5 ms·

One unlucky user paid $2,080,468.85 USDC to receive $0.05 of USDT

PaulHoule 4y ago
Crypto=Bad is 99.9% of what you need to know!
- siftrics 4y ago
  extremely ignorant take
  - PaulHoule 4y ago
    I'll grant it is low information but that's because it is ancient wisdom that will stand the test of time. People who had FOMO but follow my advice will be glad they did in the end. The best book written about crypto is https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusion... As much as I like Matt Levine he and Bloomberg Business week scored a serious own goal and destroyed their credibility by writing a crypto-positive article two weeks before the FTX scandal. Don't be that guy!
    - simple-thoughts 4y ago
      The crypto projects you hear about in media platforms tend to be the ones with the largest marketing budgets, and the largest marketing budgets tend to be produced by scams. So your advice isn’t bad, but it also isn’t true.
simple-thoughts 4y ago
Notice how the user is blamed instead of the platform UX. Until this attitude is changed, crypto is going to struggle with user growth.
- MacsHeadroom 4y ago
  Strongly disagree. Code is law and failure is personal are core and necessary parts of crypto. Bring on the downvotes for not sharing your opinion.
  - simple-thoughts 4y ago
    You can believe that all you want, but most of the world population: - Does not have high English literacy - Does not have access to quality financial education - Does not have a deep knowledge of defi systems. If you want to build something that appeals to a global audience instead of a tiny niche, the product needs to protect users from making basic errors. If they don’t want those protections, they can always step around them by accessing smart contracts directly which is the beauty of blockchain.
    - sieabahlpark 4y ago
      [dead]
  - goosedragons 4y ago
    And mistakes are human and so humans should ignore crypto then.
- ETH_start 4y ago
  These are early days, and the feint of heart shouldn't be using DeFi. But eventually, yes the UX should be accounting for the irreversible nature of crypto transactions, and project the outcome of transactions, in order to be able to provide warnings if the outcome will be disastrous like this. The number of confirmation prompts the front-end displays should also be higher when the sums that are to be transacted are larger.
  - graypegg 4y ago
    Is it still “early days”? I feel like actually using crypto is still as confusing and opaque as it’s ever been, many decades on in its development at this point. If all the effort sunk into this space hasn’t created a system/app/protocol that Average Joe is comfortable using to move money around, without the possibility that the entirety of their life savings is going to be irreparably wiped out, then will it ever? I use Interac pretty much weekly to pay friends, rent, whatever. Every Canadian has had to stumble thru at least one Interac e-transfer before due to its ubiquity. I’ve also never heard anyone DESTROY their life as a result of an e-transfer. Seems like a fair expectation to me!
chrisbolt 4y ago
Dupe: https://news.ycombinator.com/item?id=35111585 https://news.ycombinator.com/item?id=35111585

Crypto=Bad is 99.9% of what you need to know!

siftrics 4y ago
extremely ignorant take
- PaulHoule 4y ago
  I'll grant it is low information but that's because it is ancient wisdom that will stand the test of time. People who had FOMO but follow my advice will be glad they did in the end. The best book written about crypto is https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusion... As much as I like Matt Levine he and Bloomberg Business week scored a serious own goal and destroyed their credibility by writing a crypto-positive article two weeks before the FTX scandal. Don't be that guy!
  - simple-thoughts 4y ago
    The crypto projects you hear about in media platforms tend to be the ones with the largest marketing budgets, and the largest marketing budgets tend to be produced by scams. So your advice isn’t bad, but it also isn’t true.

Notice how the user is blamed instead of the platform UX. Until this attitude is changed, crypto is going to struggle with user growth.

MacsHeadroom 4y ago
Strongly disagree. Code is law and failure is personal are core and necessary parts of crypto. Bring on the downvotes for not sharing your opinion.
- simple-thoughts 4y ago
  You can believe that all you want, but most of the world population: - Does not have high English literacy - Does not have access to quality financial education - Does not have a deep knowledge of defi systems. If you want to build something that appeals to a global audience instead of a tiny niche, the product needs to protect users from making basic errors. If they don’t want those protections, they can always step around them by accessing smart contracts directly which is the beauty of blockchain.
  - sieabahlpark 4y ago
    [dead]
- goosedragons 4y ago
  And mistakes are human and so humans should ignore crypto then.
ETH_start 4y ago
These are early days, and the feint of heart shouldn't be using DeFi. But eventually, yes the UX should be accounting for the irreversible nature of crypto transactions, and project the outcome of transactions, in order to be able to provide warnings if the outcome will be disastrous like this. The number of confirmation prompts the front-end displays should also be higher when the sums that are to be transacted are larger.
- graypegg 4y ago
  Is it still “early days”? I feel like actually using crypto is still as confusing and opaque as it’s ever been, many decades on in its development at this point. If all the effort sunk into this space hasn’t created a system/app/protocol that Average Joe is comfortable using to move money around, without the possibility that the entirety of their life savings is going to be irreparably wiped out, then will it ever? I use Interac pretty much weekly to pay friends, rent, whatever. Every Canadian has had to stumble thru at least one Interac e-transfer before due to its ubiquity. I’ve also never heard anyone DESTROY their life as a result of an e-transfer. Seems like a fair expectation to me!

chrisbolt 4y ago

Dupe: https://news.ycombinator.com/item?id=35111585 https://news.ycombinator.com/item?id=35111585