Worlds first crypto-currency with "Reversible Transactions" - Reversecoin

[reversecoin]

    With Reversecoin, you can create two different kinds of accounts: Standard Accounts and Vault Accounts. Standard accounts behave very much like your Bitcoin accounts and allow you to send and receive money for daily purposes. Vault accounts behave much like you bank savings account, where you can deposit large amount of coins and keep them safe from hackers. Each vault account has a configurable timeout and is backed by two key pairs, one online and one offline. You only need online keypair to transfer coins from vault. When you transfer your coins using online keypair, your transactions get confirmed after they live in blockchain for the timeout period.

      If someone steals your online key pair and transfers coins to them, the transactions will have to wait in block chain for the timeout period. During which, you can use your offline key pair and reverse those transactions and restore your coins to your other address. You can also use your offline key pair for immediate transfer of coins in your Vault, instead of waiting for timeout period. In a sentence, Vault account has the ease of use of hot wallets (online account) and security of cold wallets (offline accounts). We are also working on a monitoring service, to send you real-time alerts, when your coins are transferred from your addresses. To know more about Reversecoin, read our white paper or even better checkout our website to play with the code, to see for yourself how Reversecoin works.

White Paper :
https://docs.google.com/a/reversecoin.org/document/d/1hMCkEQUYm9oFCQpxtIWFqVpt66pTQn1zCDW8WX0b7hw/edit

Website :
http://www.reversecoin.org/

Here is visual representation of reverse transactions :

http://www.reversecoin.org/images/reversecoin.jpg

[KeyserSozeMC]

Reverse transactions? :O

Reading!

EDIT: Done reading.

https://docs.google.com/document/d/1hMCkEQUYm9oFCQpxtIWFqVpt66pTQn1zCDW8WX0b7hw/edit

Seriously? All you talk about is about Bitcoin's network function and almost the same text you have in the OP.
You should make a better presentation, if you'd like people to take you seriously.

Wish you good luck although, this could become big in the future, if it's legit.

[ocminer]

lol

[qun_sha]

Reversible is bad idea,really

[KeyserSozeMC]

Reversible is bad idea,really

It's a bad idea when you don't read the OP

[brian_nguyen]

Why would anyone want to accept your coin?

[DougB62]

So... chargebacks? Sure, I'll buy that Porshe from you...

Seems like a relatively bad idea overall. I guess we'll see though.

[reversecoin]

Thanks for comments. Let me explain why Reversecoin is useful.
With Bitcoin and other crypto-currencies, once a transaction enters the blockchain, it can not be reversed. When a hacker gets access to account, all the coins are gone! Reversecoin has two kinds of accounts. Normal accounts and Vault accounts. Normal accounts behave the same as Bitcoin accounts. With Vault accounts, once the transaction enters blockchain, it stays in blockchain for in pending state for configurable amount of time (1 hour, 1 day etc ..). If some hacker has stolen your coins, this will be your chance to reverse the transaction and get your coins back. Else, you let the transaction confirm, by letting it wait in blockchain for the timeout period. This is very useful for storing large amount of coins safely online (think of exchanges, online wallets). If something bad happens (and sure it happens, once in while), you have a time machine to undo the bad things. Thats Reversecoin! Think of them like Coinbase Vault accounts, expect they are decentralized and free!.

[earlz]

lololololololol

So, now on top of making people wait for confirmations before a transaction is considered final, there is now the vault-delay time period (which btw is recursive.. So, if you send from vault to A to B to C, C can not consider those coins safe until the vault-delay time is expired)

Yea, this sounds like a terrible non-solution to a problem that can be solved with other existing methods..

To elaborate on other ways to solve this problem:

* nLockTime and a limited access/offline "oracle" transaction generator/signer
* multisig with a centralized (though with 0 access to funds) "key" that only signs a transaction after a time period

I'm sure there's a few other ways as well

[reversecoin]

lololololololol

So, now on top of making people wait for confirmations before a transaction is considered final, there is now the vault-delay time period (which btw is recursive.. So, if you send from vault to A to B to C, C can not consider those coins safe until the vault-delay time is expired)

Yea, this sounds like a terrible non-solution to a problem that can be solved with other existing methods..

