LogFAQs > #931325737

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Topic	I never knew owner of Silk Road was victim one the of biggest scams in history
TheMikh 12/09/19 12:56:05 PM #27:	About 10 minutes in now, and the first thing that surprised me is that there were no safety mechanisms in place for exit scams. With a small increase in overhead transaction cost from the BTC network, the money could have been sent to a middleman address (e.g., one managed by the platform) and only transferred when the transaction was finalized (or proof of shipment), and otherwise sent back to the customer in the event of a dispute or failure to do so. The term for this escapes me, but many ecommerce protocols and platforms provide for such, as does the financial system in general. This would not have prevented all forms of fraud, but it would have at least addressed exit-style scams. Back to watching. --- https://imgur.com/A0TAfek <cite>TheMikh posted [p:931325737] in I never kn... [t:78231546]...</cite> <quote>About 10 minutes in now, and the first thing that surprised me is that there were no safety mechanisms in place for exit scams. With a small increase in overhead transaction cost from the BTC network, the money could have been sent to a middleman address (e.g., one managed by the platform) and only transferred when the transaction was finalized (or proof of shipment), and otherwise sent back to the customer in the event of a dispute or failure to do so. The term for this escapes me, but many ecommerce protocols and platforms provide for such, as does the financial system in general. This would not have prevented all forms of fraud, but it would have at least addressed exit-style scams. Back to watching. --- https://imgur.com/A0TAfek</quote> ... Copied to Clipboard!
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