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Title: China Can Reverse Bitcoin Transactions? Post by: GreatArkansas on September 08, 2020, 10:58:21 PM I am surprised on what I saw in Forbes article lately.
"Chris Larsen, Executive Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions" - READ MORE (https://www.forbes.com/sites/jasonbrett/2020/08/23/chris-larsen-executive-chair-of-ripple-argues-china-can-reverse-bitcoin-transactions/amp/) Quote According to Larsen, “…at least 65 percent of cryptocurrency mining is concentrated in China, which means the Chinese government has the majority needed to wield control over those protocols and can effectively block or reverse transactions” My question is, is this really possible? Does it mean if 65% of cryptocurrency mining is located in China then they can possible to reverse Bitcoin transactions? Unless if they will all cooperate. This is kinda bit scary since when I started to own and use Bitcoin, I haven't saw or experience reversing some Bitcoin transaction. So, if this will ever happen, what could be possible effects or downsides in Bitcoin or in whole cryptocurrency? Title: Re: China Can Reverse Bitcoin Transactions? Post by: FlightyPouch on September 08, 2020, 11:12:20 PM I am confused, bitcoin transactions are irreversible, it is true they hold the majority of the miners but how would that matter in this situation? Is this because of the blocks that they can manage? Even with all of that I doubt it.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: TravelMug on September 08, 2020, 11:15:50 PM This has been previously discussed in this thread, Chris Larsen, Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions (https://bitcointalk.org/index.php?topic=5271645.0).
Title: Re: China Can Reverse Bitcoin Transactions? Post by: harizen on September 08, 2020, 11:19:12 PM Countered by the article here: https://www.btctimes.com/news/no-china-cannot-reverse-bitcoin-transactions It's true that most mining pools were in China but it's not that simple and really complicated to make such a reversal transaction attempt. And I also doubt they will really do that aggressively*. I mean, why? Title: Re: China Can Reverse Bitcoin Transactions? Post by: BitMaxz on September 08, 2020, 11:45:02 PM That's impossible to happen never heard that there is someone who can reverse the confirmed transaction.
Maybe possible on some altcoin but not for bitcoin. But I think that's why they always recommend 3-5 confirmation because below can be reversible? Title: Re: China Can Reverse Bitcoin Transactions? Post by: coupable on September 08, 2020, 11:50:06 PM Countered by the article here: https://www.btctimes.com/news/no-china-cannot-reverse-bitcoin-transactions It's true that most mining pools were in China but it's not that simple and really complicated to make such a reversal transaction attempt. And I also doubt they will really do that aggressively*. I mean, why? Title: Re: China Can Reverse Bitcoin Transactions? Post by: seoincorporation on September 09, 2020, 12:05:51 AM This is possible with the 51% attack... But no one says it would be cheap or efficient.
Lets say china, sends 100,000 btc to an exchange, then sell the bitcoins and after that they use the network to pus a block where the 100,000 btc goes to another address and not to the exchange, since they have more of the network the valid blockchain will be that one and all the nodes will update to it. But after that, we could see a fork like the one we see with ETH on the DAO incident. So, it can happen, but it could be fixed. Title: Re: China Can Reverse Bitcoin Transactions? Post by: 1miau on September 09, 2020, 12:27:20 AM Well, another point why we should trade things made / said by Ripple with caution. I think this is just a way to get publicity for their shitcoin XRP.
