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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

#111

Post by nootropicat »

Cthulhu_ wrote: post #32
qz2 wrote: post #9

Earlier quoted context omitted.

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

Nope; banks can and will reverse transfers, and if the money was transferred fraudulently, THEY will take the blame for it (because in essence their security failed, even if you are the one that initiated the transfer). Banks have a fund to compensate victims, and banks are connected to national and international banks and regulatory bodies (like the ECB) to get you out of shit creek if there is a problem. Banks are…

Banks (especially banks in the same country) can send funds back, that's not the same thing as reversing the transfer. Both SEPA and SWIFT transfers are irreversible. It's even possible to steal money from a central bank by transferring money away with SWIFT. The only real difference is that it's not legal to keep mistakenly sent funds, making irreversible mistakes less likely to happen.

https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery

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

#112

Post by nannal »

londons_explore wrote: post #86
gwbas1c wrote: post #64

Earlier quoted context omitted.

> why did this guy put his life savings in a crypto Good point, (which was my first reaction.) But consider this: If, when you were young, you bought a few $1000 of Microsoft stock, Apple stock, Google stock, ect, when they went public, that investment could have grown to be the majority of your life savings. Perhaps dawidkabani13 just happened to buy some tokens at the right time? A lot of people don't save. Otherwi…

Part of managing an investment portfolio is making sure it remains suitably balanced. If you bought $100 of crypto back in 2008, then when the price swung rapidly and it became a substantial proportion of your net worth, you probably should have thought "I only invested a token amount as a joke. Has anything changed since then? If not, I should sell all except the token amount I actually intend to own".

> If you bought $100 of crypto back in 2008

That might prove more difficult than you'd think.

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

#113

Post by DubiousPusher »

beervirus wrote: post #110
DubiousPusher wrote: post #74

Earlier quoted context omitted.

While I don't think crypto is the wisest place to vest oneself, I think you could flippantly say this about a lot of financial instruments over the years.

It's one thing if you're "investing" money that you can afford to lose. Gamble it on crypto or blackjack, whatever you like. But if it's your life savings, put it in an index fund and forget about it for a few decades.

I think that is sound advice. I think it's very unlikely however that all people will happen upon that advice and agree that it is sound. Especially unlikely with an entire industry of financial sales people who have a vested interest in selling all kind of financial products.

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

#114

Post by gwbas1c »

ghaff wrote: post #78
gwbas1c wrote: post #64

Earlier quoted context omitted.

> why did this guy put his life savings in a crypto Good point, (which was my first reaction.) But consider this: If, when you were young, you bought a few $1000 of Microsoft stock, Apple stock, Google stock, ect, when they went public, that investment could have grown to be the majority of your life savings. Perhaps dawidkabani13 just happened to buy some tokens at the right time? A lot of people don't save. Otherwi…

I suppose that would be an example of "easy come, easy go" similar to if someone rode a stock way up and then it crashed. It does make sense to lock in profits at some point but, of course, you may not maximize your profits that way. Certainly there are stocks I've made modest gains of that would have been big wins had I held.

All you need to do is sell enough to recoup your initial investment and expected profit, and then treat the rest like gambling.

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

#115

Post by gwbas1c »

ghaff wrote: post #92
dragonwriter wrote: post #88

Earlier quoted context omitted.

> But consider this: If, when you were young, you bought a few $1000 of Microsoft stock, Apple stock, Google stock, ect, when they went public, that investment could have grown to be the majority of your life savings. And if you did it in lots of other promising stocks at the same time, it would have been a major error. If you have reliable information from the future, sure, it makes sense to dump your life's savings…

Yep. To give a specific example, a lot of people (many of them employees) had a significant portion of their savings in Enron stock.

Well, putting all your eggs in one basket is never a good idea.

But when it comes to investing, a little knowledge of economics and a good sense of smell goes a long way.

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

#116

Post by moltar »

tlarkworthy wrote: post #77
metalliqaz wrote: post #70

Earlier quoted context omitted.

What you are said contradicts all of my current life experience. Established banks are very good at handling reversed charges in the case of mistakes, fraud, and ESPECIALLY glitches. In the case of a glitch, banks _do_ have authorities that can mutate the system to fix things. Now, I don't have experience with very large sums of cash, but I own a house and I have opened and closed a few investment accounts. I never f…

I send test payments through the tubes first when a big one is following. I want to remove the risk of typos for the real payments, so I want the receiver already keyed in with an account that I have already used > once. The stress of having to fill out admin for a big payout gone awry is too much to risk for a few days of expedience.

Same here. When I’m TransferWising someone large sums, I always do a minimal transfer first.

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

#117

Post by kerblang »

Wow: "the implementation is the battle-tested standard OpenZeppelin ERC20 contract...Chainlink added a few functions to support ERC-677...here's a ray of hope since the contract that owns the funds is a proxy (implemented as @mudgen's Diamond)... If you could somehow get the proxy to register the transfer function of the Chainlink contract as a diamond facet, you (or anyone else) would then be able to call it via the proxy and move the funds as if you were the owner. Aavegotchi, as any diamond, has an admin interface for changing registered functions, called IDiamondCut."

Cryptocurrency is gonna need its own Certified Public Accountants.

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

#118

Post by dfischer »

kerblang wrote: post #117

Wow: "the implementation is the battle-tested standard OpenZeppelin ERC20 contract...Chainlink added a few functions to support ERC-677...here's a ray of hope since the contract that owns the funds is a proxy (implemented as @mudgen's Diamond)... If you could somehow get the proxy to register the transfer function of the Chainlink contract as a diamond facet, you (or anyone else) would then be able to call it via the…

In the end doesn't change much down that path...

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

#119

Post by _fx6v »

ur-whale wrote: post #76
CJefferson wrote: post #3

Earlier quoted context omitted.

While I accept it's a tradeoff where other people might take another view, this is type of thing is why I personally don't want to put money into blockchains. I want mistakes to be fixable, by going to court if necessary, rather than money just being lost forever because I mistyped a character and "computer says no".

Much like a real world contract between - say - you and a bank when they accept your deposit, a smart contract should contain code provisions to revert the funds back to their owner if a certain set of circumstances happens in the environment (i.e. in the blockchain). For example there could be, as part of the contract, much like there are exceptional provisions in real world contract, a M-of-N sig allowing the funds…

How is it possible to improve for this situation?
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