Feathercoin daemon and wallet production version 0.19.1
Old daemon and wallet version 0.18.3

Reversible transactions/grace period

  • | Tip j_scheibel

    without a 3rd party is there anyway to reverse transactions? its one of those things that you can generally do with credit cards that makes them so good for online purchases. Essentially there are 2 scenarios.

    The first isn’t an issue, if you buy something and they want to issue refund, that’s no big deal they send you the money. The second though, if they charge you and they shouldn’t have (send you bad goods, the service doesn’t work or you just change your mind) you can actually have the transaction canceled. granted they may come after you for the money if they think you owe them but in short its something you, the buyer, can do.

    If feathercoin had a way to put a grace period on a transaction it seems like it would be a good thing. IE this transaction (minus the network fees) can be reversed by either party within X blocks. This would allow either party to easily go “sorry this transaction is canceled”. without any hoops to jump through. I would expect the default would be 0 but maybe not. I would think it would be a case that the receiver would always be the one to set the option "Allow cancellation up to X blocks " probably 0 - 7200 blocks (0 to 5 days) The money wouldn’t show up in their wallet until the blocks had gone by the block chain. The person paying would see that they could cancel a transaction for x more blocks.

    for transactions that are not for services or goods (like say a transfer to an exchange) the exchange would just set it to 0.

    If something like this exists, i don’t know about it. but it seems like a really good idea for online purchases.

  • | Tip j_scheibel

    this might be the wrong forum to discuss this i wasnt sure if the suggestion box was meant for feathercoin suggestions or website ones 🙂 or what. sorry if i messed up!

  • Moderators | Tip Wellenreiter

    The suggestion box is for suggestions regarding Feathercoin, so your post is exactly right here.

    There is no feature to reverse a transaction and up to now also nothing similar is planned.

    Depending how you look at the problems you described, it also depends on the perspective you look at it.

    Buyers view:

    The shop may charge, but not deliver or announces a delivery time not acceptable by the buyer

    Sellers view:

    The buyer may reverse a transaction after receiving the goods.

    It is a common misuse of Paypal, that buyers reverse their transaction and it is a high effort for the seller to prove, that the goods have been delivered and get the payment finally.

    In Crypto world, this has led to the segwit implementation, where a trusted 3rd party approves the coin transfer.

  • | Tip j_scheibel

    i was trying to do away with a 3rd party for some transactions and save on customer service. I can see it being misused if there is trust above and beyond but if that was a potential issue then you would just set the value to 0. its meant to be a convenience for everyone involved. really i can only see it being used normally with a business. we would probably do 2 days for online orders. and prep the order then ship as soon as it cleared, if the cancel we don’t send. in any other case we would put 0.

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