It's simply impossible for Chinese government to "take over" enough miners. They even failed to shut down large facilites when the government considered to ban mining: https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4 They did not try in the end most likely because the government knows very well that an attempt would fail. Title: Re: China Can Reverse Bitcoin Transactions? Post by: tbct_mt2 on September 09, 2020, 01:43:07 AM Well, another point why we should trade things made / said by Ripple with caution. I think this is just a way to get publicity for their shitcoin XRP. Government can not take over all needed big mining pools at set up at the same time to dominate the network hashrates to do replay attacks and reverse transactions. Basically, the longer your transaction was confirmed (confirmations) the harder the government or anyone else can dig very deeper to past layer of blockchain transaction to reverse yours.It's simply impossible for Chinese government to "take over" enough miners. They even failed to shut down large facilites when the government considered to ban mining: https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4 They did not try in the end most likely because the government knows very well that an attempt would fail. If a transaction is confirmed after one month, it is impossible to reverse it. This topic and this question reminds me the importance of keep a part of my bitcoin investment in off-line status. Off-line keep it safe from attacks and it does help to increase the total confirmations it has over time. Together, it help my bitcoin is safe enough. One way to think about the blockchain is like layers in a geological formation, or glacier core sample. The surface layers might change with the seasons, or even be blown away before they have time to settle. But once you go a few inches deep, geological layers become more and more stable. By the time you look a few hundred feet down, you are looking at a snapshot of the past that has remained undisturbed for millions of years. In the blockchain, the most recent few blocks might be revised if there is a chain recalculation due to a fork. The top six blocks are like a few inches of topsoil. But once you go more deeply into the blockchain, beyond six blocks, blocks are less and less likely to change. After 100 blocks back, there is so much stability that the coinbase transaction—the transaction containing newly mined bitcoin—can be spent. A few thousand blocks back (a month) and the blockchain is settled history, for all practical purposes. While the protocol always allows a chain to be undone by a longer chain and while the possibility of any block being reversed always exists, the probability of such an event decreases as time passes until it becomes infinitesimal. In a different story, total full nodes in China is small compares to other nations: - Total full nodes: 8086 - US: 2264 - Germany: 1514 - France: 587 - Netherlands: 389 - Canada: 279 - SG: 272 - Great Britain: 247 - Russia: 197 - China: 180 https://bitaps.com/ Another fear that repeatedly raises is risk from quantum computing on Bitcoin. It is another joke and is used to create FUDs. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Darker45 on September 09, 2020, 01:49:53 AM Countered by the article here: https://www.btctimes.com/news/no-china-cannot-reverse-bitcoin-transactions This was countered over and over again. I don't understand why this kind of fear is still sown by certain personalities. Oh, well, spreading FUD may benefit their own coins, of course. But they should know better, that pulling Bitcoin down, the very foundation of crypto, might cause everything to crumble down. And this: Quote “It’s not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed”, says Larsen. Does Larsen foresee a future in which the US government itself would be using Bitcoin? Title: Re: China Can Reverse Bitcoin Transactions? Post by: meanwords on September 09, 2020, 03:30:31 AM Quote “It’s not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed”, says Larsen. Does Larsen foresee a future in which the US government itself would be using Bitcoin? It's most likely that he is saying that to scare newbies even further since a lot people have been imagining that the US might even use Bitcoin at some point in the future. A statement that is too absurd but people will eventually get tired of this anyway. Title: Re: China Can Reverse Bitcoin Transactions? Post by: pooya87 on September 09, 2020, 04:59:52 AM this FUD article was already discussed on this forum (in the link posted above) and it is not the first time these Ripple guys try spreading FUD about bitcoin and the news sites publish it. they actually do it quite often. what we don't see is what they are doing behind the scene, which is selling their shitcoin to the centralized world. so they have to attack bitcoin like this and then go on by saying their technology (the PoS Ripple which is severely flawed and can indeed be reversed) is better.
#ReadBetweenTheLines Title: Re: China Can Reverse Bitcoin Transactions? Post by: peter0425 on September 09, 2020, 05:01:51 AM Another china issue,so Now it is cryptocurrency the next target of China to take over?hahaha
I don't believe that this is indeed,because Bitcoin transaction is irreversible and even that they have the majority of miners meaning they can break the protocols that easy. i still believe in safeties of crypto and hope China is not into making it difficult. Title: Re: China Can Reverse Bitcoin Transactions? Post by: imstillthebest on September 09, 2020, 05:13:35 AM china did it again , this country always known to have a control onto something but am i the only one that thinks that this is useful ? like for example when a hacker stole something and he send the coins , we can request to reverse or to block those transactions that were coming from a suspected address .
its not scary or threatening as long as they will use those special powers on good use . Title: Re: China Can Reverse Bitcoin Transactions? Post by: Warkop on September 09, 2020, 12:14:58 PM In my opinion something like this is impossible, because a confirmed transaction cannot be returned so there is no need to worry about this FUD, because in my opinion they are just scaring everyone by making uncertain articles about this, maybe this is just their game for makes everyone panic and everyone who panics will throw away the Bitcoin they hold.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: bitmover on September 09, 2020, 12:32:16 PM It's simply impossible for Chinese government to "take over" enough miners. They even failed to shut down large facilites when the government considered to ban mining: https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4 They did not try in the end most likely because the government knows very well that an attempt would fail. People get confused about miners based in China and Chinese Government mining. Chinese Government, as far as I know, there are no miners from the chinese government. China cannot control bitcoin. Additionally, even if Chinese government did, they wouldnt be able to revert a transaction. Only one, and then they would all be blacklisted from all bitcoin nodes and kicked out of the network. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Becky666 on September 09, 2020, 12:42:39 PM He should know by now that, cheap publicity will remain cheap. Concentrate on your shitcoins ripple and let Bitcoin be, bitcoin has nothing to do with your inability to measure up with other top coins.
