Comment Re:Sounds more like credit and not cash. (Score 1) 14
Yes.. Because here's the problem with allowing "reversing" payments of money that has already been spent.
Step 1. Person A sends 10 coins to buy from Fraudster B.
Step 2. Frauster B takes the 10 coins and uses them to buy a pizza from legitimate seller C, which they then consume.
Step 3. Seller C spends the 10 coins to buy some goods from Seller D.
Step 4. Seller D uses 5 of the coins coins to pay employee E's wages.
Step 5. Employee E uses 5 coins to buy a pack of smokes, which they consume.
Step 6. Person A discovers that they've been scammed and Fraudster B is not sending their item. Wants their money back.
Where is Person A's money going to come from?
I think you have to either make the coins locked so they _Cannot_ be spent until the time to reverse the transaction expires.
For example:
Option 1: Temporary freeze after every spend with reverse option that expires. Instead of "Person A sends to Person B" You have: Person A sends to a conditional subaccount of Person B which contains a programmatic clause that "an agreed upon contract reverser" can Reverse the transfer And a programmatic clause that Person B cannot spend the coins further until a set period of time elapses -- after which point in time Person B is allowed to move the coins out of the subaccount and remove all the conditions.
Option 2: Conditions added, where Person B can only make further transfers with the same two restrictions Until a set period of time elapses.
And the second condition allows a specified authority to spend the coins back, so long as a set amount of time has not expired.
This way Person B can spend the coins, but they are encumbered, and Seller C has a chance to see that the coins have a risk of being yanked -- and decide for themself whether to accept those coins as payment based on whether Person B can establish their trustworthiness.
In either case... Any system that allows reversing transactions without ensuring that Everyone in the chain being sent coins can reject that payment knowing it has a chance to be reversed is fundamentally unfair, since it put them at unreasonable risk having to take the fall for someone else's violation.