Cardano has to put a protection in place to stop or reverse transaction to wrong or fraudulent recipient

Searched this Cardano forum for Scams and can’t believe that there are 50+ topics of scams to date and all I see is sorry or it happens to those that are guilable.

I think for Cardano or any type of crypto currency to be widely accepted is for them to have some sort of protection to those people that believes and invest on their crypto currency. Since there is an address of where the crypto is sent to, Cardano or the wallet exchange app can maybe develop something where if that crypto is reported to have been wrongfully sent by the sender or reported by the sender to be a fraud transaction within 30 mins to an hour of the transaction, then the recipient address will not be able to spend or cash out their Cardano crypto until they clear out their issue with the sender.

I suspected that I got scammed within 5 minutes or less of my transaction of my 2500 ADA in coinbase. The YouTube live video was so believable, that you get caught up in the zone where you send your lifelong crypto investment to just get it stolen from you in a minute and no one to help you recover it. I feel for all those that fell for this scams and all they get is sorry and not recover their crypto.

1 Like

I agree with what you are saying, but then there won’t be any decentralization. I think people need to be more and more educated about scams and how to avoid them.

2 Likes

So @Al_Eusebio, you have 2500 units of w/e currencie in your bank account; you got scammed; does the bank have any responsability in that? Does the bank gonna give you back your units? Will the bank do anything at all besides saying, “We’re sorry…”? Probably you wouldn’t even have the cojones to go face-to-face to the bank worker and saying that; but that’s another story, for another day.

50+ topics about this crap beacuse you are indeed gullible; wtf do you want to be told? “Hey man… I feel so sorry for you… Chin up, someday the wrongfull deed will come to the Divine Justice Tribunal and Jesus the Son of God himself will deal with it! Do not fear (and meanwhile cry me a river)!”

Learn what is PERSONNAL RESPONSABILITY and that NOBODY he’s here to tap your shoulder when you F*** UP.

cheers

I dont agree with you here.

I mean yes those scams are really bad and im really sorry for anyone who lost money to those scams.

But lets be clear, we are in this space because we want to be independent and take responsibility for ourselves. this also includes taking responsibility when we have messed something up.

If it were possible to block or reverse transactions, this function would sooner or later be abused.

Cheers
Fabian

4 Likes

The weakness that these scammers exploit is not in the blockchain or any associated software under the developers’ control…

Many people get taken in by hype, and can’t be bothered to do their due diligence on what crypto and decentralisation actually mean. And in the end their own greed and ignorance makes them easy prey for grifters.

I do feel some compassion for those that lose a significant chunk of their resources. It’s a hard lesson to learn. But for some it’s the only way they’ll ever learn. And others will never learn at all.

Best advice I can give: drop the “I’m a paying customer and I demand satisfaction” mindset. Crypto is not a service, it’s a tool. It doesn’t come with a safety net. Play stupid games = win stupid prizes.

P.S. I’ve said this before, and I’m not shilling for CCP Games, but I really feel the crypto-curious should first spend a few months playing in the EVE Online sandbox. Nothing teaches self-reliance and common sense like a ridiculously complex MMO where scamming, piracy and other predatory practices are explicitly allowed.

5 Likes

So you’re talking about life or am I mistaken?

Loved the:

Accuracy: 100

Bravo! :clap:

cheers

Just an update, I worked through my bank and they were able to stop payment for the crypto that I bought related to this scam! Haha! FYou coinbase and FYou Crypto for not having any protection at all for your stupid block chain future tech that allow these scammers and criminals to get paid out of people hard earned money. I will only come back to crypto once I see more security on the crypto or the wallet exchange itself protecting those that are using it. If there is a smart contract as they say they have, then why not wrap that around the crypto tech and make it so that smart contract gets executed first before having the recipient take the sender crypto, enough of this sorry for your stupid loss, we can’t do anything.

