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I'm confused. Ostensibly the tradeoff for crypto is that only you know the secret factors that allow you to spend money, but there is no possibility of reversin
by ouid 5y ago
I'm confused. Ostensibly the tradeoff for crypto is that only you know the secret factors that allow you to spend money, but there is no possibility of reversing a fraudulent transaction. If you give the keys to someone else, you lose the first condition, which was the benefit, but keep the second condition, which was the drawback. There was no reason to give anyone anyone else your keys!
- thr0wawayf00 5y agoThis is the downside of decentralization that doesn't get enough attention. Digital wallets are just too cumbersome to use on their own for the vast majority of people and carry a lot of risks. I like how when my credit card gets a fraudulent transaction, all I have to do is push a button on my phone and it magically goes away. This is a major, major benefit of having a central authority.
- vmception 5y agoDecentralized crypto currency is a benefit for everyone willing to take a shot at how much they can collect before they themselves get hacked. Its a human coordination mechanism that forces other humans to make it increasingly more resilient when under pressure. It is Machiavellian with no evolutionary dead ends, just mutating and hardening due to the needs of all of its ever growing participants. Rapid market based iteration on steroids.
- qqii 5y agoThere's no reason you cannot construct a token that can be frozen and reversed - USDT (other issues as side) being an example. Accounts as we know them don't have to be at the level of public address-private key but rather a smart contract as seen by Loopring. The difference is what was centralised is now decentralised, what was implicit and required trust is now explicit and requires formal verification.
- swalsh 5y agoUSDC has a blacklist feature too. I don't think funds are reversed though, just frozen (my rough understanding)