"Measure twice cut once!" Back in the days when I was studying industrial design they taught us that saying when we would head to the wood, metal or plastics shops to build mock ups of our creations. Yes, one error could cost you time and money. It's better to take your time and double check before making a move as final as cutting a piece of material!
In the crypto universe one error can also cost you money, a lot of money, an ever increasing amount of money! Let me explain what happened to me and perhaps it will help you to avoid the same error!
My Biggest Block Chain Blunder
Many of you know that besides being active on Steemit I am also a big believer in the future of Bitshares and I've been a regular buyer of them.
Way back on March 27th 2017 I decided to buy 1 BTC worth of Bitshares in order to add to my holdings. While using blocktrades.us to enter the account to transfer the funds to I made the fatal error of entering the wrong account name! This resulted in my losing access to 206,032 Bitshares which have a value right now of over $82,000 dollars (if left in Bitcoin the value would be about $19,000). A value that I see increasing over time.
If you examine the account that I erroneously sent the funds to you'll see that the username is cu and that once the account was registered it has only been used to receive 2 deposits from me. Never before and never since! I have tried to contact the owner of the account but to no avail.
The second transfer of 2 bts that you see is my attempt to contact the owner of the account to let him/her know of my error. The transfer included a memo explaining what happened and offering a substantial reward for the return of the funds. I also made a similar announcement in the BitShares forum.
What Lessons Can We Learn?
First of all this error has nothing to do with blocktrades.us. Their service and customer support is excellent. The fault and the problem lay entirely with ME. In fact the owner of blocktrades wrote me that he had made an even bigger blunder and many other crypto users have related similar errors that they have made.
In summary, YOU are responsible for your own funds, your own security and your own errors. When making transfers always double check the name or the account number that you are sending to. Once you press send there is almost never a chance to turn back. You are, in essence your own bank and your own bank manager.
Be careful, be cautious, be alert and remember, "MEASURE TWICE CUT ONCE"!
I hope that this information will help you to avoid costly block chain blunders. Stay safe, stay happy and Steem on!
What About You?
- Have you ever made a costly blunder?
- Are you super cautious when making transfers?
- What is the worst crypto blunder that you've ever heard of?
I hope that you enjoyed this article "My Biggest Block Chain Blunder or How I Lost More Than $82,000!"
Until next time,
@kus-knee (The Old Dog)
