Transferred USDT to Coinbase and it's now lost!

engineering said:
Go back and read the post I replied to. It specifically said " Engineers who really understand blockchain..."

As an engineer who does understand the Blockchain, I do not support his argument and I do not want to be associated with it. The post I replied to was attempting to invoke an "argument from authority" and I jumped in to spoil it.

If you don't want to lend my opinion extra weight, I'm cool with that. My arguments can stand on their own.

Certain people seem extremely sensitive to any commentary that questions their crypto get rich quick ideas.

As far as buildings and bridges collapsing it is actually extremely rare, especially when you eliminate issues like lack of proper maintenance, improper construction, and disaster scenarios.
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I am an engineer and none of those who build and run blockchain is engineer and none of them is as knowledgeable as me.
 
NoahA said:
Completely false. With fiat money, you need someone to initiate the transfer. Its not automatic. You can even go to court, have assets freeze, etc. I suppose if you try and set up some sort of escrow service, with clearly outlined rules about what goes into the contract, and both parties deposit the full amount into escrow, then you are close. But then you have to ensure the escrow service actually carries out the transfer as per guidelines, and I'm sure if one party isn't happy, they can always go to court and now all the funds will be frozen. And lets not forget how expensive of an option this is.

So no, there is no such thing as a smart contract with fiat.
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You are completely wrong. I have automatic payments and did by accident make one payment manually again (so for the second time). I went in my bank app and asked the double payment back. It was automatically reversed and send back to my account immediatelly. No court, no police, no assets frozen, no escrow accounts, nothing at all. All payments done in the past three weeks can be reversed like that without any interference of a third party.

With crypto's on the other hand there seems to be problems.

Apple founder Wozniak sold crypto's an got paid with a stolen creditcard. Crypto's gone and money gone. Going to Court, freeze assets, set up some sort of escrow with or without any rules, all this will not work with crypto's. He just lost it and that's all. No way to ever recover it. With fiat currencies you know at least who got the money.

https://www.finder.com.au/how-steve-wozniack-had-his-bitcoin-stolen

On top of that there are many other problems with crypto's that I never experienced with fiat currencies (not even mentioning the huge losses you can have when they crash) :
I also never have to do a test payment to see what will happen with my money. LOL.
 
engineering said:
Go back and read the post I replied to. It specifically said " Engineers who really understand blockchain..."

As an engineer who does understand the Blockchain, I do not support his argument and I do not want to be associated with it. The post I replied to was attempting to invoke an "argument from authority" and I jumped in to spoil it.

If you don't want to lend my opinion extra weight, I'm cool with that. My arguments can stand on their own.

Certain people seem extremely sensitive to any commentary that questions their crypto get rich quick ideas.

As far as buildings and bridges collapsing it is actually extremely rare, especially when you eliminate issues like lack of proper maintenance, improper construction, and disaster scenarios.
More...

There is no "Blockchain", there are however many competing blockchains.

There is BTC, a blockchain that is the dominant one with features and benefits that has not been actualized by any other.

Many do not recognize it's value proposition. The current market has discounted it. We've witnessed a hyperinflation event with UST/LUNA and the possible emergence of a contagion that has taken down a big player and the possibility of others.
 
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engineering said:
First, I don't think it's accurate to call Bitcoin a "bearer asset". I would define that as something like a bearer bond or a gold depository receipt. Something that actually entitles the bearer to something else. Bitcoin is what it is, with no specific guarantee of convertibility to anything else.
I do believe that something else can be a "digital bearer asset" and that could definitely have value. There seems to be some interesting discussion of "digital bearer assets" for things like network services.

As far as Bitcoin's value in executing financial transactions, I think that is overshadowed by a few items
1) Its feature set which seems almost purpose built for criminal enterprise with little thought given to the needs of a typical honest person.
2) Extreme volatility, which makes it unattractive for those who would use it for something besides a vehicle for speculation
3) Inherent privacy issues
4) Network control issues. I don't want my money at the mercy of whomever can get control of 51% of the distributed network. I'd rather have a trustworthy board of directors explicitly approving who gets to play an important role, with advance notice before any changes are implmented.
5) Wastefulness. I'm not a big believer in AGW, but that doesn't mean I want to see energy resources wasted computing useless math problems to satisfy whatever popular delusion is in vogue.

Imagine a digital bearer asset with convertibilty to shares in an SPY index fund. Imagine that it would optionally allow you to designate a trusted third party to mediate transactions. Imagine it is controlled by a board of directors who have distinguished themselves as trustworthy, and managed in accordance with a public set of by-laws. Imagine those people enforcing security, data retention and privacy standards on all processing of transactions.
As someone not looking for a get rich quick scheme, I would find that scenario much more interesting and useful. I think it's only a matter of time until someone comes along with a better idea.
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While I disagree with your base assumptions, you put forth a rational perspective.

As a bearer asset on a P2P network; the amount of infrastructure that has been built, the degree of network propagation, the growth of regulated and in-compliance international exchanges would refute the assertion that there is no guarantee of convertibility.

El Salvador as the first sovereign nation state does guarantee convertibility to fiat.

There is development in the domain of DeFi "synthetics" which will do what you describe with convertibility to SPY and other more traditional asset classes.

As for your list;
1) False Narrative
https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/

2) Yes and alternatively, a vehicle for wealth growth/transfer.

3) It's always been recognized by early adopters as pseudo-anonymous, with proper opsec, privacy can be better than cash.

