Someone wasted 71000$ (137 ethereum) trying to enter in a ICO
Hello Steemit Community!
You read it right, someone wasted $71000 sending ethereum to a ICO Token Sale and the transaction didn't complete, so he wasted $71000 in the transaction fee.
The person that is identified by the ethereum address 0xf51ec864d5fb2f184198e369fe063fc77045a3ad sent 1700 ethereum ($515 000) to enter the AirSwap ICO Token Sale and he didn't make it mainly because there wasn't enough tokens left on the Token Sale.
AirSwap ICO was whitelisted where people registered and did the KYC and each account got a individual cap of 3.3 ethereum and this person sent the 3.3 ethereum before:
Then AirSwap made a public sale of the extra cap because not everyone used the max cap, this when this person tries to buy it all paying 400,000 Gwei and 592379 Gas Limit
If a ethereum transaction doesn't complete you get the ethereum back but you still pay the transaction fee, this person didn't get the AirSwap tokens and lost $71000 for nothing.
You can see the transaction here
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I think companies that distribute ICO tokens must spend a little more time thinking of all the ways to restrict a person from doing exactly what happened. I've had some ICOs that i participated in that were very easy (send ETH and tokens were automatically sent back) and others that it took days for me to figure out and resolve.
Lets be honest and say this sort of thing doesn't happen outside of crypto with banks. If you send money within the banking system it can't just vanish. There are trails.
I'm not saying that banking is better. I'm saying that companies need to make an effort in thinking of all the stupid things a person could do and them during the ico process and/or make their ICO website foolproof (as much as they can).
The main problem is that is alot of people interested in a ICO that is a rush to get the tokens, i think this was the better aproach because you have whitelisted accounts that get a max cap and they can send without any problems and doesn't flow the ethereum network. But not everyone use the full cap so they need to do a public sale for the rest of the tokens and this kind of things happen.
One of the worst ico token sales for me was Decentraland that got their full funding in 10 seconds or something like that and was only like 10 people that got it, this is bad because whales got all the tokens.
There is still alot of newbies in this market and some don't understand this kind of costs, but is kinda "stupid" seeing a person with more than half of million in ethereum and make mistakes/risks like that´
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Ouch. That's almost as bad as spending 1000BTC on a pizza.
I think this is worst because the guy know the value of fees he was risking, the pizza guy didnt know what bitcoin will become xD
Thanks for the excellent submit! @johnycrypto
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I'd cry
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