be proven via the blockchain.

> That obviously could be replaced by crypto

It's not obvious at all that it could be replaced by crypto.

Re: Did I just lose half a million dollars?

#828

Post by FDSGSG »

ddingus wrote: post #805
FDSGSG wrote: post #782

Earlier quoted context omitted.

>You feel all client software will be suitable? Of course not. There will be more advanced software for expert users that allows them to manually create potentially riskier transactions. That's perfectly fine. Client software targeting end-users should have such checks.

But it just won't. You read it here first.

This really doesn't line up with the reality of how most people are congregating around user friendly wallet software and steering away from the more advanced options.

You only one need one wallet software to be the official WETH-approved client, sucks for anyone else risking their money with unsupported software.

Re: Did I just lose half a million dollars?

#829

Post by SilasX »

CRConrad wrote: post #825
SilasX wrote: post #732

Earlier quoted context omitted.

I’m talking about me wiring money to someone who was actually a scammer, same as AI said before. If your response is “oh well you should have been more careful about that”, congratulations on endorsing the very same defense crypto enthusiasts were giving and validating that they’re not all that different.

Too bad for you, my sympathies. But there is still a huge difference here: Someone has your money; it didn't cease to exist. (So from the bank's viewpoint: "Our books are balanced, it went from one account to another.") In this crypto case though, the money was destroyed by the system; the "bank" "ate" it. At least that shit doesn't happen in the old Alfa Romeo banking system.

Yes, there is a difference in that respect. But I was replying to the parent’t point that, because the banking system is run by humans, obviously they will fix anything for you that a human can identify as a bad result. (Like sending the money to the wrong place or to a scammer.)

It’s kind of missing the point to focus on the narrow issue of “can you accidentally destroy money in the conventional banking system?”

Re: Did I just lose half a million dollars?

#830

Post by CRConrad »

SilasX wrote: post #829
CRConrad wrote: post #825

Earlier quoted context omitted.

Too bad for you, my sympathies. But there is still a huge difference here: Someone has your money; it didn't cease to exist. (So from the bank's viewpoint: "Our books are balanced, it went from one account to another.") In this crypto case though, the money was destroyed by the system; the "bank" "ate" it. At least that shit doesn't happen in the old Alfa Romeo banking system.

Yes, there is a difference in that respect. But I was replying to the parent’t point that, because the banking system is run by humans, obviously they will fix anything for you that a human can identify as a bad result. (Like sending the money to the wrong place or to a scammer.) It’s kind of missing the point to focus on the narrow issue of “can you accidentally destroy money in the conventional banking system?”

> It’s kind of missing the point to focus on the narrow issue of “can you accidentally destroy money in the conventional banking system?”

No it isn't. That's a huge difference. On the contrary, focusing on “Shit happens in the conventional banking system too!”, that's missing the point, IMO.

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