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legendary

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Quote from: teddyelwyn on September 18, 2019, 05:04:45 PM

Who are some of Libra's biggest competitors? I would like to know what they are currently doing and handling regulations

Libra doesn't have any competitors because it doesn't exist yet. And when it finally comes to life, it's going to be an interesting event to follow because they will definitely exclude certain countries from their network. It's a business at the end of the day, and they have to abide by the regulations per the country they plan to operate in.

Tether is somewhat comparable in the sense that it holds a basket of assets which their tokens are *supposedly* backed by. Tether however can't prevent you from transacting in any shape or form because it's built on decentralized protocols (e.g. Bitcoin, Ethereum). Facebook will be able to censor transactions and put a hold on your balances.

teddyelwyn

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Quote from: avikz on August 07, 2019, 11:44:16 PM

Quote from: ccryptopark on June 19, 2019, 04:31:40 PM

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

I don't think the transaction can be reversed but the wallets can be traced back to the user especially if multiple cases of money are moving. I know that's what Ciphertrace's tech does and I think it's much more reasonable than looking to reverse transactions. They are trying to stop them before they happen.

We really don't know what's going to be the case of Libra as it is not a traditional cryptocurrency. Libra will be strictly centralized and its value will be capped based on the value of its underlying assets. So reversal of transactions may be possible. Also facebook will have to comply with thousands to regulatory compliance before they can actually roll out the coin to the market. So again reversal can be a possibility in case of a fraud and theft. In traditional blockchain, we can't do that but not sure about Libra on how they are going to handle such delicate situations.

Who are some of Libra's biggest competitors? I would like to know what they are currently doing and handling regulations

avikz

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Quote from: ccryptopark on June 19, 2019, 04:31:40 PM

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

I don't think the transaction can be reversed but the wallets can be traced back to the user especially if multiple cases of money are moving. I know that's what Ciphertrace's tech does and I think it's much more reasonable than looking to reverse transactions. They are trying to stop them before they happen.

We really don't know what's going to be the case of Libra as it is not a traditional cryptocurrency. Libra will be strictly centralized and its value will be capped based on the value of its underlying assets. So reversal of transactions may be possible. Also facebook will have to comply with thousands to regulatory compliance before they can actually roll out the coin to the market. So again reversal can be a possibility in case of a fraud and theft. In traditional blockchain, we can't do that but not sure about Libra on how they are going to handle such delicate situations.

hugeblack

legendary

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Let us hope that the legislative laws are not an obstacle either to the companies issuing their own currencies, but in the end, these currencies will be stable, under central control and can not be mined indiscriminately.

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?

As it is based on Blockchain, it will be built on transparency and can be followed by all but generating currencies and creating addresses is under central control.
You will get an address after creating a wallet which will be subject to regulatory regulations (KYC & AML,) and then your wallet can be frozen if any transaction is suspected.

For more -----> https://librastartup.com/

rmilly

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The transactions cannot be reversed but they can be traced through technology and if there is a KYC requirement through the exchange they are able to locate the wallet

jjbanks994

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Quote from: Harlot on June 22, 2019, 04:32:48 PM

With Facebook's system that has a lot of private information of their users all stored up in their social media feed I don't think they will have a hard time on verifying and obtaining much more vital information from their potential Libra users. The rest of the companies on the other hand might still follow the regular procedures when it comes to requiring KYC for their customers and most probably it won't change even after Facebook has launch their Libra coin. I do heavily suspect that these big companies will have no problem handling our information to the government just for compliance purposes.

To an extent. I don't think they will be doing this for every person's information but anything that looks somewhat suspicious. Ciphertrace already generates a report regarding the total amount of funds moving which I think will be of interest to the government too.

Harlot

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With Facebook's system that has a lot of private information of their users all stored up in their social media feed I don't think they will have a hard time on verifying and obtaining much more vital information from their potential Libra users. The rest of the companies on the other hand might still follow the regular procedures when it comes to requiring KYC for their customers and most probably it won't change even after Facebook has launch their Libra coin. I do heavily suspect that these big companies will have no problem handling our information to the government just for compliance purposes.

jdarren

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I don't know how you would reverse transactions. That's the whole point of blockchain the transactions are immutable. I think having ciphertrace helping with AML compliance is a better move to protect the overlying architecture of crypto

dothebeats

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It's a sad reality that we have to make these awful compromises just to ensure that we won't have any problems in dealing with cryptocurrencies and other stuff that doesn't go along/well with the regulations the government has. It's like we are still continuously being dictated indirectly by these pricks, and we gladly comply just so we don't get punished.

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?

Report it, perhaps, or do your duty (lol) to mind your own business and not meddle with other people's transactions because you'll never discern what transactions are legit and what are not in the first time you see it.

Quote from: monalia on June 19, 2019, 02:27:42 PM

In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.

It cannot be reversed, yes, and that's the beauty and bane of cryptocurrencies IMO. Once it's done, it's done, and one cannot give back the money that was sent if it was for the good or for the bad. It's a double-edged sword, but it has worked well for the past 10 years.

monalia

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Quote from: ccryptopark on June 19, 2019, 04:31:40 PM

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

I don't think the transaction can be reversed but the wallets can be traced back to the user especially if multiple cases of money are moving. I know that's what Ciphertrace's tech does and I think it's much more reasonable than looking to reverse transactions. They are trying to stop them before they happen.

I am not sure in which form of transaction you are referring here.
Any decentralized transaction which is passing over the blocks will not able to be reversed. If you want to trace it you can easily do that by the explorers available in the internet.
Apart from that you cannot do anything with the transaction.

jvdp

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Activity: 1148

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Banks are having special features to track the transactions which has been done already and send that money back to the depositor if that does happen mistakenly.
Decrypting crypto is not a possible idea in this Era maybe after 50 years if any powerful computer empowers that time we may expect decrypting is possible.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: ccryptopark on June 19, 2019, 04:31:40 PM

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

I don't think the transaction can be reversed but the wallets can be traced back to the user especially if multiple cases of money are moving. I know that's what Ciphertrace's tech does and I think it's much more reasonable than looking to reverse transactions. They are trying to stop them before they happen.

Reversible things is not different from traditional fiat transactions so i dont see the point on building another one but since this
do talks about blockchain thing then it is indeed irreversible and also the issue here is on centralization where everything can really be checked nor
can really be commanded.

and on the link which OP given,what on the world on how you would able to log-in?It doesnt even have registration option.

ccryptopark

jr. member

Activity: 300

Merit: 5

Quote from: monalia on June 19, 2019, 02:27:42 PM

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

I don't think the transaction can be reversed but the wallets can be traced back to the user especially if multiple cases of money are moving. I know that's what Ciphertrace's tech does and I think it's much more reasonable than looking to reverse transactions. They are trying to stop them before they happen.

monalia

member

Activity: 685

Merit: 14

If you spot suspicious transaction what you can do to reverse it back?
In my knowledge blockchain transaction will never be reversed unless and until destination address wanna send it back to the depositor! If you want to create any cryptocurrency it is not at all possible option for you crypto is to secure the transaction with just p2p technology.
None of the people or equal middleman will not be e involved in it.

jdarren

member

Activity: 296

Merit: 12

Oh man. Libra coin is really making people bullish but I hope all these people forcing the regulations actually care about the underlying goal of crypto. Libra is not that.

teddyelwyn

member

Activity: 268

Merit: 10

With the recent Libra news announced it will be interesting to hear the compliance expectations for companies that are moving forward using crypto currency as well as all policies and procedures to spot suspicious transactions.

https://app.ranenetwork.com/events/decrypting-crypto-blockchain-and-financial-crime-compliance/

Topic: Decrypting Crypto (Read 279 times)