4 ms·

Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)

by sz4kerto 6y ago

evan_ 6y ago
I think it’s just gone, like he’d set cash on fire... right?
- brechin 6y ago
  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.
- pwdisswordfish0 6y ago
  It was never 'there' to begin with, so it's not like that, really. It's like he said, "Hey, let's play a game. Right now, everyone agrees I should have 50k quatloos to do something with. (That's not the game; that's a fact and the premise going into the game.) The game is this: I'll write a note, and let's all agree that ultimately I will no longer have 50k quatloos after I publish the note, okay?" In fact, it's so much like that, that that's pretty much what it is. (Getting it "back" is a matter of getting everyone to agree that "okay, now you have the 50k quatloos again".)
  - deleted 6y ago
    [deleted]
ur-whale 6y ago
Don't know the specifics of this one, but crypto can be destroyed, e.g. : https://www.blockchain.com/btc/address/1BitcoinEaterAddressDontSendf59kuE https://www.blockchain.com/btc/address/1BitcoinEaterAddressD...
elil17 6y ago
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).
- sz4kerto 6y ago
  Thanks, I get it now. And because the contract is immutable, it won't ever give it back to you (unless there's a flaw/vulnerability in it).
phire 6y ago
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.
TrueDuality 6y ago
It's basically in limbo. The recipient contract isn't setup to receive funds from that chain, but it is a valid address. The recipient from a quick scan of the content appears to be immutable so it can never be updated to "receive" the funds.

Can someone ELI5 who has/owns the $50k worth of crypto now? (I don't know what the GHST staking contract means.)

evan_ 6y ago

I think it’s just gone, like he’d set cash on fire... right?

brechin 6y ago
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.
pwdisswordfish0 6y ago
It was never 'there' to begin with, so it's not like that, really. It's like he said, "Hey, let's play a game. Right now, everyone agrees I should have 50k quatloos to do something with. (That's not the game; that's a fact and the premise going into the game.) The game is this: I'll write a note, and let's all agree that ultimately I will no longer have 50k quatloos after I publish the note, okay?" In fact, it's so much like that, that that's pretty much what it is. (Getting it "back" is a matter of getting everyone to agree that "okay, now you have the 50k quatloos again".)
- deleted 6y ago
  [deleted]

ur-whale 6y ago

Don't know the specifics of this one, but crypto can be destroyed, e.g. : https://www.blockchain.com/btc/address/1BitcoinEaterAddressDontSendf59kuE https://www.blockchain.com/btc/address/1BitcoinEaterAddressD...

elil17 6y ago

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).

sz4kerto 6y ago
Thanks, I get it now. And because the contract is immutable, it won't ever give it back to you (unless there's a flaw/vulnerability in it).

phire 6y ago

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.

TrueDuality 6y ago

It's basically in limbo. The recipient contract isn't setup to receive funds from that chain, but it is a valid address. The recipient from a quick scan of the content appears to be immutable so it can never be updated to "receive" the funds.