Bitcoin Forum
June 21, 2024, 11:58:15 AM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: iPayYou Launches New Bitcoin Wallet, With Ability to Cancel Transactions  (Read 1081 times)
MadGamer (OP)
Legendary
*
Offline Offline

Activity: 1568
Merit: 1031


View Profile
May 07, 2016, 12:30:20 PM
 #1

Seattle-based iPayYou has launched a new bitcoin wallet with multiple features, including the ability to cancel transactions. Would this prove to be a hit among users?
The website : https://www.ipayyou.io/ & the article : http://cointelegraph.com/news/ipayyou-launches-new-bitcoin-wallet-with-ability-to-cancel-transactions
Jhanzo
Hero Member
*****
Offline Offline

Activity: 798
Merit: 506


Thank satoshi


View Profile
May 07, 2016, 02:46:34 PM
 #2

took this from the link.

Quote
It is important to note that a transaction sent from an iPayYou wallet can only be cancelled if it has not been confirmed. Bitcoins sent to another iPayYou user through email can be cancelled until the other user logs in.

so apparently they're going to double spend the canceled transactions and pray to god that the second transaction will be confirmed faster than the first.

Trusted an exchange that climbed to the top 3 in just under 2 years with your money? you are fucking stupid.
Dabs
Legendary
*
Offline Offline

Activity: 3416
Merit: 1912


The Concierge of Crypto


View Profile
May 07, 2016, 04:35:13 PM
 #3

2048 bit certificates, while it may be enough, why couldn't they have gone with 4096 bit?

davinchi
Legendary
*
Offline Offline

Activity: 2100
Merit: 1058


View Profile
May 07, 2016, 04:44:45 PM
 #4

I still don't quite understand how the cancellation of transaction works as the article didn't provide much information about it, or maybe my comprehension is just really that bad. I personally do think this may pose a threat to merchants when receiving bitcoins such like the chargeback feature in PayPal. Although I'm sure that those two are entirely different.
SFR10
Legendary
*
Offline Offline

Activity: 3038
Merit: 3462


Crypto Swap Exchange


View Profile WWW
May 07, 2016, 05:26:05 PM
 #5

Although it seems interesting, the following are my insights:

1. It's based on Seattle therefor like every other american brand, it restricts certain countries to use it (all american finance related sites do this).
2. It seems transactions will be handled manually by a person, instead of a automated procedure since transactions are done via email or text so it most likely slower than others.
3. I like their "Withdraw to your bank account" option but there wasn't any information about the percentage they will be charging for this.
4. I like and don't like "Lock your price" feature due to, if someone asks to be paid in BTCitcoin alone and not in certain amount of $, could end up not getting what they wanted but on the other side is good as well for those that intend to send certain equivalent amount of $ to someone and eliminate extra cents.
5. Their "Cancel transactions" is a bit misleading since there was always a way prior to the confirmation of the initial transaction.
6. About "Integrated shopping experience", it will only be useful if the discount rate they offer, is better than others out there.

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
Kprawn
Legendary
*
Offline Offline

Activity: 1904
Merit: 1074


View Profile
May 07, 2016, 06:00:56 PM
 #6

One of the motivating points for merchants to shift to Bitcoin, was because chargebacks were not possible... now these guys wants to go back to a system that was misused to cheat people out of their

well earned money? Bitcoin should improve on these problems, not copy cat the old payment methods. I see people trying to implement Debit and Credit cards onto Bitcoin too, and I think these people

just want to continue making profits from this new technology... that was supposed to improve on these features.  Roll Eyes

THE FIRST DECENTRALIZED & PLAYER-OWNED CASINO
.EARNBET..EARN BITCOIN: DIVIDENDS
FOR-LIFETIME & MUCH MORE.
. BET WITH: BTCETHEOSLTCBCHWAXXRPBNB
.JOIN US: GITLABTWITTERTELEGRAM
Bought
Sr. Member
****
Offline Offline

