What is the biggest problem in crypto currencies?

[ErnieX]

Altcoins could use a somewhat official review team that checks the codes before a coinlaunch.
Exchanges should not list coins that aren't coming through, that could safe a lot of people from scams. 

[desired_username]

Altcoins could use a somewhat official review team that checks the codes before a coinlaunch.
Exchanges should not list coins that aren't coming through, that could safe a lot of people from scams. 

I don't think altcoins function outside of testing concepts and attempting to make the creators rich.

Anyone who jumps into a new alt to make profits deserves what they'll get.

[giveBTCpls]

It's simple, trustness (or lack of it) and lack of information. Most people is too computer illiterate to get BTC and even if they knew what they are doing, it doesnt matter because most people dont trust it and most people don't have enough FIAT to risk into something they cannot trust.

We'll need major moves like eBay accepting BTC for us to see a legit mainstream adoptance.

[CreamyPie]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

[QuestionAuthority]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

[Cream]

Biggest problem with crypto is they dont have a backup. If they crash, they crash for real. All money gone.

[itsAj]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

[peeveepee]

Biggest problem is there are too many pump and dump coins.

Only bitcoin has make it mainstream so far, none of the other coin has.

[QuestionAuthority]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

[scryptasicminer]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

There will be mistakes during rush hour when cashiers need to process order and payment fast. Small mistake like what you described should be forgiven.

[evanito]

I think the biggest problems with cryptocurrencies are the bloated blockchains, the difficulty for the average person to adopt and the flat transaction fee, no matter what the coin is actually worth.

[itsAj]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

[QuestionAuthority]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

I guess if all you have time for is a "spot check" then you should get used to losing money. I know it's possible to do it but I never have because my money means a lot to me so I free up the extra few seconds to do it right.

[QuestionAuthority]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

I guess if all you have time for is a "spot check" then you should get used to losing money. I know it's possible to do it but I never have because my money means a lot to me so I free up the extra few seconds to do it right.

One of my BTC addresses is 1GyaReuEUNSopCZYBbsWN5mhoAtUZJVfhj, not 1itsAJblahblahecdcw34gtveRV6h5. Your BTC address is not 1QuestionAuthorityLKM244. I don't think it is very reasonable to expect for someone to check every single digit in a BTC address prior to sending a TX as if they were to try this they would likely end up with too many false positives and would never get the TX sent.   

All I ever do is cut and paste the address from the source. Here is a list of real addresses. Are they different or the same?
Two of them are the same. How long did it take you to find them?

This really isn't that difficult.

17qq5A3XKfrxpJRSC5LH6APjvTDb9hTmma
14gZfnEn8Xd3ofkjr5s7rKoC3bi8J4Yfyy 
19ngVyAav9JLE6gVfeQB6zgHEpTZhxJ2qJ 
1KyYkZ8wJ7ybvGWxSuZqsm6FuthsALSXq5 
1PG1DB6uKdT9uwPBooAjRsNyewmrDrteMT 
15tvWYtQq8A4m6N1QGLLADfaLA8C1mKCZv
13ARRimWwGhXt7ozfRy6PTyZcyWxhmM1Gp
13c7aMAEoS1QkwK49GctvEE7ZBkSfvaXCo
1HZK8q2RhY718CZee51D5v7xtiHp9T92pN
1PU4vjyEnMTVCmcoAZgVKFByTzbEnEryaX
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D 
1MtPYAjqohLH5gMq3PH5xKVFWWDxrRQEbh
15svFBR3qDuXoqTR3J2CQAiizNaE4v9CAG 
1EekHaBpdaxAFTyYLWApegYWPoBBcgknon 
1MBtmmai5T9kx5LxhkDPCybWXBLaYagFHu
126vMmY1fyznpZiFTTnty3cm1Rw8wuheev 
19NmcoeHo2qwEFjQdUrbGuk34SU2fgfDeg 
12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m 
1J15UnwBV2uQtgPpEcmaaEbysqtNBCqMGQ
186pHM1up927B9MC27aaics6B8W7bfVpQn 
1KJTGpNzYsFibLmq9WaTGAXQbhRFUgnG3z
1MW2LCfz7bvFZJG88QTeC3a1cUHLSbS2ty
198bLhyREhk2u94F5TnD8E8edbAEqEhPjE
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D
15pWzRf8tkKNLbDxsqGVySXfMM2vz5yuo5


Are these two addresses the same? How long did it take you to check?