To elaborate on other ways to solve this problem:

* nLockTime and a limited access/offline "oracle" transaction generator/signer
* multisig with a centralized (though with 0 access to funds) "key" that only signs a transaction after a time period

I'm sure there's a few other ways as well

No. It can not happen like that. B can initiate transfer to C only, after the transaction is finalized. Also note that you use Vault accounts like your savings accounts. For securely storing your coins and infrequent withdraws. Not for regular transfers. For that you use the regular accounts, which are like normal Bitcoin accounts.

Secondly, there is no existing solution for this. Once a hacker gets access your private keys, nLockTime and multisig are useless. If you use a centralized entity transactions, you loose the strengths of Bitcoin. Reversecoin enables you to reverse transactions, with out the need of any centralized entity.

Also, here is a visual for better understanding: https://docs.google.com/a/reversecoin.org/file/d/0B3Lz3ptpsGceRkpaNU5NWEZWQmZ1b2tPR1ZrZms1NkdUekow/edit

[KeyserSozeMC]

lololololololol

So, now on top of making people wait for confirmations before a transaction is considered final, there is now the vault-delay time period (which btw is recursive.. So, if you send from vault to A to B to C, C can not consider those coins safe until the vault-delay time is expired)

Yea, this sounds like a terrible non-solution to a problem that can be solved with other existing methods..

To elaborate on other ways to solve this problem:

* nLockTime and a limited access/offline "oracle" transaction generator/signer
* multisig with a centralized (though with 0 access to funds) "key" that only signs a transaction after a time period

I'm sure there's a few other ways as well

No. It can not happen like that. B can initiate transfer to C only, after the transaction is finalized. Also note that you use Vault accounts like your savings accounts. For securely storing your coins and infrequent withdraws. Not for regular transfers. For that you use the regular accounts, which are like normal Bitcoin accounts.

Secondly, there is no existing solution for this. Once a hacker gets access your private keys, nLockTime and multisig are useless. If you use a centralized entity transactions, you loose the strengths of Bitcoin. Reversecoin enables you to reverse transactions, with out the need of any centralized entity.

Also, here is a visual for better understanding: https://docs.google.com/a/reversecoin.org/file/d/0B3Lz3ptpsGceRkpaNU5NWEZWQmZ1b2tPR1ZrZms1NkdUekow/edit

You need permission

[MickGhee]

ALL IN

[reversecoin]

lololololololol

So, now on top of making people wait for confirmations before a transaction is considered final, there is now the vault-delay time period (which btw is recursive.. So, if you send from vault to A to B to C, C can not consider those coins safe until the vault-delay time is expired)

Yea, this sounds like a terrible non-solution to a problem that can be solved with other existing methods..

To elaborate on other ways to solve this problem:

* nLockTime and a limited access/offline "oracle" transaction generator/signer
* multisig with a centralized (though with 0 access to funds) "key" that only signs a transaction after a time period

I'm sure there's a few other ways as well

No. It can not happen like that. B can initiate transfer to C only, after the transaction is finalized. Also note that you use Vault accounts like your savings accounts. For securely storing your coins and infrequent withdraws. Not for regular transfers. For that you use the regular accounts, which are like normal Bitcoin accounts.

Secondly, there is no existing solution for this. Once a hacker gets access your private keys, nLockTime and multisig are useless. If you use a centralized entity transactions, you loose the strengths of Bitcoin. Reversecoin enables you to reverse transactions, with out the need of any centralized entity.

Also, here is a visual for better understanding: https://docs.google.com/a/reversecoin.org/file/d/0B3Lz3ptpsGceRkpaNU5NWEZWQmZ1b2tPR1ZrZms1NkdUekow/edit

You need permission

Here you go: https://drive.google.com/file/d/0B3Lz3ptpsGceNzFxOFdoaEl3U00/view?usp=sharing Thanks for reporting the issue

[altcoin hitler]

haha

to the trashbin with it.

[escrowman]

after dev scam all investors ,reversecoin is already dead .

now ,most of coins be hold by two or three guys ,so i quit . good luck ..

[LibertyFromBigGov]

I think this was an ingenious idea.  If the dev team can accomplish this it could be huge.  Time will tell.  I will monitor this coin and promote it like crazy if they have a successful rollout.

[cointechno]

do you white paper only or is der any code

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[Framauro]

Algo?? POW and/or pos??

[Coinmin]

It will be something like Webmoney?

[merry0652]

only a few get hacked no need to reverse theres hardware to protect from hacks