The weakness that these scammers exploit is in the blockchain and the exchange app that has your private key. The only way that these scammers and criminals can be stopped from using this blockchain tech from taking someone hard earned money is to not be able to get that private key that will unlock the crypto from the sender wallet that the crypto was sent to, until rules or the sender regulation is executed. So if I have my private key and if I have some codes (or I think what smart contract is called nowadays) to do just that rules and regulation before that recipient address can have access to my crypto, I can do just that. The issue are these crypto wallet exchanges like coinbase, binance, etcetera, charges you for deposit and trade transactions and should be able help implement those type of security, cause they have the private key of the sender and the address public key address of the recipient.

So problem solved right?

Great, now go read “the alegory of the cavern”; and crawl back there!

Much obliged!

One thing is for sure, this industry DO NOT need crying babies! :laughing:

Sayonara!

cheers

1 Like

What we need is to educate more people, DYOR before sending anything to anybody. Coin sent cannot be reversed, then its not decentralized. Let’s do our part by educating ourselves.

2 Likes

Haha! Problem solved for me but not for you. It seems like you do have a lot of problems with you trolling this topic with your non-helpful comments to evolve crypto. Go ahead and troll some other topics you non-helpful wanna be developer.

Crypto is still centralize until you have the private key on your physical device and have all the tools and apps wrap around to protect it. If someone else like wallet exchange app has your crypto private key, then your crypto is still not decentralized.

1 Like

I understand that, thank you.
That’s why i don’t hodl on CEX

Not your wallet = not your money. Using exchanges for long-term storage is unwise. If it is at all possible, secure your funds on a personal device.

And if someone lifts your private keys from that, then your personal security practice was lacking.

The blame may lie with the thief, but the reponsibility for your keys & wallet is yours. Barring vulnerabilities in the software of course – but so far, I’m not aware of a single hack of a Daedalus or Yoroi wallet that could be traced back to a bug… If the vulnerability was “in the blockchain”, we’d all be poor now :wink: #PEBKAC

I agree that we should put maximum effort into educating people, like @Kesterbils says. Both about how crypto works, and about basic security culture. It’s complicated stuff, and it takes effort. And even the best can make mistakes. But the best also own their mistakes, and learn from them.

1 Like

“EVE is life.” – but at least in-game mistakes don’t have painful real-life consequences.

Could you please share more details on how exactly were you scammed? Maybe we could all learn from it something.

1 Like

Yeah, indeed.

I’m still trying to figure out how you buy ADA in coinbase, lose it to a scam, and get reimbursed by the bank. :laughing:

Tell me what your bank is, beacuse that in itself looks like a SCAM.

Had I a problem you wouldn’t be reading crying-babie topics like yours in this forum.

THE problem lies with you being unable to understand what crypto means, and start shounting like a babie that everything is wrong (BESIDES YOU)! BUAHAHAHAH!!!

Spit out how you buy ADA and get reimbursed by the bank, I’m waiting.

cheers

LOL, looks like you’re enjoying and entertained reading the misery of people getting scammed out of their crypto without providing any help and keep going with your troll self.

Start googling “stop payment” maybe you will learn something to protect yourself from scammers incase something like this ever happen to you of someone you care for.

Here is how I was to able to get my hard earned money back from purchasing ADA from coinbase.
I purchased ADA last weekend with my bank account, before the purchase was executed in my bank account, I was able to stop payment from anything that coinbase is trying to get from me that was related to the scam. Note that you have to call your bank before the purchase of your crypto post in your bank account. If your crypto purchases post to your bank account, then you will have to deal with the wallet exchange to get your money back, which I’m sure they will tell you tough lost, we can’t do anything about your stupid mistake. @jpsrrv BUAHAHAHAH!!! your Trolling face!

Just so you know, I do own up to my stupid mistake and will find a way to do something about it to correct it. With this crypto scam, I was able to do something about it and you trolling this topic with your non-helpful comment shows your type of character (Troll!).

Okay @Al_Eusebio and @jpsrrv lets get back to a good mannered discussion.

I dont want to see any trollish or insulting post anymore.

4 Likes

I’m still boggled…

You did all that, before the scam, so you knew the bank would come back, and STILL you come cry here that you got scammed and blablabla? :laughing:

Thanks for the info, I will stop track.

cheers

EDIT: I now understand after re-reading your 1st post.

The security made you feed the greed. :laughing:

EDIT 2: Still that can be used in scamming btw. (flies away in hot pants)