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c/cryptopay·posted 2 years ago by u/purity_pedant

[Discussion] we are measuring network at the wrong time and calling it noise

Discussion Cold Box ×2 The Quiet One ×3

Posting this as a discussion rather than a claim: we are measuring network at the wrong time and calling it noise.

The one mistake that cannot be undone, and why it keeps happening.

The same token symbol exists on multiple chains. The wallet interface shows you the symbol prominently and the network in small type. Sending on the wrong chain to an address that looks perfectly valid usually means the funds are unrecoverable by either party.

The protection is procedural rather than technical: confirm the network in writing with the recipient before sending, verify the address format matches that network, and send a small test first. None of that requires understanding the chain — it requires treating the network field as the most important thing on the screen, which the interface design does not encourage.

The sequence that makes this boring, which is the goal.

Ask which networks are accepted before you order. Pick the one with a sensible fee at that hour. Paste the address rather than typing it and verify the first and last several characters. Check whether the chain requires a memo. Send a test amount if the total is large. Wait for confirmations before treating anything as done. Save the transaction hash with the order reference.

Seven steps, most of them seconds long, and between them they eliminate every failure mode that gets posted on this board.

Sent to the right address on the wrong chain years ago. Nothing to be done. That is the lesson I paid for.

Happy to answer the boring questions. Those are usually the ones worth asking.

1,762 up / 355 down83% upvoted48 commentsid 17qfx416 Jun 2024

48 comments

20 in this archive, depth 5

best — the order this archive was captured in

u/nadia_norgaard291 points·2 years ago

A token symbol identifies an asset, not a network. The same symbol commonly exists on several chains with incompatible address formats, and sending across that boundary is generally unrecoverable.

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u/neha_erdogan226 points·2 years ago

confirmations are the only status that means anything

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u/purity_pedantOPanalytical135 points·2 years ago

confirmations are the only status that means anything

Adding the cheap insurance — test amount first on anything large.

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u/ilias_nakamura43 points·2 years ago

ask which networks they actually accept before you order

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u/protein_first_pnutrition53 points·2 years ago

ask which networks they actually accept before you order

This is the check that prevents the only genuinely unrecoverable mistake in this thread.

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u/tove_ogunleye84 points·2 years ago

This. A test transaction on a large order costs a fraction of the fee and removes the whole class of risk.

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u/cesar_ivaturi158 points·2 years ago

Confirmations are the count of blocks built on top of the one containing your transaction. Until there are some, the transaction is not settled in any meaningful sense.

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u/arne_ndiaye93 points·2 years ago

the same token exists on several chains and they are not interchangeable

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u/dead_space_doug42 points·2 years ago

the memo field matters on the chains that use one

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u/purity_pedantOPanalytical24 points·2 years ago

Which networks did they list as accepted?

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u/ilias_nakamura89 points·2 years ago

Nearly sent on the wrong network. The token symbol was identical and the address format was the only clue.

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u/purity_pedantOPanalytical-1 point·2 years ago

Did the address you sent to match the one you were given, character for character?

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[removed]65 points·2 years ago

[removed by moderator]

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u/discount_math_dm94 points·2 years ago·edited

Confirmations are the count of blocks built on top of the one containing your transaction.

cesar_ivaturi is right about confirmations. "Sent" is not a status.

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u/hassan_castellanos29 points·2 years ago

fees vary by chain and by hour, not by supplier

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u/discount_math_dm8 points·2 years ago

Network fees are set by chain congestion at the time of sending. They are paid to the network, not to the recipient, and they vary by hour as well as by chain.

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u/search_before_post71 points·2 years ago

How many confirmations does it show?

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u/teodor_jansen62 points·2 years ago

I would not treat a delayed confirmation as evidence of anything at all. Chains have busy hours.

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u/arne_amankwah88 points·2 years ago

network and address, checked twice, before anything else

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u/zeynep_villalobos29 points·2 years ago

escrow arrangements are rare and worth asking about

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