Bitcoin transaction was only reversed onces in history due to a hack back in "2010 when 91 billion of Bitcoin was created from tin air by anonymous hacker". Bitcoin transactions can't be reverse even though China had 65% of the mining rings. During the China ban on bitcoin, how many of these miners were affected?. Title: Re: China Can Reverse Bitcoin Transactions? Post by: playingpolice on September 09, 2020, 02:02:59 PM It's simply impossible for Chinese government to "take over" enough miners. They even failed to shut down large facilites when the government considered to ban mining: https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4 They did not try in the end most likely because the government knows very well that an attempt would fail. People get confused about miners based in China and Chinese Government mining. Chinese Government, as far as I know, there are no miners from the chinese government. China cannot control bitcoin. Additionally, even if Chinese government did, they wouldnt be able to revert a transaction. Only one, and then they would all be blacklisted from all bitcoin nodes and kicked out of the network. The chinese government has full control over chinese businesses. There is no difference between the Chinese government and companies like Alibaba. Even Joint Ventures have to give all control over to a Chinese partner. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Jet Cash on September 09, 2020, 02:14:27 PM Are most of the miners in China, or are they owned by Chinese?
Don't forget that mining pools are large groups of people providing hash power. If their power is abused, then they can move to another pool. Title: Re: China Can Reverse Bitcoin Transactions? Post by: jademaxsuy on September 09, 2020, 02:21:59 PM I hope this not true because it is somehow could be use for cheating. We do not want that to happen and since bitcoin was believed already to have a transaction that is irriversible.
Anyway all things that has done has news to it. There will come a time that if what they say is true will going to reveal itself in the future. For now, enjoying what bitcoin could offer is better idea than to think something not doing right with the system. I do believe also with the bitcoin system that it could not be that easy to make irriversible transactions. It is even way harder to decrypt a btc so to would be likewise to the system that has been fully functional and establish. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Ayiranorea on September 09, 2020, 02:31:41 PM If that could happen, now itself more people could've tried it. Importantly bitcoin network could've got a bad image and the governments had a strong proof to stand against the usage of bitcoin. Maybe before the specific number of transaction confirmation, there might be chances of reversal. Just because China has the largest number of miners, they can't take the entire network into control.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: bitmover on September 09, 2020, 03:05:59 PM The chinese government has full control over chinese businesses. There is no difference between the Chinese government and companies like Alibaba. Even Joint Ventures have to give all control over to a Chinese partner. But we are not talking about big companies like alibaba. We are talking about many small (compared to alibaba) mining companies which join pools with their hashing power. Chinese government cannot control everything, and there are many small groups mining there. A pool isn't a single computer or a single entity. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Findingnemo on September 09, 2020, 03:22:35 PM AFAIK,once the transaction reaches certain amount of confirmation then it is never possible to stop or reverse the transaction.
Even though more miners are located in China it doesn't mean Chines government has complete control over it,all they can do is to stop the mining process and nothing more. Title: Re: China Can Reverse Bitcoin Transactions? Post by: TedMosby on September 09, 2020, 04:01:33 PM AFAIK,once the transaction reaches certain amount of confirmation then it is never possible to stop or reverse the transaction. Even though more miners are located in China it doesn't mean Chines government has complete control over it,all they can do is to stop the mining process and nothing more. it's called 51% attack. when a group of miners controlling more than 50% of the network's mining hash rate or computing power. then, the blockchain can be controlled. https://en.bitcoinwiki.org/wiki/51%25_attack to estimate the 51% attack cost: https://www.crypto51.app 65% is a huge percentage for the bitcoin blockchain network. but I don't think that they will do it even if they can. it's like a suicide project for the crypto and blockchain industry/ecosystem in china. which includes who has this 65% power. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Debonaire217 on September 09, 2020, 04:10:56 PM The question is, can China Sync all of the nodes there just for the sake of manipulating the blocks real time in just 10 minutes? I don't think so, the 51% attack on bitcoin is still impossible as nodes as very well distributed.