Activity: 266
Merit: 250


View Profile
May 07, 2016, 06:10:50 PM
 #7

the only legitimate thing i can think this would be usefull for is for canceling a transaction that too small a fee has been paid on so you dont have to wait for hours/days for it to confirm. Other than that i could only see it being used to scam people who accept payment with 0 transactions. So basically paying for coffee with bitcoin would no longer be an option.

countryfree
Legendary
*
Offline Offline

Activity: 3052
Merit: 1047

Your country may be your worst enemy


View Profile
May 07, 2016, 06:23:25 PM
 #8

No, please! It's a great thing that BTC transactions cannot be cancelled. I'm also frequently making SEPA transfers, which cannot be cancelled, and that's fine. Just like when I'm giving cash to someone. Why should it be possible that a transaction be cancelled, once done? It shouldn't be.

I used to be a citizen and a taxpayer. Those days are long gone.
Cantoner
Member
**
Offline Offline

Activity: 71
Merit: 10


View Profile
May 07, 2016, 06:28:45 PM
 #9

As i know isnt possible to make such thing at bitcoin world,even doing a transaction faster then the other,wouldnt it make doubled transaction?Anyway this company will have more problems to work out then profit.Maybe if they store the bitcoins at the wallet they provide they can make the refund ,from there soo will be something like protection and buyer and seller must use their wallet to buy and sell and get those option ,the refund.
mkc
Hero Member
*****
Offline Offline

Activity: 517
Merit: 501


View Profile
May 07, 2016, 08:09:45 PM
 #10

If they can deliver what they promise/claim in their web site, I think they are a promising company.

interbtc
Sr. Member
****
Offline Offline

Activity: 451
Merit: 250


View Profile
May 07, 2016, 08:15:29 PM
 #11

No, please! It's a great thing that BTC transactions cannot be cancelled. I'm also frequently making SEPA transfers, which cannot be cancelled, and that's fine. Just like when I'm giving cash to someone. Why should it be possible that a transaction be cancelled, once done? It shouldn't be.

Don't worry, it's no real cancelation of the transaction. They can only cancel the unconfirmed ones, which isn't that much of a novelty.
Doubt there will be any service that operates directly on blockchain that will ever be able to do it for real. If that's their best hit-line, they will prolly go under very soon imho.
erikalui
Legendary
*
Offline Offline

Activity: 2632
Merit: 1094



View Profile WWW
May 07, 2016, 09:06:20 PM
 #12

I felt at first that transactions that are unconfirmed on the bitcoin network can be cancelled. It's great that they confirmed it "It is important to note that a transaction sent from an iPayYou wallet can only be cancelled if it has not been confirmed. Bitcoins sent to another iPayYou user through email can be cancelled until the other user logs in.

Since these transactions are just internal entries in iPayYou’s accounts and are not confirmed on Bitcoin’s blockchain, cancellation is possible."

It can help in cases when users send coins via wrong addresses else I cannot see any other advantage of this option.

Wapinter
Legendary
*
Offline Offline

Activity: 2674
Merit: 1026

Hire me for Bounty Management


View Profile
May 07, 2016, 11:00:43 PM
 #13

I still don't quite understand how the cancellation of transaction works as the article didn't provide much information about it, or maybe my comprehension is just really that bad. I personally do think this may pose a threat to merchants when receiving bitcoins such like the chargeback feature in PayPal. Although I'm sure that those two are entirely different.
Merchants can wait till they get atleast one confirmation after which transaction can not be canceled.So it would provide safeguards to both sender and receiver.

nioc
Legendary
*
Offline Offline

Activity: 1624
Merit: 1008


View Profile
May 07, 2016, 11:20:50 PM
 #14

I still don't quite understand how the cancellation of transaction works as the article didn't provide much information about it, or maybe my comprehension is just really that bad. I personally do think this may pose a threat to merchants when receiving bitcoins such like the chargeback feature in PayPal. Although I'm sure that those two are entirely different.
Merchants can wait till they get atleast one confirmation after which transaction can not be canceled.So it would provide safeguards to both sender and receiver.

