What would you do if it became reversible like paypal?

[lemipawa]

This may happen if initiated by a wallet provider like blockchain address payment to another blockchain address payment or coinbase to coinbase. But if its from unknown source to another unknown source, I don't think this will happen.

[gtglener]

I guess Xapo kind of wallet provides can implement reversible features if our community wanted this features as escrow. But i do not like this feature.

[S4VV4S]

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?

Reversing a transaction is practically impossible.
Not including one in a block (for a small period of time) is theoretically possible though.
But would require a tremendous amount of hashing power (+51%).

[mexxer-2]

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?

Reversing a transaction is practically impossible.
Not including one in a block (for a small period of time) is theoretically possible though.
But would require a tremendous amount of hashing power (+51%).

Say it is possible, what will you do quit or not?
Man TBH I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you where I have said the same thing

[kpitti]

It will not happen, this is clearly benefit feature here.
If this will happen then I will probably not use it anymore!

[jonatuzc]

Satoshi designed irreversible digital money system. So, making irreversible transaction might lead to a centralized environment which is completely against bitcoins basic idea.

[randy8777]

bitcoin like it is now, is different from all the other payment services and debit card companies. that's why we like it. if too much is being changed to suit the needs of average joe's, then what makes bitcoin exactly different from paypal and so on??

Yup but the question is not whether you like it or not, the question is will you still use it?

yes, i think i will still use it but in a different way than i am doing right now. especially when you do business with unknown people.

[doublemore]

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?

I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you post

It can only be reversable with 3rd party, if its reversable with 2 parties, sender and receiver then it becomes useless as a payment system.

[Ceizer54]

I Will quit using bitcoin if it ever become reversible and i think most people will do the same...I use bitcoin because it gives freedom over our money and if someone starts controlling that then there is no difference left between fiat and bitcoin

[Wapinter]

I guess Xapo kind of wallet provides can implement reversible features if our community wanted this features as escrow. But i do not like this feature.

They can't reverse it they can at best hold the funds until sender ask them to release. Once released and sent,xapo cant get it back

[Brooker]

I would ditch bitcoin if this happened but thankfully it wont. To do this would be to fundamentally change the protocol and the purpose of bitcoin. Remember cash transactions aren't reversible either but bank transactions and paypal are which are systems built on top of it.

[Soros Shorts]

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?

Reversing a transaction is practically impossible.
Not including one in a block (for a small period of time) is theoretically possible though.
But would require a tremendous amount of hashing power (+51%).

Say it is possible, what will you do quit or not?
Man TBH I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you where I have said the same thing

Well, being reversible means that there was a Centralized Authority controlling Bitcoin and managing reversals. In that case, of course I will stopusing it. If payments were reversible who is to say that bitcoins cannot be seized by a government or bank? After all you can simply reverse payments until the coins are in a government/bank controlled wallet. Due to the 21M limitation, at some point in time a lot of coins would have traveled "around the block" and passed though many unfriendly wallets.

[knowhow]

As i said before if they try to make that happen bitcoin will die in the same day of the announcement of reversible option.Being able to control all the transactions is insane and wouldnt make any sense ,we choosed bitcoin because his great low fees ,its volatility and technology inside it,if we were looking for another payment processor we would use the paypal as i know the most safe at online for honest projects.There is others as payza and more but well they support some bad investments projects thats why paypal get the biggest clients.

[PolarPoint]

The chargeback feature will never be implemented on the bitcoin protocol. It is not possible to do that because chargeback involves disputes and there is no central authority to handle that. Chargeback can be done by escrow and third party payment systems using bitcoin as the currency.

[LFC_Bitcoin]

What would you do if it became reversible like paypal?

Pointless question & therefore a pointless thread - i.e. It will never happen so it's not worth elaborating (it's impossible).

End thread!

[ATguy]

Say it is possible, what will you do quit or not?
Man TBH I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you where I have said the same thing

I would not use reversible coin. I  dont use online wallets for similar reason, and because such reversibility can be used only there, I avoid such places as much as I can.

[fryarminer]

This is what signature campaigns have reduced bitcointalk to.

[smith coins]

If bitcoin became reversible like PayPal then i will not quit it, but i will use less maybe.
Or just exchanging from bitcoin to paypal to trusted exchanges and use paypal like bitcoin.
I think that something else will be invented that will not be reversible.

[MicroGuy]

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?

I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you post

This would require the 'mother of all hard forks'. On a difficulty scale of 1-to-1,000 with changing one line of code to increase the block size being a 10; forking to support Satoshi authorized chargebacks would be a 1,001. Basically, it's a silly hypothetical because it can't happen.

[BitcoinEXpress]

Q.) What would you do if it became reversible like paypal?


A.) Congratulate Gavin and Mike Hearn on getting Bitcoin XT pushed through.




~BCX~