Live data from Hacker News

I lost all my savings in a mistaken Ethereum transaction

github.com

21–30 of 119 posts

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

#21
post #17
post #9

Earlier quoted context omitted.

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.

Only as a company or government, as a person you are usually out of luck and get a "bank says no".

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

#22
post #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.

>Dow breaking 30k isn’t Hacker News either

Not sure about dow specifically, but stories about stock market performance occasionally show up on the front page eg.

Trading halted as U.S. stocks plummet (axios.com)

S&P 500 Plunges 7%, Triggering Market-Wide Stock Trading Halt (bloomberg.com)

both on https://news.ycombinator.com/front?day=2020-03-09

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

#23
post #2

Poor guy accidentally sent his funds to the wrong address, losing his life's savings. More info here: https://www.reddit.com/r/ethereum/comments/kdwg1b/i_lost_all... And here: https://www.reddit.com/r/ethereum/comments/ke2hxz/aavegotchi... And here: https://twitter.com/mudgen/status/1338967176968069127

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".

Might be doable to reverse transactions on exchanges, which operate like banks and will do 'shadow' transactions, because e.g. the Bitcoin blockchain can only handle a handful of real transactions per second.

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

#24

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.

Nitpicking slightly, but "OP" is whoever started the thread in the forum where it is being discussed, not whomever wrote the original article. Only saying this because it keeps getting misused here on HN.

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

#26
post #2

Poor guy accidentally sent his funds to the wrong address, losing his life's savings. More info here: https://www.reddit.com/r/ethereum/comments/kdwg1b/i_lost_all... And here: https://www.reddit.com/r/ethereum/comments/ke2hxz/aavegotchi... And here: https://twitter.com/mudgen/status/1338967176968069127

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".

This is fixable with escrows (which etherum has on-chain I think). It's just not very used right now. Although this is about participating in contracts themselves so this is more akin to a bug in the escrow.

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

#27

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.

I have waded into crypto twice. Both times I have lost access and the funds are gone. I don't care what happens with Bitcoin, I'm staying away from it.

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

#28
post #17
post #9

Earlier quoted context omitted.

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.

[deleted]

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

#29
post #17
post #9

Earlier quoted context omitted.

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.

>If you wire money to the wrong place, and that person won't return it, that's theft.

maybe, but good luck prosecuting/recovering it if it's outside your country's jurisdiction.

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

#30

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.

It sounds dumb to you (and to me for that matter), but plenty of people have made a lot money like that (and plenty who have lost it). Regardless, neither me, you, or the down voted commenter are in a position to tell him he's dumb for doing it. Maybe there is good reason, maybe there isn't, it's not up to us to tell him he's right or wrong in this scenario.
Post reply on HN