We need Reverse Transactions

[exapted]

Bitcoin is the final arbiter. Security is implemented on top of it. For "reversible transactions" use an escrow service.

The idea in the OP has to be the worst bitcoin idea ever. Bitcoin's strength lies in its status as final arbiter.

[mdotstrange]

I see irreversible transactions as a strength, not a weakness in Bitcoin.

I like the finality of it- it was a bit scary at first but now I feel much more secure with the lack of reverse transactions- it forces you to be much more aware of who/what you are doing business with- its a good thing.

[icet208]

Feel free to invent your own currency with this feature and leave Bitcoin alone.

+1

[sidhujag]

This is the job of an insurer of your bitcoins for which you pay fees to protect your transactions.. if your found liable you get nailed for fraud.

Quit trying to outsmart technology and let it do its job.

[exapted]

Bitcoin is not a complete payment solution. If you want paypal-style protection, use a paypal-like arbitration service on top of Bitcoin. If you want B2B-style protection, use a letter-of-credit-like service on top of Bitcoin.

If you can't secure your bitcoins or don't feel comfortable transacting, use a third party service that you trust. That's effectively the same as baking (third-party, by definition) arbitration into Bitcoin, and it won't endanger the core functionality and fungibility of Bitcoin. The OP seems like trolling.

[exapted]

The near frothing at the Mouth you see from BTC fanatics to this most basic of ideas shows why their is no hope for rational response or evolution of BTC protocol into something that could actually compete with the mainstream.

You are wrong, and you are being obtuse. Actually, the OP does not recognize the design principles behind Bitcoin. The responses are merely explaining the proper application of those design principles to the problem of transaction arbitration - e.g. arbitration goes on top of Bitcoin, not inside of it.

The way to make Bitcoin competitive as a payment network is for arbitration to be implemented on top of it. This will be more effective than baking arbitration inside of Bitcoin, because it will allow different countries / groups / applications to use systems or mechanisms uniquely suited to their tasks. Arbitration is quite different in mainland China compared to, say, the US.

Consider, for a moment, that Paypal will never win in mainland China. Two corporate / government -sponsored payment systems dominate mainland China - Alipay and Tenpay. But Bitcoin is doing pretty well in China. Bitcoin is completely international because it doesn't default to any authority and can therefore be relied upon by any entity in the world.

[kwest]

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

[BADecker]

How about non-legal system, impartial judges combined with escrow. Consider this about non-governmental judges, from Robert Heinlein's "The Moon is a Harsh Mistress."

"If two people brought a quarrel to Brody [a non-governmental judge] and he could not get them to agree that his settlement was just, he would return fees and, if they fought, referee their duel without charging—and still be trying to persuade them not to use knives right up to squaring off."

[hilariousandco]

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

I don't think that's the same as what OP is proposing.

[Lauda]

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

This would be a mistake.

[hilariousandco]

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

This would be a mistake.

Pretty sure it's just something to easily send the money back to where it came, so nothing to worry about.

[hostmaster]

Reserving or refunding trasactions can be a good idea unless it's not over stressed. it can have small area. Otherwise advertisement of refunds not so good idea.

[hilariousandco]

Reserving or refunding trasactions can be a good idea unless it's not over stressed. it can have small area. Otherwise advertisement of refunds not so good idea.

What do you mean by reserving?

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

This would be a mistake.

It's just an invoice network with 'return' address.

It won't be like the user clicks 'refund' and magically gets his money back.

Yeah, that wouldn't be very good, but the option to send back a payment would be.

[stompix]

Refunds are coming in a future version:
"The Payment Protocol to replace addresses. Supports refunds, memos, receipts, proof-of-purchase, and digital signature."

From here:
https://bitcointalk.org/index.php?topic=428777.0

This would be a mistake.

As far as I understand this is nothing like what the op is proposing in this thread  , and not that dangerous.

[DoctorOz]

No. Piss off. We don't need that shit in Bitcoin.

Very well put!

Thank you for your insightful post!

My $.02.

AGREE!

[cryptoanarchist]

Hey OP, why don't you just use PayPal and not waste time here?

[Raoul Duke]

Fork Bitcoin and "create" one cryptocurrency with reversibility. If the market wants it...

[guybrushthreepwood]

Hey OP, why don't you just use PayPal and not waste time here?

lol, I'm sure Bitcoin will have it's own Paypal eventually that people will use to scam.

[Lauda]

Hey OP, why don't you just use PayPal and not waste time here?

lol, I'm sure Bitcoin will have it's own Paypal eventually that people will use to scam.

You can't be sure about this.
If we , the people, don't allow it, it won't happen.

[hilariousandco]

Hey OP, why don't you just use PayPal and not waste time here?

lol, I'm sure Bitcoin will have it's own Paypal eventually that people will use to scam.

You can't be sure about this.
If we , the people, don't allow it, it won't happen.

But we all know "people" are made up of "average joes"  .