Ethereum User Spends $9,500 in Fees Sending Just $120 - page 3.

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legendary

Activity: 2212

Merit: 1041

In my opinion this is purely the user's fault, but it would be nice if the miner also returns such high Gas fees for the transaction, although miner has full rights to the decision, make it a lesson for all users to always pay attention to everything in detail before really make transactions.

Yes. He manually inputs some numbers in the gas because metamask wasn't adding gas for him. I wonder how that happens, maybe his metamask isn't updated because afaik metamask automatically provides options whether he wants the transaction to be prioritized which costs less than $2.

He claimed that it destroyed his life lol, I'm not so sure about that. There are certainly thousands to millions of people that don't have $9500 worth of ETH. He must have more in BTC.

Ucy

sr. member

Activity: 2576

Merit: 401

Quote from: coinswebid on November 09, 2020, 02:26:31 PM

Quote from: bitbollo on November 09, 2020, 06:18:38 AM

Another fees error has been registered on ethereum blockchain. According to this news from bitcoin.com
https://news.bitcoin.com/ethereum-user-spends-9500-in-fees-sending-just-120-in-an-error-to-forget/
A guy from reddit has declared to have loss around 10K USD just for a fee error, sending around 80x times more the right amount.

What you think about these errors? What did you think about miners that decide to keep this fees?

in my opinion this is a human errors, not because the network
thats why people should double check not only the receiver address but the gas fee too, to minimize the risk of human errors

I think a good service would ensure that such human error is easily noticed and corrected, or doesn't even occur atall. It is an important problem that can't be left unsolved if there are viable solutions for it. It actually makes transacting on the network with big amount alittle risky.

bakasabo

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Quote from: wxa7115 on November 09, 2020, 01:53:30 PM

It is clear that he was trying to get his transaction out as soon as possible, so he was either trying to get his money to an exchange to take advantage of an opportunity or something similar,

If he was in such a rush, he could have just selected "fast" while making a transaction. Ledger shows a warning message when you make a overpriced transaction. Myetherwallet has slow/normal/fast transaction option and before you make a transaction, asks for a confirmation.

That guy wrote on the reddit that he used Metamask. It also have speed options. Dont know why he had chosen to write "gas limit" (misclicked to "gas price"), when with "fast" option it shows that my transaction will get to destination in 29sec. IRL it would take few minutes. Was it so necessary to send funds so fast to uniswap? Doubt it.

DoubleAweSeven

jr. member

Activity: 168

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Quote from: bitbollo on November 09, 2020, 06:18:38 AM

What you think about these errors? What did you think about miners that decide to keep this fees?

A human error I'd say. According to the article, he thought, gas is gwei so he inputted $9,5k to the wrong place. About the miners, they will keep it. Free money is free and even if the person begs, they will still not give it back since what they are doing isn't really illegal. It's all part of the game.

noorman0

hero member

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One of Metamask's weakness is that there is no alert when users set high or unreasonable transaction fees. This feature should be added considering the metamask is quite popular among ERC20 holders. Moreover, when blockchain traffic is heavy, people choose to manually set fees to get higher priority confirmation.

tbct_mt2

hero member

Activity: 2254

Merit: 831

The fee will be distributed to miners on the pool that received the fee. Ethermine mining pool did in in June.

https://cointelegraph.com/news/ether-mining-pool-decides-to-pocket-one-of-the-26m-fee-transactions
https://news.bitcoin.com/ethermine-mining-pool-cashes-in-2-6-million-ethereum-fee-windfall/

And 2 pools (Sparkpool and Ethermine) will do their distributions for the latest high fees from 3 transactions.
https://en.ethereumworldnews.com/starkpool-ethermine-opt-to-distribute-5m-in-eth-fees-to-miners/

Quote

Three Ethereum transactions with high ETH fees were mined last week.
StarkPool and Ethermine mined two of the transactions and had requested the sender to contact them for possible discussions.
Almost a week later, the sender has not reached out and both mining pools have opted to distribute the fees to miners.
Ethermine has decided not to interfere with future payouts of large transaction fees.

Buttermellow

member

Activity: 462

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Quote from: meanwords on November 09, 2020, 08:37:05 PM

Quote from: ?? on ??