I am just curious, if china plans to do that, why would they reverse a transaction for? There's no reason because the only block that they have the chance to manipulate is the present block. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Findingnemo on September 09, 2020, 04:41:16 PM AFAIK,once the transaction reaches certain amount of confirmation then it is never possible to stop or reverse the transaction. Even though more miners are located in China it doesn't mean Chines government has complete control over it,all they can do is to stop the mining process and nothing more. it's called 51% attack. when a group of miners controlling more than 50% of the network's mining hash rate or computing power. then, the blockchain can be controlled. https://en.bitcoinwiki.org/wiki/51%25_attack to estimate the 51% attack cost: https://www.crypto51.app 65% is a huge percentage for the bitcoin blockchain network. but I don't think that they will do it even if they can. it's like a suicide project for the crypto and blockchain industry/ecosystem in china. which includes who has this 65% power. So, is it really possible for China to execute if they really want to? Title: Re: China Can Reverse Bitcoin Transactions? Post by: BrewMaster on September 09, 2020, 04:45:24 PM I thought it is only possible for the transaction which are in the queue even if 51% attack getting executed. But the miners are not owned by the single authority right and also there will be no gain to the attacker other than the death of the bitcoin. So, is it really possible for China to execute if they really want to? theoretically it is possible but in reality it costs a ton of money and would require a very covert operation and coordination of at least 4 big mining pools to abuse the miners' hash power that has connected to their pool and perform such an attack. and the result of such an attack would simply be reversal of some blocks, to reverse a transaction they actually have to be the ones sending such transaction and another entity has to be receiving it and the amount has to be huge for it to cause any issues. otherwise worst thing would be turning confirmed txs to unconfirmed which would be picked up by the 49% of the miners again. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Twentyonepaylots on September 09, 2020, 04:54:14 PM It's simply impossible for Chinese government to "take over" enough miners. They even failed to shut down large facilites when the government considered to ban mining: https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4 They did not try in the end most likely because the government knows very well that an attempt would fail. People get confused about miners based in China and Chinese Government mining. Chinese Government, as far as I know, there are no miners from the chinese government. China cannot control bitcoin. Additionally, even if Chinese government did, they wouldnt be able to revert a transaction. Only one, and then they would all be blacklisted from all bitcoin nodes and kicked out of the network. There is no single evidence in the article, no specific way of reversing the transaction, it says that ' China can potentially reverse bitcoin transactions' lol how? Title: Re: China Can Reverse Bitcoin Transactions? Post by: nutildah on September 10, 2020, 02:54:57 AM But I think that's why they always recommend 3-5 confirmation because below can be reversible? Besides the whole "51% attack" / "deep reorg" hypotheticals: Back in the day when blocks could actually be orphaned, it would make sense to require multiple confirmations as one confirmation could potentially be undone if it was included in an orphaned block. In June 2015, there were actually 7 blocks orphaned in one day, but (according to blockchain.com) there hasn't been a single orphaned block since June 2017. At this point I think 1 confirmation should be sufficient for any regular purpose, but if you want to be extra careful then wait for 2 confirmations, max. After 2 confirmations a transaction is steadfastly and forever part of the blockchain, regardless of what haters think mining pools in China can do about it, LOL. Title: Re: China Can Reverse Bitcoin Transactions? Post by: MCobian on September 10, 2020, 04:13:30 AM I'm not surprised that the one who said China can reverse Bitcoin transactions is Chris Larsen. Because the goal is to spread FUD,
in order for the Bitcoin price to fall. Chris Larsen wanted to make Ripple beat Bitcoin, but unfortunately that's not possible. After all, 65% of crypto mining is in China, that doesn't mean China can reverse Bitcoin transactions. Title: Re: China Can Reverse Bitcoin Transactions? Post by: TedMosby on September 10, 2020, 08:00:34 AM I thought it is only possible for the transaction which are in the queue even if 51% attack getting executed. But the miners are not owned by the single authority right and also there will be no gain to the attacker other than the death of the bitcoin. So, is it really possible for China to execute if they really want to? yes, they can. If I am not mistaken, in 2014, a mining pool called Ghash.io, they once reached more than 50% the overall Bitcoin hashrate. https://www.coindesk.com/ghash-commits-40-hashrate-cap-bitcoin-mining-summit theoretically it is possible but in reality it costs a ton of money and would require a very covert operation and coordination of at least 4 big mining pools to abuse the miners' hash power that has connected to their pool and perform such an attack. and the result of such an attack would simply be reversal of some blocks, to reverse a transaction they actually have to be the ones sending such transaction and another entity has to be receiving it and the amount has to be huge for it to cause any issues. otherwise worst thing would be turning confirmed txs to unconfirmed which would be picked up by the 49% of the miners again. 