4 ms·
Since no one seems to think about how this could have prevented, here is a simple way, which I've applied to lots of things in life, not just cryptocurrency tra
by capableweb 5y ago
Since no one seems to think about how this could have prevented, here is a simple way, which I've applied to lots of things in life, not just cryptocurrency transfers:
- If you're making a transfer somewhere with a large amount, do a small transfer first and verify it's working. Confirm at the receiving end before moving big sums.
- If you're calling a contract, try it with a small amount first. Verify the parameters multiple times, and verify the return values multiple times.
- If you're doing something with a huge sum of money, do it in steps instead of all-at-once. Fees won't be as big since you're already dealing with a huge sum of money anyways
- Verify verify and verify that everything went alright with the small sum before trying to do something with a big sum
- If you're tired, don't do it. Wait until you got some sleep
- If you're rushed, don't do it. Wait until you're not rushed, have a tea and think about it
- When in doubt, verify it and don't be tired
- If you're not an expert, have someone who is do verification above for you
- srcreigh 5y agoSounds great. I'm sure there's checks in place to ensure the smart contract can't have different logic for small amounts and large amounts. Right?
- vmception 5y agoThere are many ways to check that, yes. But the best way is to use a trusted contract. The other ways are pretty absurd burdens to put on a user.
- rrrhys 5y ago- If it's complex and not automated, make a checklist, print it, check it off line by line.
- dfgdfgasqqw 5y ago> - If you're not an expert, have someone who is do verification above for you I would modify this to > - If you're not an expert, have someone who is do verification above in addition to you (not instead of you)
- draw_down 5y ago
- NelsonMinar 5y agoSimpler way: use real financial instruments. Traditional financial systems have had solutions for errors like this for centuries.
- omegalulw 5y agoLol verifying with small amounts takes like 5 extra minutes, messing up and having to jump through hoops to fix your errors will take days, especially if you do it on weekends or holidays. And they may not be reversible easily, e.g. IIRC one bank accidently paid off the loan of one of their boderline-default customers to another bank and then couldnt get the money back.
- spiralx 5y ago> IIRC one bank accidently paid off the loan of one of their boderline-default customers to another bank and then couldnt get the money back That was a story because it was an incredibly unusual set of circumstances that meant they didn't get their money back - the bank owed the recipients money to repay a loan, and as such the money sent could easily have been a prepayment of the loan, which often happens before legal action is started, as happened a couple of days later. There was no way to distinguish an intentional action and a mistake here, hence the court ruling in favour of the recipient.
- detroitcoder 5y agoAccidentally transferring half a million dollars to the wrong external account is going to be an absolute mess to recover. There are ways to stop it if you catch it RIGHT away, but it will turn into a nightmare pretty quickly.
- xmaayy 5y agoReading the reddit thread; it seems like this individual was an OG miner and just held ETH for many years. His previous time investment matured, and he decided to finally cash out.
- vmception 5y ago