5 ms·

Just because you can do crazy stuff, doesn't mean you have to do it. Like the normal guy isn't trading interst rate derivates or stuff like that. Also at least

Just because you can do crazy stuff, doesn't mean you have to do it. Like the normal guy isn't trading interst rate derivates or stuff like that. Also at least with european banking, if you wringly send money to another account, it is also gone forever. A lot of scams regarding old people build up on this. We do not need to buy google play store vouchers like the americans tonget scammed.

SilasX 5y ago
>Like the normal guy isn't trading interst rate derivates or stuff like that. Heh, funny you say that, because there was the submission about the danger of the 30-year fixed mortgage, and how the typical borrower is in fact, making an effective bet on interest rate derivatives! See this thread that quotes that part: https://news.ycombinator.com/item?id=29774806 https://news.ycombinator.com/item?id=29774806
phnofive 5y ago
This is gone like into an incinerator though, right? There's by design no way of getting the WETH or ETH back, but also no one controls them anymore?
- tinco 5y ago
  Yes. Also this is not the first person to make this mistake. One redditor pointed out the person has done the largest such transaction to this contract, representing 45% of the total amount burned.
brazzy 5y ago
>Also at least with european banking, if you wringly send money to another account, it is also gone forever. Not true. The money is still legally yours if you can prove that it's a mistake or you were deceived, and can be recovered via the legal system if the recipient does not refund it voluntarily. Scammers just move the money away via other, less traceable channels before that can happen.
- Gigachad 5y ago
  And if you send it to the wrong person who isn’t a scammer. They aren’t going to quickly move the funds and shut their account down.
- mrweasel 5y ago
  If caught quickly enough, like within a day, and the money is still in the receiving account, it is very easy to get your money back. As you say, scammers move money quickly, and they do so to avoid the money being refunded.
  - unmole 5y ago
    > As you say, scammers move money quickly Aren't European bank accounts tied to real world identities?
    - isbvhodnvemrwvn 5y ago
      You get the first somewhat sober bum on the street with an ID card to register a bank account, they give you credentials, you give them €1000.
    - brazzy 5y ago
      They use money mules, the same as US scammers.
7steps2much 5y ago
> Also at least with european banking, if you wringly send money to another account, it is also gone forever. It's not though? The money is still legally yours and can be recovered via the legal system. Only if it is moved out of Europe into less well regulated areas it becomes a problem. This happens in every case though. If I give you cash and you take it to god knows where it can't be recovered either. If I give you money and let you leave with it then there is only so much any system can do.
- OtomotO 5y ago
  If you send money to the wrong person and they don't give it back, you can try sue them to give it back, but there is no inherent law that they must do so. Or am I wrongly informed? Because that's the knowledge I have from central european laws.
  - MrMoenty 5y ago
    There is, e.g. § 812(1) BGB in German law: > Wer durch die Leistung eines anderen oder in sonstiger Weise auf dessen Kosten etwas ohne rechtlichen Grund erlangt, ist ihm zur Herausgabe verpflichtet. Diese Verpflichtung besteht auch dann, wenn der rechtliche Grund später wegfällt oder der mit einer Leistung nach dem Inhalt des Rechtsgeschäfts bezweckte Erfolg nicht eintritt. > A person who obtains something as a result of the performance of another person or otherwise at his expense without legal grounds for doing so is under a duty to make restitution to him. This duty also exists if the legal grounds later lapse or if the result intended to be achieved by those efforts in accordance with the contents of the legal transaction does not occur.
  - leosarev 5y ago
    https://en.m.wikipedia.org/wiki/Unjust_enrichment https://en.m.wikipedia.org/wiki/Unjust_enrichment Basically there is law that says for every money send should be a cause, reason that justifies sending. If there is no such reason, reciever is entitled to send them back.
- CRConrad 5y ago
  > If I give you cash and you take it to god knows where it can't be recovered either. If I give you money and let you leave with it then there is only so much any system can do. But at least someone still has that money; it hasn't been destroyed. What happened here is the equivalent of sticking notes of the wrong currency into a currency-exchanging ATM, and it shredded them. The system itself was a destructor of value. That doesn't happen in the regular old cash-cards-and-banking system.
MandieD 5y ago
When someone accidentally sent me 200 EUR about 15 years ago it sure as heck didn’t stay mine: their bank contacted mine, which then contacted me to warn me that they would soon be pulling it back out. The sender had transposed numbers in the Bankleitzahl - the pre-SEPA number codes for German banks that are still in modern IBANs, and I happened to have the same account number as someone at that other bank (all little community Sparkassen). Those Bankleitzahlen didn’t have any sort of checksum digits, but IBANs do, preventing most of these kinds of accidents.

