ARE STEEMIT USERS CRIMINAL MASTERMINDS?
I can see that the world is moving towards cryptocurrency but there is one major problem noone has even touched:how can citizens get a refund?
I recently made a internet transfer and came across this issue when the bank told me no chargeback is possible?
''NO CHARGEBACK!''
''UNFORTUNATELY NOT IF IT IS AN INTERNET TRANSFER- THERE IS NO WAY OF RECOVERING THE FUNDS''
I mean this allows for a perfect criminal platform.As rebels to the government,how far will crypto heads accept moral wrongdoing?
There should be a regulator to complain to ,not a middleman but someone like a ombudsman who can recover lost funds.
What do you think,how responsive are steemit support to issues like this and should there be laws to govern cryptocurrency?
Please upvote!!!!
This is a difficult topic to have an opinion on.
Cryptocurrency is a worldwide payment medium and laws differ throughout the world so legislating cryptocurrency exchanges is a burdensome task at best.
I see a potential for two solutions:
"The Utopia Solution" in an open and free marketplace, honest sellers will prevail over dishonest ones because of reputation. Unfortunately there is great potential for loss while "honest" sellers are established and this presents a significant barrier to entry for "new" sellers in the marketplace. The entry barrier could be partially overcome by having a fiat centric business well established before accepting crypto, or by participating in an open network of trust with already existing trusted sellers.
Another type of "Crime" could be established (insurance). Insurance for buyers and sellers could be provided by a "trusted" third party. In order to insure your transaction you would pay a transaction fee (say 1.5%) into the insurance pool and then if your transaction wasn't honored (you lose money) you could file a claim for a refund.
Both solutions rely on transparency. The more transparent a seller or insurer is, the more likely they are to become trusted.
Working from this principle, and given time, scammers and disreputable "businesses" would lose value and only reputable sources would prevail.
That's my
There are technological solutions to this, partially, using smart contracts that would refund you automatically, if algorithms determine that you are not at fault. These algorithms need to follow sets of rules that are determined by humans first. After all, the info is on the blockchain.