That's right. ECAF (EOS Core Arbitration Forum) is responsible for resolving all controversial situations. It is decentralized as well.
Remember DAO hack in 2016 when $60 mln of ether were stolen? On EOS this transaction could be reversed.
Nobody would agree to lose his money due to hackers' attack or a mistake in the code. Thus, EOS has more chances for mass adoption as it allows to cancel such kind of transactions.
Yet another example of "cool things" that have completely lost their way... You have an arbiter and call it decentralised at the same time?
Bitcoin has no problems for mass adoption *because* it doesn't allow spends to be reversed. That was a problem that needed to be solved with existing money and systems. If you can't see the danger in allowing to cancel transactions, then you need to go back to the drawing board, just like all these projects.
If hackers attack the network or there is a mistake in the code (I'll ignore that there have been countless found, embarrassingly for a multi-billion ICO) then they fix them, not leave a backdoor open like this.
Indeed! That's what rubs me the wrong way about EOS and they have already done this in the past, I don't know if you remember this?
https://www.ccn.com/eos-decentralization-questioned-once-again-as-block-producers-freeze-27-accounts
I'm just waiting until they reverse the wrong transaction...