Quote from: teosanru on October 07, 2019, 05:53:48 PM

Quote from: CryptoBry on May 09, 2019, 08:39:37 AM

One of the most important feature of cryptocurrency is its being irreversible. One the coin is sent, the only way for it to be back to the sender is if the receiver will do the same thing in reverse. Now, in cases of hacks, scams and frauds, it means that you better forget what you already lost as there is no way for you to recover the lost coins.

In other words, once you click the send button there is no turning back. I know that a lot of us are actually considering this a major advantage of Bitcoin or any cryptocurrency for that matter because unlike PayPal there can be no refund requests to happen.

Therefore when you are a victim of a theft, expect no one to be able to help you in recovering the coins. As one author said it, the bitcoin genie cannot be put back into the blockchain bottle.

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

The thing is that among the two things that you have mentioned only of these is actually possible because you can either reverse the transsactions or you can't how can one successfully prove that it happened because of theft and hack and therefore it must be reversed. There is no tribunal of any sort guiding disputes related to bitcoin so this could make things worse. Moreover irreversibility is rather a strength of bitcoin than a weakness because this makes bitcoin pretty secure for accepting payments online. So no we cannot and must not devise any special technology to reverse the transactions over blockchain.

Even if proving that your wallet/acc has been hacked, once you become a vitctim of hacking, you cannot reverse the crypto that was sent from your wallet. This is the main reason why experts advise to avoid clicking suspicious links and using hardware wallet to store your crypto was the best thing to do than store it in some online wallets.