SilasX 5y ago

>Like the normal guy isn't trading interst rate derivates or stuff like that. Heh, funny you say that, because there was the submission about the danger of the 30-year fixed mortgage, and how the typical borrower is in fact, making an effective bet on interest rate derivatives! See this thread that quotes that part: https://news.ycombinator.com/item?id=29774806 https://news.ycombinator.com/item?id=29774806

phnofive 5y ago

This is gone like into an incinerator though, right? There's by design no way of getting the WETH or ETH back, but also no one controls them anymore?

tinco 5y ago
Yes. Also this is not the first person to make this mistake. One redditor pointed out the person has done the largest such transaction to this contract, representing 45% of the total amount burned.

brazzy 5y ago

>Also at least with european banking, if you wringly send money to another account, it is also gone forever. Not true. The money is still legally yours if you can prove that it's a mistake or you were deceived, and can be recovered via the legal system if the recipient does not refund it voluntarily. Scammers just move the money away via other, less traceable channels before that can happen.

Gigachad 5y ago
And if you send it to the wrong person who isn’t a scammer. They aren’t going to quickly move the funds and shut their account down.
mrweasel 5y ago
If caught quickly enough, like within a day, and the money is still in the receiving account, it is very easy to get your money back. As you say, scammers move money quickly, and they do so to avoid the money being refunded.
- unmole 5y ago
  > As you say, scammers move money quickly Aren't European bank accounts tied to real world identities?
  - isbvhodnvemrwvn 5y ago
    You get the first somewhat sober bum on the street with an ID card to register a bank account, they give you credentials, you give them €1000.
  - brazzy 5y ago
    They use money mules, the same as US scammers.

7steps2much 5y ago

> Also at least with european banking, if you wringly send money to another account, it is also gone forever. It's not though? The money is still legally yours and can be recovered via the legal system. Only if it is moved out of Europe into less well regulated areas it becomes a problem. This happens in every case though. If I give you cash and you take it to god knows where it can't be recovered either. If I give you money and let you leave with it then there is only so much any system can do.

OtomotO 5y ago
If you send money to the wrong person and they don't give it back, you can try sue them to give it back, but there is no inherent law that they must do so. Or am I wrongly informed? Because that's the knowledge I have from central european laws.
- MrMoenty 5y ago
  There is, e.g. § 812(1) BGB in German law: > Wer durch die Leistung eines anderen oder in sonstiger Weise auf dessen Kosten etwas ohne rechtlichen Grund erlangt, ist ihm zur Herausgabe verpflichtet. Diese Verpflichtung besteht auch dann, wenn der rechtliche Grund später wegfällt oder der mit einer Leistung nach dem Inhalt des Rechtsgeschäfts bezweckte Erfolg nicht eintritt. > A person who obtains something as a result of the performance of another person or otherwise at his expense without legal grounds for doing so is under a duty to make restitution to him. This duty also exists if the legal grounds later lapse or if the result intended to be achieved by those efforts in accordance with the contents of the legal transaction does not occur.
- leosarev 5y ago
  https://en.m.wikipedia.org/wiki/Unjust_enrichment https://en.m.wikipedia.org/wiki/Unjust_enrichment Basically there is law that says for every money send should be a cause, reason that justifies sending. If there is no such reason, reciever is entitled to send them back.
CRConrad 5y ago
> If I give you cash and you take it to god knows where it can't be recovered either. If I give you money and let you leave with it then there is only so much any system can do. But at least someone still has that money; it hasn't been destroyed. What happened here is the equivalent of sticking notes of the wrong currency into a currency-exchanging ATM, and it shredded them. The system itself was a destructor of value. That doesn't happen in the regular old cash-cards-and-banking system.

MandieD 5y ago

When someone accidentally sent me 200 EUR about 15 years ago it sure as heck didn’t stay mine: their bank contacted mine, which then contacted me to warn me that they would soon be pulling it back out. The sender had transposed numbers in the Bankleitzahl - the pre-SEPA number codes for German banks that are still in modern IBANs, and I happened to have the same account number as someone at that other bank (all little community Sparkassen). Those Bankleitzahlen didn’t have any sort of checksum digits, but IBANs do, preventing most of these kinds of accidents.