I offered up roughly the median, 0.05 ETH, as well as a gas fee of 0.017 ETH, totalling 0.067 ETH. I imagine there will be another 0.017 in gas fees taken off to convert back, making back 0.033 in the end. My total return on the investment ends up as a 55% loss, or at the current ETH price, -$136.
Assuming gas fees are the same per person, that $ loss should be roughly the same. Probably not a great assumption, but using that we come to an estimated total loss across all donars at -$136 * 17,437 donars = -$2,371,432.
I wonder how many donations didn't happen because of the huge gas fees? DAOs will likely need a network with much smaller fees to properly raise and allocate funds.
Pretty telling that the ETH gas fees probably contributed to this failure.
It was a cool project. And I'm glad the cryptocurrency space is constantly trying new things. I do think eventually they're going to win in a major way, somewhere.
But hopefully this will lead to some innovations in the way fees are handled.
These autistic nerds should fix their software, or never have pretended to anyone that it can be used in the real world for any of the complicated use cases they marketed to us, or provided the warnings about these aspects as likely outcomes.
I remember similarly when someone paid a 10,000 dollar transaction fee to transmit 100 dollars instead of the other way around.
What kind of idiotic wallet software doesn't make such a catastrophe obvious to it's user in a confirmation step before doing it?
Or cases where millions were paid in transaction/gas fee or whatever...
Yes I like the "power" of a system that allows you to do anything including the absurd, but it's almost as if the people working on this important software cannot even reason about the simplest implications of their code.
Or don't care enough.
Of course things will get fixed over time, whenever it is out in the real world.
Tough luck for early adopters who trusted the sales pitch and made losses due to bad design from people who seem unable or unwilling to consider the impacts of idiotic designs.
Of course this goes beyond crypto, that poor kid who killed himself when Robinhoods idiotic system told him he had a loss of hundreds of thousands of dollars in his account when he had no such thing. (from an idiotic handling of a corner csse situation in options that occur rather often)
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[ 3.5 ms ] story [ 14.8 ms ] threadAssuming gas fees are the same per person, that $ loss should be roughly the same. Probably not a great assumption, but using that we come to an estimated total loss across all donars at -$136 * 17,437 donars = -$2,371,432.
I wonder how many donations didn't happen because of the huge gas fees? DAOs will likely need a network with much smaller fees to properly raise and allocate funds.
It was a cool project. And I'm glad the cryptocurrency space is constantly trying new things. I do think eventually they're going to win in a major way, somewhere.
But hopefully this will lead to some innovations in the way fees are handled.
I remember similarly when someone paid a 10,000 dollar transaction fee to transmit 100 dollars instead of the other way around.
What kind of idiotic wallet software doesn't make such a catastrophe obvious to it's user in a confirmation step before doing it?
Or cases where millions were paid in transaction/gas fee or whatever...
Yes I like the "power" of a system that allows you to do anything including the absurd, but it's almost as if the people working on this important software cannot even reason about the simplest implications of their code.
Or don't care enough.
Of course things will get fixed over time, whenever it is out in the real world.
Tough luck for early adopters who trusted the sales pitch and made losses due to bad design from people who seem unable or unwilling to consider the impacts of idiotic designs.
Of course this goes beyond crypto, that poor kid who killed himself when Robinhoods idiotic system told him he had a loss of hundreds of thousands of dollars in his account when he had no such thing. (from an idiotic handling of a corner csse situation in options that occur rather often)