4 ms·

This doesn't seem drastically different from your bank working with you to get back money you wired to the wrong account.

by nwsm 6y ago

Hamuko 6y ago
In what way?
FalconSensei 6y ago
It wasn't a wire to the wrong account. In ETH, you set the fee yo are going to pay the miner for the transaction. Imagine this: you want to transfer $1000 to your your friend. You put your friend's correct account, $1000 as transaction fee, and $10 as transfer. Your friend receives $10, the miner receives $1000. Never going to happen with a bank, as you don't offer a transaction fee to someone.
- schoen 6y ago
  Well, you do offer a transaction fee to the bank (if you're in the U.S. where these transfers aren't free of charge), but presumably the bank has a fixed fee schedule for that and you don't specify a fee of your choice. A closer analogy might be a service where you can offer a tip by typing or writing a tip amount. In restaurants, if paying by credit card, you have to manually add the tip amount to the total in order to guard against mistakes in your intention (both through fraud and through your own error). Some online services like food delivery may let you specify an arbitrary tip just by typing it in, and I'm sure people make mistakes in the amount all the time (e.g. $44 instead of $4, or $80 instead of $8.00), though the web sites probably also have a limit on the tip value, so you'll usually only see mistakes of one order of magnitude rather than six.
  - FalconSensei 6y ago
    They are not free of charge, but it's not up to YOU to type in the value, right? At least in Canada and Brazil, the fee is set up/calculated by the bank, depending on the type of transaction and value. So you choose the transfer type, input value, and they tell you the fee. And it's NOT going to be $2 million (at least for $100 transfers)
    - schoen 6y ago
      Yes, that's exactly right.

4 ms·

This doesn't seem drastically different from your bank working with you to get back money you wired to the wrong account.

by nwsm 6y ago

This doesn't seem drastically different from your bank working with you to get back money you wired to the wrong account.

Hamuko 6y ago
In what way?
FalconSensei 6y ago
It wasn't a wire to the wrong account. In ETH, you set the fee yo are going to pay the miner for the transaction. Imagine this: you want to transfer $1000 to your your friend. You put your friend's correct account, $1000 as transaction fee, and $10 as transfer. Your friend receives $10, the miner receives $1000. Never going to happen with a bank, as you don't offer a transaction fee to someone.
- schoen 6y ago
  Well, you do offer a transaction fee to the bank (if you're in the U.S. where these transfers aren't free of charge), but presumably the bank has a fixed fee schedule for that and you don't specify a fee of your choice. A closer analogy might be a service where you can offer a tip by typing or writing a tip amount. In restaurants, if paying by credit card, you have to manually add the tip amount to the total in order to guard against mistakes in your intention (both through fraud and through your own error). Some online services like food delivery may let you specify an arbitrary tip just by typing it in, and I'm sure people make mistakes in the amount all the time (e.g. $44 instead of $4, or $80 instead of $8.00), though the web sites probably also have a limit on the tip value, so you'll usually only see mistakes of one order of magnitude rather than six.
  - FalconSensei 6y ago
    They are not free of charge, but it's not up to YOU to type in the value, right? At least in Canada and Brazil, the fee is set up/calculated by the bank, depending on the type of transaction and value. So you choose the transfer type, input value, and they tell you the fee. And it's NOT going to be $2 million (at least for $100 transfers)
    - schoen 6y ago
      Yes, that's exactly right.