10 minutes of 51% attack will cost $1 billion. (-Andreas Antonopoulos) https://cointelegraph.com/news/raising-the-security-bar-dash-claims-a-51-attack-is-not-enough the legend says: If it can’t be 51% attacked, it isn’t decentralized. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Reatim on September 10, 2020, 08:48:15 AM I'm not surprised that the one who said China can reverse Bitcoin transactions is Chris Larsen. Because the goal is to spread FUD, You Got it right mate,News coming from Chris Larsen must not be given any attentions since He is a Ripple Supporter and a enemy of Bitcoin.in order for the Bitcoin price to fall. Chris Larsen wanted to make Ripple beat Bitcoin, but unfortunately that's not possible. After all, 65% of crypto mining is in China, that doesn't mean China can reverse Bitcoin transactions. I rather not reading any article shared by this as it is only as waste of time. The question is, can China Sync all of the nodes there just for the sake of manipulating the blocks real time in just 10 minutes? I don't think so, the 51% attack on bitcoin is still impossible as nodes as very well distributed. they can't mate,This is a FUD and not be tolerated,China cannot reverse transaction that is im[possible to happen.I am just curious, if china plans to do that, why would they reverse a transaction for? There's no reason because the only block that they have the chance to manipulate is the present block. Title: Re: China Can Reverse Bitcoin Transactions? Post by: The Cryptovator on September 10, 2020, 09:06:29 AM The article is quite surprising to me. We know that bitcoin is an irreversible currency and most likely that's one the reason popular. But fortunately, it's impossible, and here is an explanation (https://bitcointalk.org/index.php?topic=5274519.msg55159327#msg55159327). If it was possible then I don't think abusers (either from china or from other countries) will sit back until they own all the bitcoins. Bitcoin wasn't designed like that. If incase it happen then bitcoin code should rewrite by developers. But I believe it will never happen ever.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: Memminger on September 10, 2020, 09:13:14 AM I am confused, bitcoin transactions are irreversible, it is true they hold the majority of the miners but how would that matter in this situation? Is this because of the blocks that they can manage? Even with all of that I doubt it. I am also confused about it but I think it isn't really true because if it is then it should have been a major news on crypto already.And how could they reverse the transaction when it is already being mined? Title: Re: China Can Reverse Bitcoin Transactions? Post by: LogitechMouse on September 10, 2020, 10:29:09 AM No further explanation.
Bitcoin's transactions can't be reversed and if they can do it then most of the people can do it too. This is just a stupid opinion from a member of the XRP team. He is just spreading fuds again regarding Bitcoin :D. That's all. Title: Re: China Can Reverse Bitcoin Transactions? Post by: GreatArkansas on September 10, 2020, 10:40:38 PM I'm not surprised that the one who said China can reverse Bitcoin transactions is Chris Larsen. Because the goal is to spread FUD, Most of the people said this, because Chris Larsen is connected with XRP. Let's say someone said it without connected to other altcoins or shitcoins. in order for the Bitcoin price to fall. (...) Most of us for sure hate XRP here, but Chris Larsen is just saying his opinion, let's not ignore it because he is connected with XRP. That's why I created the thread to discuss about the reversing some Bitcoin transactions if miners will coordinate somehow. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Mahanton on September 10, 2020, 10:53:48 PM They can say all things that they do want and for people or the community to believe on then they should give out proof or sample. These kind of claims arent really that
something new into this field knowing these Ripple guys will really make out some Fud about reverse transaction is totally a bullshit thing for them to claim. China is big and financially capable but doing this reverse thing or issue isnt really that possible. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Hypnosis00 on September 10, 2020, 11:05:48 PM It's a BIG NO, I really don't believe it. We must have to keep believing that all transactions are not reversible and we better stop talking about this coz we know that not all people have time to read the whole thread and might think that it can be possible. It should be clear that it is not going to happen and that is what we thought since before and should be until forever.