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I lost all my savings in a mistaken Ethereum transaction

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Re: I lost all my savings in a mistaken Ethereum transaction

#11
post #4

Bitcoin breaks $20k - HN keeps all posts off the front page, then promotes this one to the top. HN crypto hate never surprises me

Dow breaking 30k isn’t Hacker News either, you can read about that stuff on CNN if you want focus on random numbers.

Re: I lost all my savings in a mistaken Ethereum transaction

#12

The most downvoted comment in the Github issue seems totally right.. why did this guy put his life savings in a crypto? Even without making any mistake this seems like a dumb move.

While that's a very valid question, it's not helpful to the OP.

Re: I lost all my savings in a mistaken Ethereum transaction

#14
post #9

This is a sad story and a good example of why the much-ballyhooed immutability of cryptocurrency transactions is an anti-feature for the vast majority of users.

If you did this with a bank you’d be up shit creek as well.

If you did what with a bank? You can't accidentally send money to a black hole with a bank.

Re: I lost all my savings in a mistaken Ethereum transaction

#15
post #9

This is a sad story and a good example of why the much-ballyhooed immutability of cryptocurrency transactions is an anti-feature for the vast majority of users.

If you did this with a bank you’d be up shit creek as well.

In Europe, you are required to return funds not meant for you.

Re: I lost all my savings in a mistaken Ethereum transaction

#16
post #9

This is a sad story and a good example of why the much-ballyhooed immutability of cryptocurrency transactions is an anti-feature for the vast majority of users.

If you did this with a bank you’d be up shit creek as well.

Nope, depends on the situation and which country.

Re: I lost all my savings in a mistaken Ethereum transaction

#17
post #9

This is a sad story and a good example of why the much-ballyhooed immutability of cryptocurrency transactions is an anti-feature for the vast majority of users.

If you did this with a bank you’d be up shit creek as well.

No you wouldn't. You could almost certainly recover the money.

If you wire money to the wrong place, and that person won't return it, that's theft. Likewise, if someone suddenly receives an unexpected million dollars in the account, they should not consider spending it -- that would be a big mistake.

Re: I lost all my savings in a mistaken Ethereum transaction

#19
This is one of very few reasons why having centralised banks is going to be necessary. Whether the pros of having banks outweigh the cons decentralised currencies, is yet to be determined. Personally, I still don't believe they do.

Anyway, the usual bank transaction care should still apply, especially _because_ there is no central authority to reverse charges. Normally when I send money to anyone, I check it first by sending a small amount, then I get confirmation that it's received, then I'll send the rest.

I don't know if such a precaution would have made sense in this scenario (as I don't know enough about LINK or smart contracts for that matter), but it's something that I take especially serious when transacting large amounts in crypto currencies.

Re: I lost all my savings in a mistaken Ethereum transaction

#20
post #9

This is a sad story and a good example of why the much-ballyhooed immutability of cryptocurrency transactions is an anti-feature for the vast majority of users.

If you did this with a bank you’d be up shit creek as well.

Nope. Literally just wired money to a wrong account number (banker mistyped one digit). It was sent back. Sure, if you get tricked into wiring to a fraudster, they can keep your money. However, nothing in the banking system is like this unless you put your money as cash in a bag and burn it.
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