One of the reasons that I don't do transaction when I'm drunk. For sure that guy was drunk, instead of transaction amount he mistakenly put in the gas fee, what an unlucky day for him there is no way to recover.

No one in their right mind would trade when their drunk though. It's most likely that he switched the meaning between "gwei" and "gas". Bad luck to him though because I really doubt that he will get the money as:

"Bitfly, Ethermine’s parent firm, said at the time that it will not investigate or refund any such errors in the future."

Yeah there is I think a connection between being drunk and the 120$. If you like to pay a bill during the drinking session and bills reaches to 120$ which the drunk man decide to pay it with crypto. I think it happen that the drunk man mistakenly adjust payment for faster transaction without getting notice of adjustment being made due to liquor influence. Well, it is his fault and no one to blame it except himself.

meanwords

full member

Activity: 1624

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Quote from: ?? on ??

One of the reasons that I don't do transaction when I'm drunk. For sure that guy was drunk, instead of transaction amount he mistakenly put in the gas fee, what an unlucky day for him there is no way to recover.

No one in their right mind would trade when their drunk though. It's most likely that he switched the meaning between "gwei" and "gas". Bad luck to him though because I really doubt that he will get the money as:

"Bitfly, Ethermine’s parent firm, said at the time that it will not investigate or refund any such errors in the future."

coinswebid

sr. member

Activity: 1092

Merit: 250

Quote from: bitbollo on November 09, 2020, 06:18:38 AM

Another fees error has been registered on ethereum blockchain. According to this news from bitcoin.com
https://news.bitcoin.com/ethereum-user-spends-9500-in-fees-sending-just-120-in-an-error-to-forget/
A guy from reddit has declared to have loss around 10K USD just for a fee error, sending around 80x times more the right amount.

What you think about these errors? What did you think about miners that decide to keep this fees?

in my opinion this is a human errors, not because the network
thats why people should double check not only the receiver address but the gas fee too, to minimize the risk of human errors

wxa7115

hero member

Activity: 2702

Merit: 704

Quote from: bakasabo on November 09, 2020, 07:23:03 AM

That is why people should always double or triple check how they filled the transaction form and never do transactions in a rush.
I dont understand why people rush so much to do a transaction. Everything still depends on the network, so why fill all the transaction fields in a hurry. That will be an expensive lesson for him.

You how Russians, "haste is appropriate for diarrhea only" Wink

It is clear that he was trying to get his transaction out as soon as possible, so he was either trying to get his money to an exchange to take advantage of an opportunity or something similar, but now we can see the consequences of doing this, I understand that mistakes can be made from time to time, which is why I have suggested in the past that wallets have a feature integrated on them that in the case a user sends a fee which is 3 times higher than the fee necessary to get a confirmation on the next block then a warning message must appear.

That way the user will have yet one more chance to realize their mistake, if after that they do not realize their mistake then there is not much we can do to protect someone that does not care about protecting himself.

jademaxxiss012

member

Activity: 308

Merit: 15

This is a sad scenario for that guy spending so much money in just transaction. We know that it is not easy to get money nowadays due to pandemic and now seems like it all be wasted. Imagine 10K usd of transaction fee to send 120$? Hmmm. How does he do it why such a big transaction fee deducted. I think he had a wrong information input in the field prior to transact and that led to high transaction fee. Better check next time all the possibilities before proceeding into the process of transaction.

best123

jr. member

Activity: 644

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https://blockmembers.io/

This was one of the news i red on google this morning. That is really sad. I have made mistakes in sending token/coin but this one is very painful. I feel your pain bro. Be careful next time; always cross check the wallet and gas fee when doing transactions.

Sebas.tian

full member

Activity: 1974

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Quote from: bitbollo on November 09, 2020, 06:18:38 AM

Another fees error has been registered on ethereum blockchain. According to this news from bitcoin.com
https://news.bitcoin.com/ethereum-user-spends-9500-in-fees-sending-just-120-in-an-error-to-forget/
A guy from reddit has declared to have loss around 10K USD just for a fee error, sending around 80x times more the right amount.

What you think about these errors? What did you think about miners that decide to keep this fees?