The problem is that there are some services that proceed with a digital transaction once your btc transaction is broadcast and before it is confirmed.
bitbaby
Hero Member
*****
Offline Offline

Activity: 812
Merit: 1000



View Profile WWW
May 08, 2016, 03:49:51 AM
 #15

I felt at first that transactions that are unconfirmed on the bitcoin network can be cancelled. It's great that they confirmed it "It is important to note that a transaction sent from an iPayYou wallet can only be cancelled if it has not been confirmed. Bitcoins sent to another iPayYou user through email can be cancelled until the other user logs in.

Since these transactions are just internal entries in iPayYou’s accounts and are not confirmed on Bitcoin’s blockchain, cancellation is possible."
Edit:
Don't know if they're referring to their internal transfers only or they're going to attempt double spends with greater fee to try and cancel the transaction previously created to bitcoin network. Hopefully it is the former. Otherwise a lot of noobs will try and take advantage of this by either abusing the 0 confirmation deposit gambling sites or scam other noobs who are not familiar with bitcoin workings.

Alaki
Sr. Member
****
Offline Offline

Activity: 266
Merit: 250


View Profile
May 08, 2016, 04:11:35 AM
 #16

Edit:
Don't know if they're referring to their internal transfers only or they're going to attempt double spends with greater fee to try and cancel the transaction previously created to bitcoin network. Hopefully it is the former. Otherwise a lot of noobs will try and take advantage of this by either abusing the 0 confirmation deposit gambling sites or scam other noobs who are not familiar with bitcoin workings.
Yep, that cancellation feature do 've many neg. outcomes I'd guess. IMHO, they 'sld close that feature to avoid abuse of their system.
erikalui
Legendary
*
Offline Offline

Activity: 2632
Merit: 1094



View Profile WWW
May 08, 2016, 11:27:53 AM
 #17

I felt at first that transactions that are unconfirmed on the bitcoin network can be cancelled. It's great that they confirmed it "It is important to note that a transaction sent from an iPayYou wallet can only be cancelled if it has not been confirmed. Bitcoins sent to another iPayYou user through email can be cancelled until the other user logs in.

Since these transactions are just internal entries in iPayYou’s accounts and are not confirmed on Bitcoin’s blockchain, cancellation is possible."
Edit:
Don't know if they're referring to their internal transfers only or they're going to attempt double spends with greater fee to try and cancel the transaction previously created to bitcoin network. Hopefully it is the former. Otherwise a lot of noobs will try and take advantage of this by either abusing the 0 confirmation deposit gambling sites or scam other noobs who are not familiar with bitcoin workings.

They have mentioned only about internal transfers as of now via the iPayYou (as they can only control their user's transactions). Even I doubted that this could cause a scam attempt but with bitcoins, it is not yet possible and hence scammers can only succeed if they don't add any fee and the transaction is dropped.

Dabs
Legendary
*
Offline Offline

Activity: 3416
Merit: 1912


The Concierge of Crypto


View Profile
May 08, 2016, 08:30:37 PM
 #18

Which sites are 0 confirmation? I don't know of any. It's also very difficult to double-spend a transaction after about 10 seconds provided there was a minimum transaction fee.

nioc
Legendary
*
Offline Offline

Activity: 1624
Merit: 1008


View Profile
May 08, 2016, 11:59:45 PM
 #19

Which sites are 0 confirmation? I don't know of any. It's also very difficult to double-spend a transaction after about 10 seconds provided there was a minimum transaction fee.

ShapeShift
Dabs
Legendary
*
Offline Offline

Activity: 3416
Merit: 1912


The Concierge of Crypto


View Profile
May 09, 2016, 03:11:01 AM
 #20

Which sites are 0 confirmation? I don't know of any. It's also very difficult to double-spend a transaction after about 10 seconds provided there was a minimum transaction fee.

ShapeShift

Well, I'm sure they have something in place, similar to BitPay. Notice that BitPay does not wait for a confirmation, but they check the transaction if it looks good, includes a fee, has been relayed and seen by many nodes, and is likely to be confirmed.

There is another site that does not wait for confirmation, rebit.ph they update your transaction as "confirmed" as soon as about 10 to 20 seconds after you broadcast it, but they still take 3 hours to pay out.

Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!