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I just lost 1,400 BTC

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Re: I just lost 1,400 BTC

#131

Post by iJohnDoe »

ballenf wrote: post #114
ztratar wrote: post #6

Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?

Wire transfers are not reversible after about an hour - as I mentioned the other day a good friend lost a house down payment due to fraud. But I generally agree with the advice that the service banks and fiat currency provide is probably worth the cost for almost everyone.

Could you share some general details about the friend that lost their down payment?

I’ve heard of this happening to others and have argued that the money is lost and cannot be recovered. People think it’s crazy the money is lost and cannot be recovered. From what I’ve heard it cannot be recovered.

Is your friend able to recover the funds?

How did it happen? Did the instructions for transfer get altered by someone?

Thanks.

Re: I just lost 1,400 BTC

#132

Post by iJohnDoe »

Serious question. Not trolling.

Would it have been possible to exchange that much BTC for US dollars? Ignoring taxes for a few seconds. Would it have actually been possible to get real fiat money for the 1,400 BTC?

I’ve always heard of complete incompetence trying to get an account set up on any exchange. Getting verified, etc.

Re: I just lost 1,400 BTC

#133

Post by noxer »

iJohnDoe wrote: post #132

Serious question. Not trolling. Would it have been possible to exchange that much BTC for US dollars? Ignoring taxes for a few seconds. Would it have actually been possible to get real fiat money for the 1,400 BTC? I’ve always heard of complete incompetence trying to get an account set up on any exchange. Getting verified, etc.

If he acquired them legal of course he can sell them an get fiat withdrawn to his bank, assuming hes not in a place where bitcoin is illegal. Doing this all at once without informing your bank will probably instantly freeze the funds and trigger some kind of investigation. That doesn't mean you eventually get access to it. Also there are exchanges withdraw limits so its not on your bank account in 1-2 working days. If you want to sell all at once and withdraw you would have to register on different exchanges to circumvent daily limits and do the KCY which that can take days to get verified.

Re: I just lost 1,400 BTC

#134

Post by _y5hn »

rjkennedy98 wrote: post #51
gota wrote: post #5

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.

Users may use one of the many wallets that suddenly vanishes, along with the bits. Neither online or offline is very secure, from bitrot, hackers and viruses. So no.

Re: I just lost 1,400 BTC

#135

Post by illgenr »

throwaway43234 wrote: post #49
seotut2 wrote: post #42

Earlier quoted context omitted.

> somewhat technically literate But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.

Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...

yes

Re: I just lost 1,400 BTC

#137

Post by tutfbhuf »

ztratar wrote: post #6

Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?

It should be somehow made possible to reverse transactions (like theft) with some sort of distributed consensus.

Re: I just lost 1,400 BTC

#139

Post by knorker »

stnmtn wrote: post #108
rjkennedy98 wrote: post #51

Earlier quoted context omitted.

There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.

Was Mt Gox insured? Why should I trust anything after that?

Haha. That's funny. That's like asking if the neighborhood gang member is FDIC insured before they come ask you to "invest".

Re: I just lost 1,400 BTC

#140

Post by knorker »

zajio1am wrote: post #98
ztratar wrote: post #6

Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?

> but things like this are actually trackable and reversible in that ecosystem I do not know about US, but in EU bank transfers are generally not reversible (except forced by courts). If you send money to wrong bank number, you cannot cancel the transaction in bank, you need to ask the owner of that account to send them back. Compared to BTC, there are two differences - it is possible to identify an account holder an…

It's not THAT hard to reverse transactions between EU banks.

E.g. when that pirate bay founder hacked a bank's mainframe and transferred money out internationally the banks sorted it out, sending it back, without a court.

Maybe you're thinking something specific about "reversing a transaction", but the main point here is that yes if needed a court can just make that reversing happen. Not the case for cryptocurrency. And no matter what the coiners say, irreversibility is very much a bug that society doesn't want.

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