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I'm not convinced that is true. Tools can be written to validate amounts carefully. Wire-fraud is also relatively common and often not reversible but people a
by aeternum 6y ago
I'm not convinced that is true. Tools can be written to validate amounts carefully.
Wire-fraud is also relatively common and often not reversible but people and businesses still wire money frequently.
Also happens with HFT: https://www.bbc.com/news/magazine-19214294 https://www.bbc.com/news/magazine-19214294
- google234123 6y agoA general use currency != HFT.
- crimsonalucard1 6y agoIt is reversible. If you make a mistake like this oftentimes you can rely on law enforcement/bank to force the money to be given back. Not sure if this is possible with crypto.
- rootsudo 6y agoIf anyone read, it was reversed at 50% the cost.
- Hamuko 6y agoIt wasn't reversed. The beneficiary just agreed to give half of it back.
- everfree 6y agoOften it's not reversible in practice, if the destination bank/jurisdiction is not cooperative. This is why you hear people losing their life savings to scammers in Nigeria, instead of just successfully suing them to get it back.
- crimsonalucard1 6y agoYeah but usually that's not the case. Usually you can get it back. I would say more often than not it's reversible.
- smachiz 6y ago> Can a Transfer Be Reversed After Being Accepted? Once a wire transfer has been accepted by the recipient's bank, there are only a few circumstances that allow for the reversal of the wire transfer under the Uniform Commercial Code. > The only available options for reversing a completed transfer are if the sending bank made a mistake, if the payment order was a duplicate of a previous order, or if the order is for an amount greater than the beneficiary was entitled to receive under the transfer. In those cases, the beneficiary's bank will recover the funds improperly paid to the beneficiary. https://budgeting.thenest.com/time-frame-reversing-wire-transfer-33881.html https://budgeting.thenest.com/time-frame-reversing-wire-tran...
- lucd 6y agohttps://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65 https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1ba...
- m3kw9 6y agoCan is a large word, you need to standardize it, which is what’s needed and it’s a long way to go.