What is the biggest problem in crypto currencies? - page 2.

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: scryptasicminer on August 23, 2014, 02:40:52 PM

Quote from: QuestionAuthority on August 23, 2014, 02:38:48 PM

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

There will be mistakes during rush hour when cashiers need to process order and payment fast. Small mistake like what you described should be forgiven.

In my experience it is the opposite of this. When cashiers are doing transactions back to back they are in the flow of working at a constant pace so they will make less mistakes. When a store is very slow they are more vulnerable to make a mistake as it has been a long time since they have last gone through the steps of processing a transaction.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: ?? on ??

Quote from: QuestionAuthority on August 23, 2014, 06:54:43 PM

Quote from: itsAj on August 23, 2014, 06:31:04 PM

Quote from: QuestionAuthority on August 23, 2014, 02:38:48 PM

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

I guess if all you have time for is a "spot check" then you should get used to losing money. I know it's possible to do it but I never have because my money means a lot to me so I free up the extra few seconds to do it right.

One of my BTC addresses is 1GyaReuEUNSopCZYBbsWN5mhoAtUZJVfhj, not 1itsAJblahblahecdcw34gtveRV6h5. Your BTC address is not 1QuestionAuthorityLKM244. I don't think it is very reasonable to expect for someone to check every single digit in a BTC address prior to sending a TX as if they were to try this they would likely end up with too many false positives and would never get the TX sent.

All I ever do is cut and paste the address from the source. Here is a list of real addresses. Are they different or the same?
Two of them are the same. How long did it take you to find them?

This really isn't that difficult.

17qq5A3XKfrxpJRSC5LH6APjvTDb9hTmma
14gZfnEn8Xd3ofkjr5s7rKoC3bi8J4Yfyy
19ngVyAav9JLE6gVfeQB6zgHEpTZhxJ2qJ
1KyYkZ8wJ7ybvGWxSuZqsm6FuthsALSXq5
1PG1DB6uKdT9uwPBooAjRsNyewmrDrteMT
15tvWYtQq8A4m6N1QGLLADfaLA8C1mKCZv
13ARRimWwGhXt7ozfRy6PTyZcyWxhmM1Gp
13c7aMAEoS1QkwK49GctvEE7ZBkSfvaXCo
1HZK8q2RhY718CZee51D5v7xtiHp9T92pN
1PU4vjyEnMTVCmcoAZgVKFByTzbEnEryaX
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D
1MtPYAjqohLH5gMq3PH5xKVFWWDxrRQEbh
15svFBR3qDuXoqTR3J2CQAiizNaE4v9CAG
1EekHaBpdaxAFTyYLWApegYWPoBBcgknon
1MBtmmai5T9kx5LxhkDPCybWXBLaYagFHu
126vMmY1fyznpZiFTTnty3cm1Rw8wuheev
19NmcoeHo2qwEFjQdUrbGuk34SU2fgfDeg
12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m
1J15UnwBV2uQtgPpEcmaaEbysqtNBCqMGQ
186pHM1up927B9MC27aaics6B8W7bfVpQn
1KJTGpNzYsFibLmq9WaTGAXQbhRFUgnG3z
1MW2LCfz7bvFZJG88QTeC3a1cUHLSbS2ty
198bLhyREhk2u94F5TnD8E8edbAEqEhPjE
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D
15pWzRf8tkKNLbDxsqGVySXfMM2vz5yuo5

Are these two addresses the same? How long did it take you to check?

12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m
12K5SyY2Z3DNsqFtTCnyGC3J8jYTCjM54m

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: itsAj on August 23, 2014, 06:31:04 PM

Quote from: QuestionAuthority on August 23, 2014, 02:38:48 PM

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

I guess if all you have time for is a "spot check" then you should get used to losing money. I know it's possible to do it but I never have because my money means a lot to me so I free up the extra few seconds to do it right.

itsAj

hero member

Activity: 588

Merit: 500

Quote from: QuestionAuthority on August 23, 2014, 02:38:48 PM

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

evanito

member

Activity: 83

Merit: 10

Your average Bitcoin/Ethereum enthusiast

I think the biggest problems with cryptocurrencies are the bloated blockchains, the difficulty for the average person to adopt and the flat transaction fee, no matter what the coin is actually worth.

scryptasicminer

full member

Activity: 213

Merit: 100

Quote from: QuestionAuthority on August 23, 2014, 02:38:48 PM

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

There will be mistakes during rush hour when cashiers need to process order and payment fast. Small mistake like what you described should be forgiven.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: itsAj on August 23, 2014, 02:28:16 PM

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

peeveepee

full member

Activity: 211

Merit: 100

Biggest problem is there are too many pump and dump coins.

