Topic: We need Reverse Transactions - page 4. (Read 4088 times)
No. Piss off. We don't need that shit in Bitcoin.
it's just creating a huge mess. learn to secure your shit instead of blaiming btc. reverse transactions will also lead to scam and theft. just in another way.
edit: if you are not able to care for the security of your btc then maybe you really should use paypal instead.
edit: if you are not able to care for the security of your btc then maybe you really should use paypal instead.
No we don't need this. Stop trying to become Paypal v2. This just gives people more opportunities to scam.
Yeah, we don't want to give people any more opportunities. That is one of the biggest downfalls with PayPal in terms of fraud. How can you every do any P2P transactions when the transaction can be reversed.
Feel free to invent your own currency with this feature and leave Bitcoin alone.
No, we don't need this. It's very bad idea. Go use Paypal if you want chargebacks.
global moderator
Activity: 3990
Merit: 2717
Join the world-leading crypto sportsbook NOW!
Very bad idea. If you want this sort of protection use escrow or a payment processor that offers this protection. Just look how bad Paypal is defrauded.
paypal v2 alert
What's to stop people from claiming any transaction was fraudulent?
This.
If any transaction can be overturned by a miners' consensus what's to stop leaders of large mining pools from simply stealing all the fucking coins?
No we don't need this. Stop trying to become Paypal v2. This just gives people more opportunities to scam.
What's to stop people from claiming any transaction was fraudulent? This would essentially just turn it into PayPal. Maybe we need some two factor authentication and better security features on wallets though.
I don't think this would work. Despite all validation and "trust" what is to stop you from reversing a legitimate transaction? This is the problem with Credit Cards. I can roll out to a any bar strip in the country and spend up a hefty bill, call my credit card company the next day and say all of these transactions were unauthorized without ever seeing any of those vendors. You can't do that with cash...you can't do that with Bitcoin. If you want your transaction reversed, it's up to You and the Receiver. That's it. Not some mediation company who will favor one or the other.
One of the so-called features or benefits of bitcoin is the lack of any reverse transactions. But in many respects this is a great failing. Wouldn't it be better that if you voluntarily identify you as a legal entity holding a wallet address and that if you did not authorise a transaction (i.e. it was stolen or the goods weren't delivered) that there is a method to reverse that transaction?
What if you could submit that a transaction was illegal to the network and for a miners fee of say 10%, the transaction could be reversed by consensus? And that for addresses that are less trusted that becomes automatic but for highly trusted or fully identified addresses that goes to arbitration by one of many authorities/group of people to determine the validity?
To me, the KEY feature for bitcoin is the de-centralisation and limited quantity of units. But we need traditional services that the financial institutions currently provide for it to be useful. One feature is reverse transactions. without it is a hinderance to progress and why it exists to begin with.
Many scammers on this board I'm sure will happily protest to the idea. It doesn't work to their benefit. Is there any work being done on reverse-transactions in bitcoin?
What if you could submit that a transaction was illegal to the network and for a miners fee of say 10%, the transaction could be reversed by consensus? And that for addresses that are less trusted that becomes automatic but for highly trusted or fully identified addresses that goes to arbitration by one of many authorities/group of people to determine the validity?
To me, the KEY feature for bitcoin is the de-centralisation and limited quantity of units. But we need traditional services that the financial institutions currently provide for it to be useful. One feature is reverse transactions. without it is a hinderance to progress and why it exists to begin with.
Many scammers on this board I'm sure will happily protest to the idea. It doesn't work to their benefit. Is there any work being done on reverse-transactions in bitcoin?
Jump to: