The Undo Transaction | Bitcointalksearch.org

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: gmaxwell on January 08, 2025, 06:54:39 PM

Just never sign a transaction unless its locktimed for at least 5 blocks in the future. TADA "undo". Enjoy.

I like it! OP could even patch one of the open source wallets to do this for him. I won't use it though: it'll just be annoyingly slow. Waiting for 1 confirmation already feels slow when I order something.

Quote from: Skybuck on January 08, 2025, 04:52:12 PM

more forgiving for human errors

Scammers will love this feature!

NotATether

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This is not currently possible and probably never will be in the foreseeable future because of the simple reason of once you send a transaction to another address, you no longer have the private keys to spend that sent BTC.

So any proposal that implements an "undo" transaction will not work out because then anybody could do chargebacks, and normal people would no longer be able to trust that untrustworthy actors have sent their BTC and won't try to take it back fraudulently.

Ziskinberg

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50 minutes and an "undo" option? That doesn’t seem like something the community would support.

Bitcoin’s whole purpose is to scale and provide fast, irreversible transactions. A 50-minute wait time and the ability to cancel transactions go completely against that purpose. It would make things messy, like following the model of some fiat digital wallets.

In our country, one of the wallet providers actually introduced something similar, and while it may work for fiat, it feels out of place for Bitcoin.

Quote

GCash cannot automatically reverse a completed transaction, but you can dispute it

Some users like it, but we are not fiat, we are bitcoin,, so we don't follow their style.

pooya87

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When you read the whitepaper and study Bitcoin more you realize that one of the principles which is the central idea behind Bitcoin was its irreversibility. It is actually addressing an existing problem with previous payment systems (eg. PayPal) where the transactions can be reversed very easily and the problems such a feature creates for its users specifically the merchants (receiving payments).

What you are suggesting goes against that principle.

gmaxwell

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Just never sign a transaction unless its locktimed for at least 5 blocks in the future. TADA "undo". Enjoy.

Zaguru12

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Quote from: Skybuck on January 08, 2025, 04:52:12 PM

To make blockchain more forgiving for human errors it's time to introduce the "undo" transaction.

This undo transaction can be issued up to 5 blocks from the original transaction, after which it is no longer possible.

In case of bitcoin this should give the user 50 minutes the time to issue the undo transaction, after the 6th confirmation of the original transaction it is no longer possible if the undo transaction was not included in the 2th, 3th, 4th, 5th, 6th block since the original transaction, being the 1th block.

First clarification is 50minutes doesn’t mean your transaction will be in the 5th block already. Yes the average time to mine a block is ten minutes but that is not constant and it varies, you can still be have one single block mined in whole 50 minutes.

Now base on your question, I think undo transaction can lead to double spending which will be a very bad flaw if a blockchain has it, take for example bitcoin Been treated as means for payment and when the payment is done imagine the sender going behind to double spend such transaction what happens to the seller who got double played will they use bitcoin as means of payment again? Even traditional banks don’t release wrong transactions immediately they check to see if it was genuine mistake before they process the reversal. So undo transaction isn’t a good move to me

BitMaxz

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Happy New year 🤗

5 confirmations, then you can undo the transaction?

I think that's impossible. I don't think there's any wallet that can do this except for transactions with 0 confirmation. Electrum can cancel the transaction, but the process is by replacing the old transaction to send BTC back to your wallet with a higher TX fee.

DannyHamilton

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Quote from: Skybuck on January 08, 2025, 04:52:12 PM

To make blockchain more forgiving for human errors it's time to introduce the "undo" transaction.

This undo transaction can be issued up to 5 blocks from the original transaction, after which it is no longer possible.

In case of bitcoin this should give the user 50 minutes the time to issue the undo transaction, after the 6th confirmation of the original transaction it is no longer possible if the undo transaction was not included in the 2th, 3th, 4th, 5th, 6th block since the original transaction, being the 1th block.

Sounds like a useless waste of time and effort. If I hand you a $10 bill and you walk away, is there an undo for that?

What if the person issuing the undo makes a mistake? Should we allow another 5 blocks to undo the undo?

Skybuck

full member

Activity: 385

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To make blockchain more forgiving for human errors it's time to introduce the "undo" transaction.

This undo transaction can be issued up to 5 blocks from the original transaction, after which it is no longer possible.

In case of bitcoin this should give the user 50 minutes the time to issue the undo transaction, after the 6th confirmation of the original transaction it is no longer possible if the undo transaction was not included in the 2th, 3th, 4th, 5th, 6th block since the original transaction, being the 1th block.

Topic: The Undo Transaction (Read 85 times)