4) Sure a self-defeating self-limiting non-sensical action by a bad actor - thus the power of decentralization and why hosting a node is vitally important.

5) Depends.
https://www.nasdaq.com/articles/research:-bitcoin-consumes-less-than-half-the-energy-of-the-banking-or-gold-industries

https://digiconomist.net/bitcoin-energy-consumption

What is AGW?

btw, since you are an engineer, you might appreciate the engineering behind the largest btc mining facility in the US.

start at 2:24
 
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pavelonthefire said:
Hello everyone,

I have faced a problem and I thought you might be able to help me.

I tried to transfer around 1,700 USDT from my Kucoin account to my own Coinbase account. For some reason which I am going to explain below the fund is not accessible.

Here is what Coinbase says:
It appears that this transaction was performed using arbiscan

Coinbase Wallet does not support this network. After reviewing the transaction hash you provided again, it appears that the USDT funds were sent using the incorrect network which Coinbase doesn't support. When this happens, we are unable to retrieve these funds because we simply don’t have access to them. If Coinbase decides to list this asset on our platform for this network at a later date, please reach back out to us if your account is not automatically credited with these funds.

I understand that recovering your crypto is important however, since Coinbase doesn’t support this network, we do not have the infrastructure built to be able to access these funds.

While there is nothing Coinbase can do to recover these funds for you at this time, if we do add this network to our platform these funds will be automatically credited to your account.

I raised the issue with Kucoin and this is what they say:
I am very happy to help you. We have indeed issued this withdrawal. You can see success displayed on the blockchain.
We recommend that you find an acceptance platform and ask them if they have a solution.


In short Kucoin says we sent the money and it's not our problem anymore. And Coinbase says we don't support this network.

Seems I have just lost $1,700 in one transaction. Is there anyway to access my fund?
Please advise.
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I'm not sure why you needed to transfers coins to begin with, instead of just selling what you had, then rebuying the same amount back in the new account, a much cleaner fix. Other than the transaction fees, it would have no affect on you account's value, so why do things the hard way?

Trying to save on fees is not always the smartest approach, if you're trying to be professional about this, as it seems you found out the hard way. Next time, just liquidate, work with cash, and you won't have these issues by overcomplicating things. Good luck.

Happy trades!
 
pavelonthefire said:
Hello everyone,

I have faced a problem and I thought you might be able to help me.

I tried to transfer around 1,700 USDT from my Kucoin account to my own Coinbase account. For some reason which I am going to explain below the fund is not accessible.

Here is what Coinbase says:
It appears that this transaction was performed using arbiscan

Coinbase Wallet does not support this network. After reviewing the transaction hash you provided again, it appears that the USDT funds were sent using the incorrect network which Coinbase doesn't support. When this happens, we are unable to retrieve these funds because we simply don’t have access to them. If Coinbase decides to list this asset on our platform for this network at a later date, please reach back out to us if your account is not automatically credited with these funds.

I understand that recovering your crypto is important however, since Coinbase doesn’t support this network, we do not have the infrastructure built to be able to access these funds.

While there is nothing Coinbase can do to recover these funds for you at this time, if we do add this network to our platform these funds will be automatically credited to your account.

I raised the issue with Kucoin and this is what they say:
I am very happy to help you. We have indeed issued this withdrawal. You can see success displayed on the blockchain.
We recommend that you find an acceptance platform and ask them if they have a solution.


In short Kucoin says we sent the money and it's not our problem anymore. And Coinbase says we don't support this network.

Seems I have just lost $1,700 in one transaction. Is there anyway to access my fund?
Please advise.
More...

Something does not seem right here with your transfer. When you are transferring crypto, in this instance from KuCoin to Coinbase, KuCoin would have asked you to enter the address of the recipient, in this case Coinbase (this address you would have copied from the Coinbase wallet and pasted into the KuCoin wallet). So, basically, Coinbase would have displayed to you to copy and paste, a correct address to send your USDT to, and if KuCoin does not support this address, it would have thrown up a warning stating incorrect or unsupported network after you entered/pasted the address into KuCoin. So, I am not sure exactly what you have done here!
 
WOW, This thread really strayed from the issue. I too lost money from a transfer from Binance to coinbase. The only respite is that Coinbase will add support for Binance smart chain.BSC. otherwise my money is gone. I spoke with the regulator here in Ireland and as Coinbase is not governed or has a license in Europe yet, there is nothing they can do. I am also part of a small group on a discord where the total amount of lost funds from the BSC to Coinbase transfers totals $2.5million at this time. So yeah, this is a real issue.
I dont really have time for those who want to harp on about it being such a stupid thing for people to do. Its all too easy to poke fun at others mistakes rather than be helpful opr offer any value of insight. The retail trading world is full of that. The professional trading world has very little of that.
SO, unfortunately the only thing to do is to wait for there to be a lot more integration in the general space and cross brokerages. This ios when BEP integration will be added to Coinbase.
Hope this helps.
 
upload_2022-7-1_17-12-15.jpeg



Overall Security Rating : D-

Since day 1, its overall poor security has been known to everyone.

Hackers are being rewarded for their hard work and exploiting the loopholes.
 
For what it's worth, I remember a couple years ago or so, Binance put up a notice that it was working on a way to improve recovery of LOST coins due to user error in sending across different networks.

Though I don't recall any estimated timeframe.
 
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