The 2nd part of BCNext's plan - https://bitcointalk.org/index.php?topic=458036.0
Advocating paragraph: "Transparency extended to absolute leads to inability to cheat thus removing necessity to think if someone should trust another one.", I think you should add the option to cancel a transaction, "even at the cost of losing the fee!"If an option is implemented where transactions can be reversed, I myself and about 90% of all investors/enthusiasts would leave the ship.
This might be the most retarded idea of the century. Props
1) send 1000 NXT and 2 fee
2) 800 before confirmation, canceled.
3) you back to 1000, but the 2 of fee are ongoing and will be forged.
The system is not lost! everyone happy!
This is dumb idea. People will buy things/services and then cancel the transactions, stealing from the merchants. This is exactly the problem with credit card chargeback frauds, but here it will be 100 times worse. No one should be able to cancel transaction. Cryptos are irreversible as they should be.
Use escrow.
I can pay you now, but will have to wait until 1440 to be effective confirmations. that is, it is not real.
and 1440 confirmations are 48 hours!
Well, it's really hard to fake past 10+ transactions (which is why I assume NRS uses that as the standard).
If we do as you propose, we would always have to wait 800 blocks before even considering sending the goods the client paid for. That's basically a whole day... not acceptable for any merchant or customer. I honestly don't want to wait 800 blocks so I can send some coins to an exchange...