12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m
12K5SyY2Z3DNsqFtTCnyGC3J8jYTCjM54m

[wasserman99]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

There will be mistakes during rush hour when cashiers need to process order and payment fast. Small mistake like what you described should be forgiven.

In my experience it is the opposite of this. When cashiers are doing transactions back to back they are in the flow of working at a constant pace so they will make less mistakes. When a store is very slow they are more vulnerable to make a mistake as it has been a long time since they have last gone through the steps of processing a transaction.

[QuestionAuthority]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

There will be mistakes during rush hour when cashiers need to process order and payment fast. Small mistake like what you described should be forgiven.

In my experience it is the opposite of this. When cashiers are doing transactions back to back they are in the flow of working at a constant pace so they will make less mistakes. When a store is very slow they are more vulnerable to make a mistake as it has been a long time since they have last gone through the steps of processing a transaction.

That is true. It was slow both times I've had a cashier give me too much change.

[itsAj]

One of the problems I have seen is of wrong payment, if you pay wrong guy, you should have right to reverse it in next 30 seconds..or so.

What you're looking for is called PayPal. The best solution to that problem is don't fuck up.

BTC does not have the same consumer protections that PP or other payment methods have.

I think it is easier said then done to "not fuck up" as there have been many instances when someone has paid he incorrect address (or less commonly the incorrect amount) for something. There have been many instances when someone sent BTC to someone they have traded with in the past only to mean to send BTC to someone different. Many of these cases have been resolved with the BTC being returned, but this does not happen all the time.

You can't reverse transactions so it's necessary to pay attention to what you're doing. The same it true with cash transactions. I have been given back $20 bills by cashiers when I should have received a $10 or a $5. The cashier was lazy or rushed, wasn't paying attention and put a $20 in the wrong slot in the drawer. I don't feel sorry for people that lose money that way. If their Bitcoins or cash are not important to them then they deserve to lose them.

If a cashier notices right away that they gave you $20 instead of $5, then they can ask you for it back right away when it is still obvious that you received too much. If they ask for the money back before you put the money in your pocket, then I think most people will give it back in exchange for the correct amount of change.

The difference with bitcoin is that a person can try to send a message to someone they sent BTC to when they should not have, but the person would not likely receive it right away, and the TX would likely be confirmed (similar to cash being in your pocket) by the time the message would be received. Another issue is that many addresses look very similar to each-other, so it would be possible to do a "spot check" on the address to make sure the address they are sending to looks similar to the address then intend to send to.

I guess if all you have time for is a "spot check" then you should get used to losing money. I know it's possible to do it but I never have because my money means a lot to me so I free up the extra few seconds to do it right.

One of my BTC addresses is 1GyaReuEUNSopCZYBbsWN5mhoAtUZJVfhj, not 1itsAJblahblahecdcw34gtveRV6h5. Your BTC address is not 1QuestionAuthorityLKM244. I don't think it is very reasonable to expect for someone to check every single digit in a BTC address prior to sending a TX as if they were to try this they would likely end up with too many false positives and would never get the TX sent.  

All I ever do is cut and paste the address from the source. Here is a list of real addresses. Are they different or the same?
Two of them are the same. How long did it take you to find them?

This really isn't that difficult.

