Does Bitcoin plan to implement any Fraud/Loss Prevention of their protocol?
“Bitcoin” would not plan something. It is a community of software program nodes run by particular person operators, who every determine whether or not or not they settle for transactions as legitimate based mostly on the transaction’s inclusion within the legitimate chain with the longest proof of labor.
There is no such thing as a “their.” Bitcoin would not belong to anyone. If somebody has a proposal to enhance bitcoin they have to publish the concept and try and have the overwhelming majority of bitcoin validators run software program which contains the adjustments.
Perhaps permitting nodes to create new/get well Bitcoins that had been stolen? And expiring tokens from the thief?
With regard to having some sort of backdoor, as you counsel, to revert bitcoin transactions, I believe that the majority bitcoin node operators will decisively say NO! The truth that bitcoin transactions are irreversible is a characteristic, not a bug.
Bitcoin eliminates purchaser fraud. As soon as a transaction has been confirmed previous a couple of blocks, it’s then completely irreversible. Whether or not a recipient of some funds wish to give a refund is a separate matter and is for dispute between the respective events solely – it’s of no concern to different bitcoin customers. As a shopper, you may discover the flexibility to reverse bank card transactions “fascinating,” however companies accepting bank card funds definitely do not. Many companies endure important losses due to bank card fraud, and shall be delighted to just accept irreversible transactions.
The matter of vendor fraud should be addressed by different means reminiscent of third-party escrows.
As for exchanges not having the ability to internally handle their information safety – that is their drawback solely and isn’t of concern for the remainder of the bitcoin community.
Limiting consumption of any bitcoins with a sure publickeys/IP deal with?
The truth that you may’t censor sure transactions outputs from being spent can also be a characteristic and never a bug. Bitcoin is meant to be for everybody. Any instrument supposed for censoring “fraudulent” transactions will inevitably be used for different nefarious functions.
I can see SEC or FDIC having one thing comparable come to Crypto, and hopefully bitcoin group can deal with points of their subsequent protocol. In any other case, authorities regulators could intervene.
Bitcoin is ruled by arithmetic and people deciding whether or not or not they settle for a world supply of reality. Anyone can try and contribute to this reality by mining bitcoin blocks, and they don’t require any permission. There may be not going to be any regulation that targets bitcoin itself – such factor is unenforcible and completely a folly. Regulators can solely hope to tackle companies which deal in exchanging legacy fiat for bitcoin, which is unrelated to the bitcoin protocol.
And there may be additionally no “their subsequent protocol”. Bitcoin is already right here, it really works, and its guidelines are being enforced by tens of 1000’s of unrelated individuals who every assume that each different celebration on this community is doubtlessly malicious.The protocol can and is being improved, however it’s going to definitely not be getting these sorts of backdoors. It’s unlikely that any sort of “hard-fork” will ever be accepted by the vast majority of bitcoin customers.
Welcome to the brand new age of non-public accountability.