Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
I think it’s just gone, like he’d set cash on fire... right?
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
#42Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
Don't know the specifics of this one, but crypto can be destroyed, e.g. :
https://www.blockchain.com/btc/address/1BitcoinEaterAddressD...
Re: I lost all my savings in a mistaken Ethereum transaction
#43Earlier 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.
While this is true, it might be costly (as it has been for Citigroup)
https://www.ft.com/content/a50cd095-2811-41ab-b783-b09944691...
Re: I lost all my savings in a mistaken Ethereum transaction
#44Earlier quoted context omitted.
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.
But you can? https://www.cnbc.com/2019/03/28/how-to-avoid-invoice-theft-s...
>Neither company explained to CNBC how they were able to recover the stolen funds. In most cases, they’re lost forever.
Re: I lost all my savings in a mistaken Ethereum transaction
#45The 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.
Wow, way to be completely rude for no reason.
Re: I lost all my savings in a mistaken Ethereum transaction
#46Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
Its in an account which isn’t owned by any person - the account of a “contract”, a computer program made to accept money and send it out based on a set of rules. Unfortunately for this person, the program’s rules don’t let it send back out the kind of currency he added. It’s like if you tried to drop off Euros at an American bank and instead of telling you they don’t accept Euros, they put it in the cash register and, when you asked for it back, told you they can’t give out Euros. The question is whether someone can figure out how to modify the program to accept more currencies (even though the program was designed to be immutable).
Re: I lost all my savings in a mistaken Ethereum transaction
#47Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
The smart contract itself owns the tokens.
The smart contract is a small bit of code (and storage) that lives on the blockchain. It lives at an address, hence why tokens can be sent to it.
Unfortunately, the smart contract has no way of transferring the tokens out, and it can't be upgraded. Therefore the tokens are locked in there forever.
Re: I lost all my savings in a mistaken Ethereum transaction
#48The 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.
> this seems like a dumb move.
It is, until said crypto triples in value. Then not so much.
Some people have been known to bet the farm on the red at roulette.
That's a dumb move indeed, unless you win of course.
Re: I lost all my savings in a mistaken Ethereum transaction
#49Re: I lost all my savings in a mistaken Ethereum transaction
#50Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
I think it’s just gone, like he’d set cash on fire... right?
My interpretation (not a crypto buff) is that it's like he accidentally buried a locked suitcase of cash in concrete at the bottom of the ocean.
It might be recoverable, but would require extraordinary efforts.