Topic: Can there be some Bitcoin Central Agency in future? - page 3. (Read 538 times)

Actually all what you are saying is happening as of now too. I accept reversing transactions can be nasty but so is the problem of not reversing transactions. Bitcoins worth millions have been hacked. Moreover I am just suggesting an idea like a normal usual world with crypto instead of fiat. Because I think P2P is much more like a dream as of now. Moreover, even if you know the recipient most of the courts around the world have already warned that they won't entertain any such complaints as they do not acknowledge payments in crypto therefore people doing such things are doing it at their own risk. I know most of the European Countries do provide such protection but world is Not Europe only.

Scams are actually issues that the government should be addressing as the laws covering frauds are fairly established. Now, the problem is that we in this industry do not listen to warnings from the government and we patronize projects which are doubtful because we are enticed with the promises from the scammers. To be fair, this is not the problem of Bitcoin just like it is not the problem of the dollar if there is going to be a pyramiding scam and they happen to be using the dollar as the money to pay-in.

first of all. if you dont know the true identity, location of the recipient.. no central authority can do anything about it. even if you get a shiny gold leaf certificate saying your the victim, it wont help you get funds back. after all how will you get your funds if you cant even slap the recipient

if you do know the true identity of the recipient. then take them to court. it doesnt matter if they stole btc, a goldfish, your wifes underwear or a lawnmower. you can still take them to court

secondly
with fiat many people who send funds somewhere do so for bad intentions of getting the goods/service they are buying and then once received. claim they are a victim of fraud to then get thier funds back too.. so any central authority wont just accept a simple victim cry story and you instantly win. you wont be compensated just for suggesting a victim story. you need to know the recipient and get them to defend their side and if proven guilty enforced to repay their illicit gains back to you.
i say this because idea's like this topic presents is not original. they end up turning into silly secondary idea's of making bitcoin transactions reversible if a known jury multisig is used to get the funds from the guilty persons private key. which as i said could be abused by what is termed 'chargeback scammers'. it also opens up other attack vectors of abuse. so it aint gonna happen

This would not create adoption because many people who use bitcoin at this time are more into it since it does not disclose identity. They even don't like the idea of KYC, that mean legislation or litigation itself won't bring more investors.

There's no way something like that will ever happen, by the own definition of Bitcoin.org..


I recommend you to watch this documentary about bitcoin to understand In deep its philosophy and why there wouldn't be ever a central agency on Bitcoin.

The Bitcoin Phenomenon

Bonus:
https://bitcoin.org/en/resources

Edit: typo

Actually the thing is we are so much against the very concept of Bitcoin Central Agency but we almost have no issues while working on exchanges. Don't you think these exchanges too are types of central authority I recently read that top 5 exchanges hold 1 Billion Worth Bitcoin which I think is enough to manipulate markets. If they decide to form a cartel they can easily manipulate markets so why don't create some agency which can stop them from doing such things?

well the real "goal" is to create a decentralized system not just have some decentralized aspects and other centralized aspects all around it.
so in this case the goal should still be to stick to that decentralization. what this means is that in your example (the scams) we should try and come up with decentralized ways. one way that comes to mind is usage of multi signature schemes with (2 of 3) or without (2 of 2) escrows.

I don't think that making a "Bitcoin Central Agency" as you name it would be a feasible option. I think the best way to  protect investors from scams is to organise educational campaigns and most importantly to limit their exposure to investors aka their advertising venues.

Nuclear power is restricted resource not everyone is capable of creating it or using it which is the reason why there is no harm created by it. Give it in hands of everyone and you will see what kind of agony it can create. Moreover I understand Bitcoin is a gift but what solutions do you have for ever increasing scams and hacks. Doesn't matter how much brain you use there is almost certainty that without regulation there will always be some or the other kind of shady things going around. If you don't trust me check out manipulation done by exchanges themselves and also what about the ICO wave? Name 10 ICOs who have completed what they said.

I liked the way you think. If there was a control system for the scammers, scam projects etc. , it could be very beneficial. But I regret to say that a control system like you say contradicts the Bitcoin's decentralized nature.

The way to avoid scams is by using your brain, not placing trust in central authorities. 

But if you want to persist with such a terrible idea and pay some people to do this job, go right ahead.  Or did you think they're going to do it for free?  Or that someone else was going to pay for it?  Think it through, please.

That day there the philosophy of Bitcoin will die. They will have all the logs of the address you are giving them and they will know how much bitcoin you own. Do you think this is why bitcoin invented?

Bitcoin is a gift for us. There is nothing wrong with it. It's how we use it. We have nuclear power but we need to decide which will be the application to serve the mankind. Should we create more nuclear bombs or we should use it to generate electricity for city and country sides?
 

People often tend to say that Bitcoin is a P2P currency based on the trust between two people. However it's obvious that these days scams are on rapid rise while governments are generally not providing any legal security to those who are involved in this. So do you think there can be some central Bitcoin Authority represented by various people who can become jury in such cases of dispute? I think this can also increase adoption as people can trust btc more. Also even countries would feel safer as such an authority can conyrol certain malpractices