How does one reverse a transaction?

[IronWolve]

I checked the wiki, but not much detail on how one goes about reversing a transaction after its made.

News reports that mt.gox reversed all its transactions, how is this accomplished?

I thought bitcoins was send and receive only, not sure how you "cancel" a transaction after its sent out.
Couldnt this be used for fraud?

[1714003333]

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[1714003333]

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[xane]

You can't reverse a bitcoin transaction. MtGox was "rolling back" trades made through their exchange, not actual bitcoin transactions.

[BTCrow]

I checked the wiki, but not much detail on how one goes about reversing a transaction after its made.

News reports that mt.gox reversed all its transactions, how is this accomplished?

I thought bitcoins was send and receive only, not sure how you "cancel" a transaction after its sent out.
Couldnt this be used for fraud?

As already replied by xane, bitcoin transaction can't be reversed. That's "for my part" the major problem of bitcoin system. You need to entirely trust someone when you send him funds.
That's why escrow services exist such as ClearCoin, Eptiv and my new opened one BTCrow.

Of course you need to trust the Escrow service itself, but once you have good experience with one of them you don't have to trust other people for your transactions.

The limitation of the current Escrow Services are the lack of support for merchant carts etc. I'm working on it for mine to integrate merchant api for safe trading.

[BTC Economist]

I checked the wiki, but not much detail on how one goes about reversing a transaction after its made.

News reports that mt.gox reversed all its transactions, how is this accomplished?

I thought bitcoins was send and receive only, not sure how you "cancel" a transaction after its sent out.
Couldnt this be used for fraud?

As already replied by xane, bitcoin transaction can't be reversed. That's "for my part" the major problem of bitcoin system. You need to entirely trust someone when you send him funds.
That's why escrow services exist such as ClearCoin, Eptiv and my new opened one BTCrow.

Of course you need to trust the Escrow service itself, but once you have good experience with one of them you don't have to trust other people for your transactions.

The limitation of the current Escrow Services are the lack of support for merchant carts etc. I'm working on it for mine to integrate merchant api for safe trading.

I applaud you for starting an escrow service. You could become filthy rich as I think every bitcoin transaction needs to go through escrow going forward if it is to be a success.

[dodgrr]

time machine.



*results may vary

[BTCrow]

I applaud you for starting an escrow service. You could become filthy rich as I think every bitcoin transaction needs to go through escrow going forward if it is to be a success.

Thanks for this comment, this is apreciated. I put a lot of work and effort into running this escrow. And I hope people enjoy it. The point is not really being rich but make some extra cash while helping the community with (in my opinion) the major problem of bitcoin transaction.

if you have other suggestion / comments / whatever, feel free to post it into the official thread here: http://forum.bitcoin.org/index.php?topic=21544.0