This isn't a new thing mate, those are mistakes which are made out of rushing to get some coins either from IEO or ICO. Remember that, whenever some players heard about DEFI projects they don't checked the fees before making their purchase, by so doing they end up be victims. Miners don't have powers over the fees on the Blockchain but be rest assure that, the victim have leaned the bitter lesson.

FinneysTrueVision

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The lack of user friendliness of Ethereum is one of it's biggest downsides. For a beginner it can be hard to differentiate between gas price and gas limit.. It can be an intimidating experience when making a transaction for the first time and not knowing what the hell you are doing. Even experienced users are susceptible to making these kinds of mistakes.

pucunghul

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Activity: 434

Merit: 102

Quote from: ?? on ??

One of the reasons that I don't do transaction when I'm drunk. For sure that guy was drunk, instead of transaction amount he mistakenly put in the gas fee, what an unlucky day for him there is no way to recover.

A few weeks ago Ethereum transactions were very expensive, because it was natural for someone to send $ 9500 fees to $ 120,
but now Ethereum seems to have fixed that, and GAS is much cheaper even though the network is full.

Ucy

sr. member

Activity: 2576

Merit: 401

I wonder why the gas price isn't displayed in stablecoin based in a popular fiat like USD. That should help reduce the confusion of the gwei unit.
Wish I could find the address to see exactly what happened, and to be sure this truely happened.

Well, such mistake shouldn't be possible on Ethereum network. It shouldn't be possible to send fees that are above 2% of users funds without strong warning . I still find it hard to understand why they allow fee to go above 20% of senders funds on the main network. Besides, transactions could be based in percentage and Network fee shouldn't go above 2% of senders funds without strong warning to the senders. The fee should also be shown in a popular stablecoin to make the price clearer to senders.

To be honest, such over sized fees(probably fees that are above 10% of senders funds) shouldn't be touched by miners. They could even contact the senders and refund them once such fees are found. Such are likely to be mistakes, or probably gifts from people to some sort of centralized/small/known miners

kpierce77

legendary

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Merit: 1002

Quote from: bitcoin31 on November 09, 2020, 10:23:55 AM

There is a news also who a person made mistakes of sending ethereum instead of the fees is low they set a high fees and the cost was hundred thousands dollars if Im not mistaken last few years ago happen that. And now another mistake made and that is very sad to happen because that is very big money and not easy to earn like that and I hope it will not happen to me.

If I'm not mistaken, there were also people who sold eth at a very low price, this caused the price to drop dramatically but only in short time. Maybe it's because the network is too congested, so a lot of mistakes could be made. but I'm sure ethereum 2.0 has a solution for gas fees as well as the network

Bitstar_coin

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Quote from: bitbollo on November 09, 2020, 06:18:38 AM

Another fees error has been registered on ethereum blockchain. According to this news from bitcoin.com
https://news.bitcoin.com/ethereum-user-spends-9500-in-fees-sending-just-120-in-an-error-to-forget/
A guy from reddit has declared to have loss around 10K USD just for a fee error, sending around 80x times more the right amount.

What you think about these errors? What did you think about miners that decide to keep this fees?

Am just wondering those people making this kind of mistake if they are newbies or just trying to seek attention, i don't get how people manage to make this avoidable mistake, i can't say i blame the miner for not sending the fee back, he is not obligated to do so, but it seem to be the right thing to do under the circumstance, it is similar to sending eth or btc to the wrong address, the person who made such mistake should not expect a refund except the receiver is a very good hearted person.

bitcoin31

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Activity: 1834

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There is a news also who a person made mistakes of sending ethereum instead of the fees is low they set a high fees and the cost was hundred thousands dollars if Im not mistaken last few years ago happen that. And now another mistake made and that is very sad to happen because that is very big money and not easy to earn like that and I hope it will not happen to me.

Periodik

sr. member

Activity: 1022

Merit: 256

This is just a little slip that unfortunately costs high. I say a little slip because it could have been avoided. Errors on fees could really be avoided if those individuals involved in the transaction repeatedly checked them before confirming. Sadly, some people are in too much hurry or very complacent that their transactions are already good to go without even double-checking on them first.

What I also don't understand is that errors like this is still happening all the time. I don't know how people would finally learn their lessons and start to be careful in their transactions.

Topic: Ethereum User Spends $9,500 in Fees Sending Just $120 - page 3. (Read 798 times)