Is it possible for a token creator to take back the tokens sent to someone - page 2.

Bountyhonter

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Quote from: CryptopreneurBrainboss on October 10, 2019, 01:38:01 PM

Quote from: Bountyhonter on October 10, 2019, 01:03:26 PM

I am having an argument with some people and they said that a token creator removed a token from one of their wallet and i told them that tokens that has been sent cannot be withdrawn back as long as they're the only ones with their private key but they don't believe me.

Seems the answer here is very clear from the highlighted statement above. I presume this incident was recorded via bounty payment since we have recorded numerous report of such scenario occuring in the forum, where bounty hunters token's get withdrawal by the tokens creators or their wallets get blocked. The issue here isn't about the token's blockchain instead it's about the wallets.

So here's my answer, wallets controlled by token creators especially web wallets can be access at any point and tokens can be withdrawn without your notice but in regards to tokens blockchain, it all depends on how the blockchain was created to function (like users above have explained).

In this case the guy claims that the token was sent to his personal ethereum wallet

CryptopreneurBrainboss

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eXch.cx - Automatic crypto Swap Exchange.

Quote from: Bountyhonter on October 10, 2019, 01:03:26 PM

I am having an argument with some people and they said that a token creator removed a token from one of their wallet and i told them that tokens that has been sent cannot be withdrawn back as long as they're the only ones with their private key but they don't believe me.

Seems the answer here is very clear from the highlighted statement above. I presume this incident was recorded via bounty payment since we have recorded numerous report of such scenario occuring in the forum, where bounty hunters token's get withdrawal by the tokens creators or they get restrict form accessing their tokens. The issue here isn't about the token's blockchain instead it's about the wallets.

So here's my answer, wallets controlled by token creators especially web wallets can be access at any point by them and tokens can be withdrawn without your notice but in regards to tokens blockchain, it all depends on how the blockchain was created to function (like users above have explained).

dothebeats

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Cashback 15%

It is possible depending on the conditions laid out by the developers in the event of something uneventful (like the ETH events that saw the creation of ETH Classic)--or simply put, if the algorithm of the whole token/coin allows such rollbacks to happen without that much of an effort, else the developers would need the cooperation of the community to do the rollback. This usually leads to a hardfork when the whole network can't reach into a consensus, and again this depends on the consensus rules of the coin/token. In bitcoin, you need at least 51% to undo a certain transaction and split the chain whereas on other tokens/coins I'm not entirely sure of.

Bossalex12

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Quote from: Bossalex12 on October 10, 2019, 01:18:48 PM

from my understanding, it depends on how the smart contract of the token/coin is created, and in some cases [name of project withheld ] though minor, it is possible the developer(s) can unsolicitedly debit a user for a token. It may be arguable if this is right or wrong though, and if the developers have such rights to do that

moreover, i think this flaws the concept of Decentralization and blockchain, and as such would taunt the name of the project(s) in question, that would be bad for business

Loganota

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The blockchain was created to prevent this. Under normal conditions, it is not possible for anyone to reverse a transaction, when trying to make a double spend, the currency protocol identifies that this transaction does not follow the rules and discards. It is possible for anyone to create a blockchain of some currency by rolling back and undoing transactions, the problem being that you would have to convince the rest of the world that this was correct and that they should follow your blockchain.
This happened to Ethereum in 2016 when there was a token hack called "The DAO" and many ETHs were stolen, the creator of Ethereum undone this theft transaction and the chain went on from there. Many people agreed with this and others did not, so Ethereum Classic (ETC) was created that is nothing but ETH with transactions intact.
Doing so is a very risky move, as many defend the immutability of the network even if there are cases such as theft, and in doing so much of the value of the coin can be lost. Moreover, in this case, it has been proved that there is no decentralization. In cryptocurrencies like Bitcoin I can't see something like this happening.

Bountyhonter

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Quote from: odolvlobo on October 10, 2019, 01:08:41 PM

It depends on the token. Bitcoin, no. EOS, yes. Others, maybe.

It's an Ecr20 token

Bossalex12

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from my understanding, it depends on how the smart contract of the token/coin is created, and in some cases [name of project withheld ] though minor, it is possible the developer(s) can unsolicitedly debit a user for a token. It may be arguable if this is right or wrong though, and if the developers have such rights to do that

teeboss

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it can on erc20 depending on the smart contract I guess

odolvlobo

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It depends on the token. Bitcoin, no. EOS, yes. Others, maybe.

Bountyhonter

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I am having an argument with some people and they said that an Ecr20 token creator removed a token from one of their wallet and i told them that tokens that has been sent cannot be withdrawn back as long as they're the only ones with their private key but they don't believe me.

I want to send them a link to this thread with opinions of crypto experts in this forum so we can know who is right.

Topic: Is it possible for a token creator to take back the tokens sent to someone - page 2. (Read 570 times)