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: BitSat19 on September 10, 2020, 11:19:39 PM I'm not surprised that the one who said China can reverse Bitcoin transactions is Chris Larsen. Because the goal is to spread FUD, You Got it right mate,News coming from Chris Larsen must not be given any attentions since He is a Ripple Supporter and a enemy of Bitcoin.in order for the Bitcoin price to fall. Chris Larsen wanted to make Ripple beat Bitcoin, but unfortunately that's not possible. After all, 65% of crypto mining is in China, that doesn't mean China can reverse Bitcoin transactions. I rather not reading any article shared by this as it is only as waste of time. The question is, can China Sync all of the nodes there just for the sake of manipulating the blocks real time in just 10 minutes? I don't think so, the 51% attack on bitcoin is still impossible as nodes as very well distributed. they can't mate,This is a FUD and not be tolerated,China cannot reverse transaction that is im[possible to happen.I am just curious, if china plans to do that, why would they reverse a transaction for? There's no reason because the only block that they have the chance to manipulate is the present block. Title: Re: China Can Reverse Bitcoin Transactions? Post by: Sadlife on September 10, 2020, 11:31:48 PM 51% attack is pretty much possible given they have most of the mining center, they could reverse or block transactiom but with Bitcoin's current state its impossible to do so. All they can do is, double spend one transaction until they're kick out of the network and reprogram the nodes. It would cost them billions of billions just for that one transaction.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: Traderbtcc on September 11, 2020, 01:47:16 AM It's true 65% of all the mining are held in China, but it's actually not possible to reverse a bitcoin transaction, we all know it's impossible, but if they have found a way to do it, then it's more scarier than I thought, imagine after buying some btc's and after it reaches your wallet, the next minute they're all gone :o,i just hope it's not true.
Title: Re: China Can Reverse Bitcoin Transactions? Post by: Kong Hey Pakboy on September 11, 2020, 01:11:45 PM It's true 65% of all the mining are held in China, but it's actually not possible to reverse a bitcoin transaction, we all know it's impossible, but if it's they have found a way to do it, then it's more scarier than I thought, imagine after buying some btc's and after it reaches your wallet, the next minute they're all gone :o,i just hope it's not true. Indeed. China are mostly held in China, but it doesn't mean that China has already figured out how to reverse a bitcoin transaction because no one can actually can take control over it. I also think it would be really scary if bitcoin transaction can be able to control by someone because they can manipulate every transaction just to send all of it to them.Title: Re: China Can Reverse Bitcoin Transactions? Post by: dimonstration on September 11, 2020, 01:59:47 PM It's true 65% of all the mining are held in China, but it's actually not possible to reverse a bitcoin transaction, we all know it's impossible, but if it's they have found a way to do it, then it's more scarier than I thought, imagine after buying some btc's and after it reaches your wallet, the next minute they're all gone :o,i just hope it's not true. I don't thinks it's possible, bitcoin is irreversible as well designed not to be controlled by anyone ,but transaction works when it is mined. If it's really possible is there any instances already that experience such event, I hope it's not true since it will be better uncontrolled so we will be careful in sending money and doing transactions. Its confusing that it is published but we should not overthink unless proven it's still better to think what how we know BTC works than being controlled. Title: Re: China Can Reverse Bitcoin Transactions? Post by: hongchao123 on September 11, 2020, 02:18:15 PM China has more than enough money to do 51% attack but for now they dont have reasons for this
Title: Re: China Can Reverse Bitcoin Transactions? Post by: GreatArkansas on September 12, 2020, 09:42:46 AM It's true 65% of all the mining are held in China, but it's actually not possible to reverse a bitcoin transaction, we all know it's impossible, but if they have found a way to do it, then it's more scarier than I thought, imagine after buying some btc's and after it reaches your wallet, the next minute they're all gone :o,i just hope it's not true. Scary like hell. Also what I remember before when Binance was breached and lost around $40m."Binance Considered Pushing for Bitcoin ‘Rollback’ Following $40 Million Hack" (https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack). CZ Binance or the founder mentioned before to rollback the transaction to get back the 40million USD hacked on their exchange. He mentioned some huge players in Bitcoin mining industries. But after then, they were not able to roll back the transaction and it's better then. Really scary, Binance is popular and have connection on country of China. Title: Re: China Can Reverse Bitcoin Transactions? Post by: ranochigo on September 12, 2020, 09:54:34 AM First of all, 51% attack doesn't allow the attacker to reverse someone else's transactions. They need to hold the private key to the specific addresses to be able to do so.
In addition, even if the majority of the hashrate are in the same country, what would incentivise them to do so? Those miners wouldn't support the idea given that it's their main source of income and it would render all the ASICs useless after the attack. Would it really be beneficial for a country to attack Bitcoin if their GDP is easily tens or even hundred times greater than the possible rewards from the attack? |