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

I’ll just leave this here…

What Is a Stop Payment?

A stop payment is a formal request made to a financial institution to cancel a check or payment that has not yet been processed. A stop payment order is issued by the account holder and can only be enacted if the check or payment has not already been processed by the recipient.

(my emphasis)

A stop payment is a request to cancel a payment before it has been processed, for example by cancelling a check before it has been deposited.

(my emphasis)

Such much many smelly fish around this topic…

I guess CB credited an account that wasn’t debited. (OK…)

cheers

One month in Jita would be enough training to avoid ALL crypto scams … this youtube nonsense is not nearly as creative :wink:

Or one weekend in NYC…:joy:

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yeah, his experience will go a long way in preventing us from falling for same scam.

It’s a fundamental design feature of blockchains that no one can change transactions once they’ve been recorded and verified. In theory I mean; I’ve heard of instances where a blockchain’s history was rolled back because it was controlled by a small of people and therefore wasn’t truly decentralized.

Perhaps some day there will be a form of depositor’s insurance, or something analogous, to protect some portion of an investor’s crypto assets in the event of theft.

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We are less than a month away from this insurance = smart contracts. you do not send any ada to the scammer, you enter a smart contract with them, where both you and the scammer lock the same amount, which is then released to you. easy. :wink:

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I don’t understand what you are saying.I thought you were tricked into sending ada for the promise of more ada returned.What are you going on about them not owning a private key to their own wallet ? Everybody should own their own private key. That’s the whole point of crypto.
It was decided early on that ada is immutable thus transactions can not be reversed. There was a split in the ethereum chain a while back over that issue.

" I worked through my bank and they were able to stop payment for the crypto that I bought related to this scam! "

That doesn’t add up. Coinbase credits your account with money that has not yet been received from your bank, and lets you trade with it, but you can’t send the crypto purchased with that credit anywhere until they receive the funds from your bank.

" 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."

That won’t work. That means every transfer would have to sit in the wallet for an hour before it could be moved. Businesses that convert crypto to usd instantly couldn’t function. It would slow the whole chain down.

Sorry for your loss but this is the nature of crypto. We have to do extra due diligence.

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NO
code is law, if you lost your money doing some fake transaction its your fault. this is not a bank, its your responsibility to control who you are sending the money.

I am the only single like the OP has, lol!

I like that you raise the issue based.

I do not agree Cardano needs to create a pathway for such a stop-payment tx, I do however look at adoption and believe that such option would hold a high value in our space, not through the protocol, yet through a third party just as you were able to utilize the option through your bank.
I am a hardcore decentralization supporter and a realist, when I look at adoption I think of all the people like yourself that would love to be in control of your funds yet have some type of protection that we can utilize just like we do through centralized banking, options are good, there is no one way fits all, in this time and age we have many payment gateways we can utilize that have the stop payment option and with more and more people beginning to use crypto as a payment I do think that integration of insurance to protect people from scammers would be a good thing, however I see it as a 3rd party that operates with some style of central control as your bank does, and both parties to a transaction would be in agreement that by using the 3rd party they agree to the fine print that gaurantees insurances.
I say this knowing many people will not utilize smart contracts, most of us want an easy button, and most of us want financial security and insurances - there is no good reason for us to throw out the baby with the wash water, society has developed insurances for a reason and why would we throw all of that away? It should be optional and I believe slowly but surely it will be, I rank it in the same category as privacy and identity, and its multi faceted problems will at some point inspire someone to take up the task of building a 3rd party service that provides people with the flavor of crypto banking they would like to participate in.

All the responses tl;dr and maybe some a bit toxic to reply to, in the march toward decentralization integration utilizing the tools of the opposition will improve the path forward in this space.

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We all have a point and i think for use to remain decentralized then we all have to take responsibility of our actions. Your crypto is your asset and you need to be sure about who you send to. i make sure I DYOR on whatever I’m gonna spend my money(ADA) on.

What we need is education, especially here in NIgeria, if we are to put a protection in place to stop or reverse transaction then we’re not decentralized.

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The Cardano community has continued to talk about scams. I don’t know how many time Hoskinson has said that the Cardano community is not giving away ADA. How many times can someone repeat themselves? Stay informed, follow the community, and you won’t run into these issues.

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