17qq5A3XKfrxpJRSC5LH6APjvTDb9hTmma
14gZfnEn8Xd3ofkjr5s7rKoC3bi8J4Yfyy  
19ngVyAav9JLE6gVfeQB6zgHEpTZhxJ2qJ  
1KyYkZ8wJ7ybvGWxSuZqsm6FuthsALSXq5  
1PG1DB6uKdT9uwPBooAjRsNyewmrDrteMT  
15tvWYtQq8A4m6N1QGLLADfaLA8C1mKCZv
13ARRimWwGhXt7ozfRy6PTyZcyWxhmM1Gp
13c7aMAEoS1QkwK49GctvEE7ZBkSfvaXCo
1HZK8q2RhY718CZee51D5v7xtiHp9T92pN
1PU4vjyEnMTVCmcoAZgVKFByTzbEnEryaX
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D  
1MtPYAjqohLH5gMq3PH5xKVFWWDxrRQEbh
15svFBR3qDuXoqTR3J2CQAiizNaE4v9CAG  
1EekHaBpdaxAFTyYLWApegYWPoBBcgknon  
1MBtmmai5T9kx5LxhkDPCybWXBLaYagFHu
126vMmY1fyznpZiFTTnty3cm1Rw8wuheev  
19NmcoeHo2qwEFjQdUrbGuk34SU2fgfDeg  
12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m  
1J15UnwBV2uQtgPpEcmaaEbysqtNBCqMGQ
186pHM1up927B9MC27aaics6B8W7bfVpQn  
1KJTGpNzYsFibLmq9WaTGAXQbhRFUgnG3z
1MW2LCfz7bvFZJG88QTeC3a1cUHLSbS2ty
198bLhyREhk2u94F5TnD8E8edbAEqEhPjE
1Sb9oSA4bkm7GxPWzubRKtqc4pFa1pf3D
15pWzRf8tkKNLbDxsqGVySXfMM2vz5yuo5


Are these two addresses the same? How long did it take you to check?

12K5SyY2Z3DNsqFtTCnyGC3J7jYTCjM54m
12K5SyY2Z3DNsqFtTCnyGC3J8jYTCjM54m

I would agree that it is a best practice to copy and past an address from the source (I really don't see any other way of doing it). My argument is that someone would have an address already stored in their clipboard for some reason, then sometime later would want to buy something from overstock, go to checkout and get an address to send BTC to, they would press control-c (or in my case apple-c) to copy the address, but for whatever reason it doesn't copy to their clipboard (maybe due to a glitch, or they didn't hold it down loan enough, or some other reason), they then switch tabs to their blockchain.info wallet, paste what is in their clipboard (and check to make sure the address looks correct) then send the proper amount. Since the person *just* (thought) he copied the address he would likely give it somewhat of a lower standard of care. Additionally since the two addresses are not right next to each-other it is more difficult to compare them against each-other.

Yes, your two addresses are different. At first glance they are the same address, but after thinking for a minute, I knew that you were trying to prove a point so upon close examination of the two addresses while they are right next to each-other I see they are in fact different (I don't think a TX that attempted to send BTC to the 2nd address would actually be accepted by the network, but that is besides the point; and congrats on getting blockchain spam to an address of yours). As mentioned above many uses of bitcoin involve users not being able to look at the address they should be sending to and the address they are actually sending to on a side-by-side basis, but instead would need to look back and forth between screens on their computer. This is especially true with more and more people only having a phone, tablet or other mobile device and really not being able to look at the two addresses next to eachother.

[QuestionAuthority]

Maybe that can be a future upgrade to the client. Plain language addresses automatically generated for and associated with blockchain addresses. Instead of 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v the client would show TurtleSoupWithCheeseSauce. You would know instantly that you never sent btc to TurtleSoupWithCheeseSauce.

[itsAj]

Maybe that can be a future upgrade to the client. Plain language addresses automatically generated for and associated with blockchain addresses. Instead of 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v the client would show TurtleSoupWithCheeseSauce. You would know instantly that you never sent btc to TurtleSoupWithCheeseSauce.

You can use some clients to assign a label to frequent addresses that you send BTC to.

I would be interested to know how you could mathematically get from an address to some kind of custom name. I think this would likely replace a few few number of transactions involving sending BTC to an incorrect address to many more scammers receiving transactions that are meant for someone else. This happened when coinbase first started allowing (I think it was) account tags when you could send money to coinbase.com/QuestionAuthority the funds would go directly into your coinbase account; someone (that was not SeansOutpost) set up the tag SeansOutpost before they could get to it to try to get people to "donate" money to them.

[Hasher99]

Biggest problem is that its not backed up by any govt organisation, so it can become dirt in anytime[theory]