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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.
Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)
Earlier quoted context omitted.
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...
Correction: Citigroup didn't owe the money, they were acting on behalf of Revlon, who owed the money.
Spend your life savings on a bunch of numbers. Act surprised when they evaporate.
This 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.
You should transfer to be stopped or reversed as fast as possible. If it can't be done, receiving bank can freeze the funds.
Sometimes the person who receives the money may be held liable if they just spend large sums of money that were transferred to their account.
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".
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 to be reverted back to the sender if enough (M) people agree that it's the correct thing to do.
This particular contract didn't seem to have any such provisions, which made it very unsafe.
Current smart contracts aren't very sophisticated yet, this is still the stone age for programmable money.
Things will improve, but in the meantime ... be safe out there.
This 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 f…
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.
> 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…
With money transfers, one should always send a small amount and confirm receipt, rather then sending giant amounts ?
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.
I agree with you, I hope OP doesn't have a wife and children. He's totally careless and men cannot afford to be careless.