Topic: Are XRP transactions reversible? (Read 531 times)
Guess they could rebuild the block and reverse the transaction, since they are the network.
Can a transaction of XRP from one user to another in the Ripple system be reversed by Opencoin?
What if a Ripple user sells XRP for BTC, then complains to Opencoin that his account got hacked or that he did not recieve his BTC? Will Opencoin be able to reverse that transaction? What if the user threatens with the help of a lawyer to sue Opencoin, to get his XRP or an equivalent amount of $ back? Is the trading of XRP for BTC safe against the kind of frauds that often happen when trading BTC for $ on paypal?
If transactions are reversible like that, then this is obviously a huge problem for everyone who trades BTC for XRP.
Also, how will Opencoin be able to comply with the regulations in place for money transferers like paypal? What prevents Opencoin from suffering the same fate as E-Gold? If authorities find out that questionable transactions were conducted via XRPs (terrorism, drug trading, tax evasion,...), then wouldn't the Opencoin company be highly susceptible to getting shut down rather sooner than later? I think in this scenario, if Opencoin gets shut down, all XRP and all IOUs in their Ripple system will vanish and be completely worthless. Is this the reason why the Opencoin guys keep insisting that XRP are a worthless non-currency, in order to protect themselves from such attacks by authorities?
What if a Ripple user sells XRP for BTC, then complains to Opencoin that his account got hacked or that he did not recieve his BTC? Will Opencoin be able to reverse that transaction? What if the user threatens with the help of a lawyer to sue Opencoin, to get his XRP or an equivalent amount of $ back? Is the trading of XRP for BTC safe against the kind of frauds that often happen when trading BTC for $ on paypal?
If transactions are reversible like that, then this is obviously a huge problem for everyone who trades BTC for XRP.
Also, how will Opencoin be able to comply with the regulations in place for money transferers like paypal? What prevents Opencoin from suffering the same fate as E-Gold? If authorities find out that questionable transactions were conducted via XRPs (terrorism, drug trading, tax evasion,...), then wouldn't the Opencoin company be highly susceptible to getting shut down rather sooner than later? I think in this scenario, if Opencoin gets shut down, all XRP and all IOUs in their Ripple system will vanish and be completely worthless. Is this the reason why the Opencoin guys keep insisting that XRP are a worthless non-currency, in order to protect themselves from such attacks by authorities?
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