Reversible crypto transaction is no more impossible

[microsurfer]

Reversible transaction will lower trust level in the network

[Vishnu.Reang]

Doesn't sound like good news for me. There is a reason why cryptocurrency transactions are irreversible. The feature was added, because scammers were making use of the reversibility with payment mediums such as Paypal. Now if we make cryptocurrency transactions similar to those with PayPal, then what will be the difference between the two payment mediums?

[mocacinno]

I think this is not an advantage but a disadvantage of the technology that the project is building. Transactions must be irreversible or there is room for manipulation. And no one will approve of that.

It should be clear to discuss about crypto or bitcoin only.

With crypto, yes there are possible reversible transactions especially if the cryptocurrency you are talking about is a centralized cryptocurrency. Like ETH, Ripple, or any other same crypto projects.

With bitcoin, it is irreversible in theory and in reality it is almost irreversible. Reversibility can only be gotten if one pool has more than 51% of the total hashrates on the network, that is difficult. And the pool need to maintain such huge hashrate long enough. On bitcoin network, with long confirmed transactions, more than 30 confirmations, it is safe enough to say they are irreversible.

Reversible transaction will lower trust level in the network

Doesn't sound like good news for me. There is a reason why cryptocurrency transactions are irreversible. The feature was added, because scammers were making use of the reversibility with payment mediums such as Paypal. Now if we make cryptocurrency transactions similar to those with PayPal, then what will be the difference between the two payment mediums?

You guys really don't read any other post in a discussion do you.... Really...
I've made an effort and actually surfed to the service and read some press releases, and i concluded that this service is NOT about making transactions reversible but it's merely a service that used a clever workaround to make an irreversible transaction LOOK reversible for a very small window in time.

I've already posted my findings twice, but nobody seems to be interested in a discussion, everybody just keeps blurting out the first things that comes to their mind, without reading any other post, without putting in a very small amount of effort.

All in all, this service is just a workaround, i wouldn't use it very often myself, but i do see a potential usecase...

[Sebas.tian]

Although, transactions has been reversed in the past,  when something bad happened to Bitcoin network and from that moment to this day nothing of such can be done to reverse any transaction on the Blockchain. But, if this can be a reality then so be it. Hope to see some efforts put into something good that will help reverse stolen funds from hackers or scammers around the ecosystem.

[rahmathidayat93]

Reversible transaction will lower trust level in the network

Why can reduce the level of trust in the network? what are the obstacles that can cause a decrease in confidence in it? Try to explain about this, because I really do not know about it.

[Ucy]

I was trying to see how the company can do this but the article didn't say much in that regard .
If they can reverse already confirmed  transaction without doing it from the Blockchain then I guess they'll use a centralized setup to make the reversal possible?

[bayudndy]

Reversible transaction will lower trust level in the network

Exactly, if the transaction were reversed, I believe they would lose credibility and many would fear the project. That is the reason why projects never perform reverse transactions of scammer in this market

[ReiMomo]

I was trying to see how the company can do this but the article didn't say much in that regard .
If they can reverse already confirmed  transaction without doing it from the Blockchain then I guess they'll use a centralized setup to make the reversal possible?

As I understand that is a service that there is a reversible transaction, it doesn't mean that the confirmed transaction will be reversible.

I didn't fully understand yet but I'm trying to dig research about it. I guess, in my theoretical explanation, this might be a possible use of being a fraud, it looks like they are the third party that anytime if the recipient and sender have an agreement and if there is an error the transaction can be reversible.

Well, I hope this will not use in a bad way in the future. Let's continue the decentralized nature of cryptocurrencies. I prefer to irreversible transactions.

[Iyanu14]

I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.

Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.

https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/

Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better

Nice one, if the implementation can be possible then it's going to be good for everyone because many assets have been lost due to irreversible transactions on block chains.  But I don't think this is possible yet, one still need to be careful with transactions until this is fully implemented.

[r32godzilla]

And who will be the justice and say you have the truth and the transaction should be returned? Satoshi Nakamoto created a smart decentralized trustless protocol, if a transaction is confirmed, then it is not reversible and you don´t need care about such problems. Everyone has experience with scammy buyer or sellers on PayPal that are trying to reverse a transaction even the other party fulfilled the conditions.

[saint_casanova]

I think this is not an advantage but a disadvantage of the technology that the project is building. Transactions must be irreversible or there is room for manipulation. And no one will approve of that.

True, would anyone want to use crypto on a blockchain that can turn back or reverse your transaction or your partner transaction? How anyone would consider this is an advantage is beyond me.

[Gorosden]

Reversible transaction will lower trust level in the network

I think many don't get the point, I believe what the original post is talking about will work perfectly but many aren't getting the real point there, if you send out a coin to your friend you will have to share a code with him too before the coin can get confirmed in the blockchain and appear in your wallet as received, within the limited time if the code isn't inserted the coin will go back into the senders address, it makes lotta sense

[peterlustig]

I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.

Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.

https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/

Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better

Won't reversible to transactions be for more prone to scams/fraud? Like, say I provided some service to a person B and person B paid me alright but later turn out he was a scammer after a few days he decided to reverse the transaction when I was not paying attention to that address won't that lead to more fraud?

[fuer44]

I hope it's soon for all transactions on all exchangers. because the most vulnerable thing is wrong address, and just one letter can be fatal when there is no cancel transaction feature when the transaction has been confirmed. so, it will be an amazing development in the crypto world when it's finished.