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To those claiming that this is an example of crypto being a scam / useless / unsafe: I'd point out that if this is a case of incorrect data entry, similar case
by cr15 5y ago
To those claiming that this is an example of crypto being a scam / useless / unsafe:
I'd point out that if this is a case of incorrect data entry, similar cases happen in traditional finance with some regularity, and in the majority of those cases (e.g. someone sends a large amount to the incorrect bank account), there is no legal recourse to recover those funds and companies resort to asking nicely for the money back (usually it works).
- jonny_eh 5y ago> there is no legal recourse to recover those funds and companies resort to asking nicely for the money back Yes there is, there are courts. There's a long history of error corrections being forced. That is if it's clearly an error. https://www.ncconsumer.org/news-articles-eg/using-money-mistakenly-deposited-into-your-account.html https://www.ncconsumer.org/news-articles-eg/using-money-mist...
- Smashure 5y agoCrypto is international. Courts are terrible with that scenario. Pretty hard for US courts to make a random person across the globe give up their wallets. Also, banks can be court ordered to hold funds. Crypto doesn’t have that.
- handmodel 5y agoOne important thing to note is that in traditional finance if the money gets sent to person B, because person B hacked my e-mail, there is an enforcement mechanism to get the money back. However, this is not as true for crypto. If I steal 5M from your account and put it into mine then you can't get the money back if I don't give up the key. And, while the state will personally arrest you, they are going to be a lot less likely/able to recoup any crypto.
- mikeryan 5y agoThere’s an interesting court case on this going on now. https://krebsonsecurity.com/2021/08/man-robbed-of-16-bitcoin-sues-young-thieves-parents/ https://krebsonsecurity.com/2021/08/man-robbed-of-16-bitcoin...