Jokes on you, I have no savings! /S
I lost all my savings in a mistaken Ethereum transaction
61–70 of 119 posts
Re: I lost all my savings in a mistaken Ethereum transaction
#62The 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.
So what? The comment is totally off topic and contributes nothing except to call the guy an idiot. The Github issue is not the right place to do that.
I agree that the comment is a bit harsh but it may add something to the discussion. Hopefully it is a warning to others to not go this path.
Where else would you leave such a warning if not in the actual thread?
Re: I lost all my savings in a mistaken Ethereum transaction
#63Earlier quoted context omitted.
> 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.
Obviously putting some % of your savings into it can be rational, but putting 100% of your savings in a volatile security just isn't wise. >That's a dumb move indeed, unless you win of course. No, betting everything you own on red when playing roulette is still a dumb move even if you win. Sometimes you can still be lucky while being dumb, but that's it. Similarly, it's dumb to wrestle a grizzly bear on a bet, even i…
Depends how old he is.
Re: I lost all my savings in a mistaken Ethereum transaction
#64The 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.
> 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.
Otherwise, this is a good example of why dumping all of your life savings into cryptocurrency is irresponsible.
Re: I lost all my savings in a mistaken Ethereum transaction
#65This 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…
Well, it is also possible to send money to the wrong account number by bank transfer. In that case the banks also generally say that they cannot do anything about it.
Yes, which you go through a governance system (our legal system) to recover it. Crypto governance works similarly where it exists in varied forms (e.g. replace the contract or hard fork).
It’s not mature yet but the parallels exist and crypto’s will continue to develop.
Re: I lost all my savings in a mistaken Ethereum transaction
#66Earlier quoted context omitted.
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
A trading halt is an extraordinary event. Some particular asset or index reaching a value that happens to be a round number is not.
Re: I lost all my savings in a mistaken Ethereum transaction
#67This 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…
Well, it is also possible to send money to the wrong account number by bank transfer. In that case the banks also generally say that they cannot do anything about it.
But the point is that it's a blurred line that can be argued with banks or even in courts, rather than a hard line defined cryptographically.
Having money that is almost entirely usable "correctly", but that with enough effort can be changed slightly in some cases is often useful.
This is the harsh reality of "zero trust" cryptocurrencies, but I think it's often one that is overlooked by proponents.
Re: I lost all my savings in a mistaken Ethereum transaction
#68The 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.
It is always a dumb move. If you win you are just a stupid lucky person instead of just a stupid person.
Re: I lost all my savings in a mistaken Ethereum transaction
#69This 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.
You don't know what you are talking about.
I mean hell, when I was in the UK our landlord gave us the wrong banking info and we were paying for 6 months to the wrong account! I don't know how our landlords went 6 months without knowing they weren't getting paid.. but once they told us I called the bank and they were able to contact the owner of the account it was going into and pull the funds back to the correct account.
Now sure if the owner of this "wrong" account was doing something sketchy it would have been more complicated, but there still would have been as full of recourse as possible. It's not your money just because the bank puts wrong money in your acct.
And sure wire's are a bit more complicated..
But yeah- end of the day the banks are able to do something if it's legit.
Re: I lost all my savings in a mistaken Ethereum transaction
#70This 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…
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 felt the need to sent test payments through the system first. If the bank had screwed up, I'm sure it would have been a lot of trouble to fix, but it would have been fixable, no doubt.