I bought $250 in ether out of curiosity. A basketball player had some weird kind of auction and I placed a bid. Doing so required that my ether be converted to some kind of other, evidently more usable form of ether. I lost the auction. This other form of ether costs $80 to convert it back to ether. Oh, and while I've waited for tran…
I bought $250 in ether out of curiosity. A basketball player had some weird kind of auction and I placed a bid. Doing so required that my ether be converted to some kind of other, evidently more usable form of ether. I lost the auction. This other form of ether costs $80 to convert it back to ether. Oh, and while I've waited for transaction costs to fall, the value of that ether has fallen 40+%.
I don't really care about the money but it absolutely convinced me that this crap is entirely useless and that even the above board "applications" are scams. Happy to hear why I'm wrong.
Okay, but the basketball player is Andre Drummond. The OpenSea project, which is the source of the "wrapped ETH" or "wETH" that I now hold, is partners with andreesen horowitz. If the scam were truly akin to a Nigerian Prince, the problem would be an inability to identify the participants. But as a lawyer who frequently deals with white-collar fraud, I do not have a claim because it's not a true scam, it's just comically inefficient. No one stole money from me. They just caused me to convert it into a less usable form.
Yes. I held $250 in ETH in one of these many wallet apps (but it was one from one of the primary, above board companies), to place an auction bid it needed to be converted to wETH. When I lost, I got refunded wETH. My understanding is that to convert it back into ETH (or USD) would cost roughly half of the value of the wETH.
I appreciate the more balanced reply. I don't like being called an idiot! Granted, I called it a "scam" myself, but I really meant that the whole zeitgeist that crypto currently has lawful and sensible use cases seems fabricated. The transaction costs are outlandish and the benefit to using this stuff for legal transactions is near zero.
I bought $250 in ether out of curiosity. A basketball player had some weird kind of auction and I placed a bid. Doing so required that my ether be converted to some kind of other, evidently more usable form of ether. I lost the auction. This other form of ether costs $80 to convert it back to ether. Oh, and while I've waited for transaction costs to fall, the value of that ether has fallen 40+%.
I don't really care about the money but it absolutely convinced me that this crap is entirely useless and that even the above board "applications" are scams. Happy to hear why I'm wrong.
Okay, but the basketball player is Andre Drummond. The OpenSea project, which is the source of the "wrapped ETH" or "wETH" that I now hold, is partners with andreesen horowitz. If the scam were truly akin to a Nigerian Prince, the problem would be an inability to identify the participants. But as a lawyer who frequently deals with white-collar fraud, I do not have a claim because it's not a true scam, it's just comically inefficient. No one stole money from me. They just caused me to convert it into a less usable form.
Yes. I held $250 in ETH in one of these many wallet apps (but it was one from one of the primary, above board companies), to place an auction bid it needed to be converted to wETH. When I lost, I got refunded wETH. My understanding is that to convert it back into ETH (or USD) would cost roughly half of the value of the wETH.
I appreciate the more balanced reply. I don't like being called an idiot! Granted, I called it a "scam" myself, but I really meant that the whole zeitgeist that crypto currently has lawful and sensible use cases seems fabricated. The transaction costs are outlandish and the benefit to using this stuff for legal transactions is near zero.