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Who is the 'judge' in these cases responsible for updating the blacklist? How do you verify certain coins were stolen as opposed to an angry/regretful buyer?
by walls 9y ago
Who is the 'judge' in these cases responsible for updating the blacklist? How do you verify certain coins were stolen as opposed to an angry/regretful buyer?
- bb88 9y agoIn the real world, you'd file a police report and then tell your bank. And let the bank put a hold on the transaction. That way if it was buyer's remorse you would have committed a crime by filing a police report in the first place.
- bdcravens 9y agoIn the cryptocurrency world, involving a central authority really doesn't work.
- bb88 9y agoIs that a bug or a feature? Edited to add: There is this idea of trust in centralized and decentralized currencies, and they're both different. In the centralized currency I can trust that if someone was ripped off there's recourse, However, in a decentralized one I cannot trust there's recourse?
- bdcravens 9y agoDefinitely a feature. Bitcoin is a response to centralization; decentralization is its raison d'être
- bb88 9y agoTo me, it just seems like if a decentralized currency is the future, fraud protection might be a necessary component before people jump on board en masse. Otherwise stories like this make crypto currency look like the wild west.
- nokcha 9y agoIt's a fundamental architectural decision that has both advantages and disadvantages. It means that there is no single point of failure, but it also means that it's difficult or impossible for the system to remedy things such as theft.
- skybrian 9y agoYes, and even the "no single point of failure" thing is overrated. For people using cryptocurrency to try to do things (as opposed to the system perpetuating itself), there are lots of risks caused by irreversibility.
- bdcravens 9y ago> in a decentralized one I cannot trust there's recourse? Bingo. How you acquire, secure, and use your currency should come from the trustless nature (of course, speculation and Bitcoin as a "better Visa" has tainted perspective which is why hacks and thefts are common) That said, most physical assets have no recourse either, aside from legal recourse. Same as Bitcoin.
- bb88 9y ago> That said, most physical assets have no recourse either, aside from legal recourse. Same as Bitcoin. But bitcoin is electronic. And many asset transactions done electronically (credit card, checks, bank transfers) do have some form of recourse. Even with cash, one can record the serial numbers of your bills and give those to the FBI if they're stolen. In fact, it's pretty common for high end bill counters to offer this capability.
- IntronExon 9y agoPhysical assets can be, and frequently are, insured. If they’re very valuable, the insurer will undertake investigations, and involve law enforcement if needed.