10 upvotes, 1 direct replies (showing 1)
View submission: ⚡ Lightning Network Megathread ⚡
Question: Is it possible for lightning transactions to be reversible by one trusted party -- if all parties involved initially agree that this trusted party can reverse transactions at will?
I'm asking because a lot of non-techie people will never keep savings in Bitcoin because they believe it can be hacked and stolen if not stored properly (which is absolutely true, like it or not), and they'll never use it to buy anything because every transaction is final, so there's no way to recoup their funds if, say, an item they ordered never arrived. But these people are happy to keep their money in banks and use credit cards because they know that if any fraudulent tranaction happens it can easily be reversed.
So if a trusted third party with a hard-earned reputation can advertise financial services to the mainstream public with the guarantee that even if they are the victim of fraud they can reverse the tranactions at will (obviously for a limited period of time), with them being the sole arbitrators of any dispute (between, say, a merchant and buyer -- like credit card companies do regularly), then i can see people like my parents switching over.
Comment by GibbsSamplePlatter at 12/01/2018 at 17:22 UTC
6 upvotes, 2 direct replies
Question: Is it possible for lightning transactions to be reversible by one trusted party -- if all parties involved initially agree that this trusted party can reverse transactions at will?
Yes there are designs for escrow, but no I don't think anyone has implemented such a thing. Focus has been on 1 to 1 payments.