Reversable transactions

[Perspicacity]

Since reversable transactions are considered "high risk", doesn't that mean all transactions apart from handing cash over to someone would be considered high risk?  Aren't all transactions reversable? 

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[Bitconorama]

What transactions are you referring to? BTC? ..BTC is like the magic cash of the Internet, and as such are not reversible?

[infinitybo]

@Perspicacity Yes because you need to trust your seller however if you don't so that would be considered as a high risk business.

[jonanon]

Transactions are only reversible if the medium you use to facilitate the transaction offers this support.

BTC does not.

[Perspicacity]

Coinbase characterizes bank transfers to purchase bitcoins as "reversible" and therefore "high risk".

[DannyHamilton]

Since reversable transactions are considered "high risk", doesn't that mean all transactions apart from handing cash over to someone would be considered high risk?  Aren't all transactions reversable? 

Other transactions that are not "reversible".

U.S. Postal money order after it has been cashed.

MoneyGram after the cash is received.

Western Union after the cash is received.

Cash deposit into a bank account.

Merchandise or service delivered.

[theBishop]

One thing that must be preserved in Bitcoin.  The day transactions become reversible is when it succumbs to regulatory influence and loses key features that give it so much potential.  If we let institutions and governments chip away at every facet that gives Bitcoin uniqueness we allow dilution of strength and dwindles into obscurity and ultimately failure.  The biggest threat to Bitcoins success is not external but internal we must watch folks like Bitcoin Foundation like hawks.

[Framewood]

But people make legitimate mistakes, what if grandma accidentally presses the wrong key because her glasses has a bit of much on it or her hand shakes a little. We do have a social responsibility to make things fair to everyone. I've been in IT for 28 years and I still make mistakes. In trading they have the "Fat finger" when a trader accidentally presses the wrong key, they still can reverse and fix it.  Whatever coin can solve this dilemma will end up the winner.

[DannyHamilton]

But people make legitimate mistakes, what if grandma accidentally presses the wrong key because her glasses has a bit of much on it or her hand shakes a little.

If you are careless with your money, you will lose your money.

What happens if you accidentally drop a $20 bill in the trash without realizing it?

What happens if you leave your wallet in the car with $100 in it and the car catches fire?

What happens if you have $1000 in an envelope on a boat, and the boat sinks to the bottom of the mariana trench?

Cash (currency) transactions are not reversible.  They are not supposed to be.

If you want reversible transactions, you use a third-party service (such as a bank, insurance company, escrow service, or credit card company)

The same will be true of bitcoin.  Eventually there will be third-party services (such as banks and credit companies) that will provide reversible bitcoin backed transactions.

[coinspoolco]

You need to check the payment gateway if they have the option to reverse the payment, its not advised to accept money in it for any coins.

[Framewood]

But people make legitimate mistakes, what if grandma accidentally presses the wrong key because her glasses has a bit of much on it or her hand shakes a little.

If you are careless with your money, you will lose your money.

What happens if you accidentally drop a $20 bill in the trash without realizing it?

What happens if you leave your wallet in the car with $100 in it and the car catches fire?

What happens if you have $1000 in an envelope on a boat, and the boat sinks to the bottom of the mariana trench?

Cash (currency) transactions are not reversible.  They are not supposed to be.

If you want reversible transactions, you use a third-party service (such as a bank, insurance company, escrow service, or credit card company)

The same will be true of bitcoin.  Eventually there will be third-party services (such as banks and credit companies) that will provide reversible bitcoin backed transactions.

True, but this is a grey area.
What happens if someone with a disability or low IQ drops the $20 or drilled the hole in the boat?
Lets take the capitalist / survival of the fittest issue away from this, this is more of human debate as well.
Yes third-party services may be the answer.

[DannyHamilton]

True, but this is a grey area.
What happens if someone with a disability or low IQ drops the $20 or drilled the hole in the boat?

This is not a "grey area".  In the cases you mention, the money is still gone with no way of retrieving it. The fact that the person who lost the money is of low IQ or has a disability does not in any way make the money more recoverable or the loss "reversible".



Lets take the capitalist / survival of the fittest issue away from this, this is more of human debate as well.

Sorry, I misunderstood the point of the question.  I didn't realize we were asking what the responsibility of the human race was for the protection of their less capable members, I thought we were talking about the nature of a currency and whether or not something can have "reversible" transactions and still fit within the requirements necessary to be used as a "currency".

Yes third-party services may be the answer.

Agreed.  Protection from error, carelessness, and stupidity are not the responsibility of a currency.  That is a service that can be provided by a third party and for which compensation should be provided in exchange for said service.

[Meuh6879]

trust is a rule in the internet main area ... specially with professionnal seller.
regular buyer don't trust any seller for a first action.

bitcoin don't change that ... it change the certification of the buyer (in the mind of the seller).

and that, it's very good !

[udet4food]

One thing that must be preserved in Bitcoin.  The day transactions become reversible is when it succumbs to regulatory influence and loses key features that give it so much potential.  If we let institutions and governments chip away at every facet that gives Bitcoin uniqueness we allow dilution of strength and dwindles into obscurity and ultimately failure.  The biggest threat to Bitcoins success is not external but internal we must watch folks like Bitcoin Foundation like hawks.

If Bitcoin Foundation add rules for reversible transactions in Bitcoin-qt, it would fork Bitcoin because many would not like this idea, myselves included

[Gabi]

But people make legitimate mistakes, what if grandma accidentally presses the wrong key because her glasses has a bit of much on it or her hand shakes a little. We do have a social responsibility to make things fair to everyone. I've been in IT for 28 years and I still make mistakes. In trading they have the "Fat finger" when a trader accidentally presses the wrong key, they still can reverse and fix it.  Whatever coin can solve this dilemma will end up the winner.

What if grandma burn her money? 

[gongomanny]

But people make legitimate mistakes, what if grandma accidentally presses the wrong key because her glasses has a bit of much on it or her hand shakes a little. We do have a social responsibility to make things fair to everyone. I've been in IT for 28 years and I still make mistakes. In trading they have the "Fat finger" when a trader accidentally presses the wrong key, they still can reverse and fix it.  Whatever coin can solve this dilemma will end up the winner.

Bitcoin address has check code, if you mistype one or more characters, it will be invalid Bitcoin address and you cant send Bitcoins to invalid Bitcoin address

[bitpop]

Coinbase he meanT

[infinitybo]

@Gabi In this case you are screwed anyways anything can be considered as an high risk.