Only bitcoin has make it mainstream so far, none of the other coin has.

itsAj

hero member

Activity: 588

Merit: 500

Quote from: QuestionAuthority on August 23, 2014, 10:50:46 AM

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

Cream

member

Activity: 65

Merit: 10

Biggest problem with crypto is they dont have a backup. If they crash, they crash for real. All money gone.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: CreamyPie on August 23, 2014, 09:42:33 AM

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

CreamyPie

member

Activity: 61

Merit: 10

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

giveBTCpls

sr. member

Activity: 322

Merit: 250

It's simple, trustness (or lack of it) and lack of information. Most people is too computer illiterate to get BTC and even if they knew what they are doing, it doesnt matter because most people dont trust it and most people don't have enough FIAT to risk into something they cannot trust.

We'll need major moves like eBay accepting BTC for us to see a legit mainstream adoptance.

desired_username

hero member

Activity: 886

Merit: 1013

Quote from: ErnieX on August 23, 2014, 03:40:27 AM

Altcoins could use a somewhat official review team that checks the codes before a coinlaunch.
Exchanges should not list coins that aren't coming through, that could safe a lot of people from scams.

I don't think altcoins function outside of testing concepts and attempting to make the creators rich.

Anyone who jumps into a new alt to make profits deserves what they'll get.

ErnieX

jr. member

Activity: 58

Merit: 10

Altcoins could use a somewhat official review team that checks the codes before a coinlaunch.
Exchanges should not list coins that aren't coming through, that could safe a lot of people from scams.

Mightycoin

member

Activity: 82

Merit: 10

Most currencies face problem of exchangers, and not being accepted as mode of payment.

Hopefully BTC has lot of exchangers and sites are starting to accept it.

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

they say that the best defense is the best offense so i'm gonna go with...'regulations'

SomethingElse

full member

Activity: 210

Merit: 100

Looking for the next big thing

Quote from: ?? on ??

I think there are some problem :
1. Security, if you post your address on some site. You not anonymous anymore
2. Network Solution, if Crypto currency not popular and have heavy transaction. It will slow down
3. Stable Price, most Crypto currency is not stable. Some people easily dump the price
4. Mining, super power mining (ASIC) / 51% mining attack, cause price pump / double spend
5. Community, there are lot Crypto currency, so it's very hard to make big community like BTC, LTC, DOGE
6. Exchange / Service, no people will accept & use if there aren't Exchange & Service
7. Software, some Crypto wallet software still often error/crash

But, i think the biggest problem is number 3

These are all very real problems. I would add

8. the mining problem mentioned in my previous post
9. ease of use for the common person. bitcoin has a long way to go before it is just as easy as a credit card. (the main competitor for electronic transactions)

SomethingElse

full member

Activity: 210

Merit: 100

Looking for the next big thing

mining being busy work that doesn't really accomplish much but hopefully come up with the metaphorical winning lottery ticket of a block is by far the worst problem. it is inefficient, the miners are greedy and willing to ruin the system, and it wastes hardware and electricity on top of the computational power. if all that power was put towards real work instead of just random guessing of numbers trying to get lucky over and over, then a crypto could be much better.

Maidsafe will use computers hard drives in a useful way.
PoS hardly uses any electricity or computational power but still has a robust and protected blockchain.

Both of these are answers to the mining problem.

wordman267645

newbie

Activity: 28

Merit: 0

I think transaction times and security are the major problem of crypto currencies. If you do not use proper security in your wallet hackers can easily to hack your wallet and transaction times is the most worst thing ever..

Topic: What is the biggest problem in crypto currencies? - page 2. (Read 6835 times)