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by chrisco255 2010 days ago
Yes, they do. That is a feature, not a bug. It gives digital transactions the same properties as cash. When you hand over $50K in cash to someone, you better make sure you trust that someone. When you send $50K in crypto to an address, you better make sure you trust that address. People have to learn new habits and precautions with crypto. With great power comes great responsibility.

Maybe the UI for wallets should do more to defend against erroneous sends, or warn the user to make a test transaction before sending large amounts? A lot more can be done with UX.
2 comments
olliej 2010 days ago
No, people want reversible transactions.

They want transactions where they pay someone, and that person doesn't send the goods they can reverse the charge.

They want to be able to correct erroneous or fraudulent transfers.

These are all things that the normal financial system does well, and crypto systems absolutely cannot.

You cannot force someone to return a crypto currency transfer. No matter what the case: error, fraud, or theft. Even the latter is feasible within the regular financial system.

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jtchang 2010 days ago
When you hand someone cash you can get the cash back. You know the person you can chase them down.
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chrisco255 2010 days ago
No, you can't necessarily get it back. It's like sending cash internationally, but you sent it to the wrong address and now you don't know who the fuck has it.
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olliej 2010 days ago
If you mis-address cash sent internationally it does get held for reversal. That's why international wires require so many details.
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MacsHeadroom 2010 days ago
A wire is not "cash." Cash, in this conversation, refers to paper and metal transfered physically.
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