Hi, what is the purpose and risks of this feature? I’m just thinking if someone pays me in Chia, I wouldn’t want them to be able to claw the payment back?
Thanks!
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It’s a stab at keeping us competitive in the smart contract arena - we were a bit behind in this area so getting clawbacks going is kinda neat in that respect.
I suppose the biggest advantage to the average user is the ability to get your funds back if the receiver goes MIA in the time window agreed upon. The best personal example I have is the time a seller flaked on processing an order at all in real life and I had to dispute it with my credit card company. If it had been using this coin, I would have at least had my coins back in that window even if the seller dies or goes on a 6 week vacation without telling anyone.
This of course ignores the other protections credit cards do offer though, a determined scammer would just string you along or social engineer until they had marks bite - credit card companies still have an advantage here over the cutthroat world of cryptocurrency (buyer can dispute a transaction and be reimbursed).
So as the buyer you could just say they didn’t deliver and get your coins back?
And what if you as the buyer are being untruthful and seller did deliver? How does that part work?
I think the main purpose for the average user today will be that its a peace of mind option. How many times have you sent crypto to someone else? If you have, you will probably recall that antsy feeling you get about putting in the correct address, double checking, and then wondering if you did everything right so you don’t lose the coins. With Chia Clawback, if for some reason you fat fingered the address, or some address hijacker entered their own when you pasted, you would now have a chance to clawback the transaction after it was sent, assuming you used the feature when sending the coins.
It doesn’t work the way many seem to think it does, its new and a learning moment right.
When you create a clawback transaction in the GUI (at least for version 1.8.2), you are in essence creating a smart contract on chain with a “timelock” on those coins, before that time expires you are the only person who can claim those coins (in case you sent it to the wrong address for example), after the time period expires then either you or the intended recipient can claim them.
See above and below for some information.
I think people try too hard to force everything to work with crypto, if you are buying/selling with crypto you want those transactions for BOTH ends to be completed on chain, not cross over to physical goods delivery because you have no guarantee with strangers, just trust, and trust is what we are trying to remove from certain types of transactions.
So would I use crypto to buy lets say a hard drive from a random strangers online post without credit card protections, no, I have no idea who that person is and can’t trust them to deliver. Would I use crypto to buy from an established retailer, maybe, but if there is a dispute you will be at their mercy or the court system if you sue.
The best use of crypto is to exchange assets on chain, lets say tokenized stocks for tokenized USD, you can complete that transaction without trust (think Chia Offer Files). With clawback in its current offered form you add a little peace of mind to that transaction, the real neat stuff happens in the future if we get access to how the Chia company is using it to secure coins with the ability to clawback any malicious transactions that were not approved (they have a blog post describing it), but this is far more advanced than the current iteration offered in the GUI… think of the current version as a way to make sure you sent it to the right address, a great first step, with many more advanced features to come in the future!
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My question goes much further.
Xch stolen. A real offline hardware wallet (as with BTC) still does not exist. So there is always the possibility that I could be stolen. Does this function also apply here?
Check out the blog post at Chia describing their methods of using Clawback with HSMs in a more advanced way, there are many possibilities within the code, so whats been added to the wallet so far is just the tip of the iceberg.
There have been comments about Ledger finally making some change that will allow the development of compatibility for certain devices and awaiting their approval??? So things might not be too far off from what people are “traditionally used to” with hardware devices, plus some teasers about using an apple phone in the same way? Throw in the Tangem cards being worked on.
So recently it seems a lot more is happening in the “devices” areas, how that will interact with Clawback is yet to be seen what functionality will be folded into things, a wallet developer could for example mimic what the Chia blog post has done with devices, but I have not seen any 3rd party devs do something like this for their wallet, just copying the basic functions released.
the only use is if you have a clipboard jacking malware that replaces ur address with the hackers. then if you catch it in time, you can claw it back. It won’t prevent general scamming since the seller would obviously wait until clawback expires before deciding to send u the item or not.
Hello,
A week or two back I was testing the transaction from farmer address to another wallet.
I used an option where you can claw back if transaction is not finished in app 15. min.
In the meantime I finished a bunch of other test transactions and it all worked fine. It was max 20 min.
The one with the clawback option is pending for a week now. Eventhough the amount was small I dont recomend anyone to use it because it seems to be stucked.
Does anyone have any other experience ? How long should it take ?
The clawback period has expired, and neither the counterparty nor I can retrieve the XCH, which is currently in a pending state. Will I be unable to recover this 1 XCH in any way now?
I have shared a screenshot with you, please review it.
