Topic: What would you do if it became reversible like paypal? - page 3. (Read 5282 times)
I would quit Bitcoin the day it becomes irreversible because there will be no more freedom,decentralization and privacy which makes it different and more attractive than existing traditional methods for transactions.We need a Bitcoin as it is now.
I remember Andreas Antonopoulos addressed this and proposed a solution for the lack of irreversible payments in reddit. Unfortunately I cannot find it right now. I think it's a very complicated issue. I mean sure, not being able to chargeback saves a lot of troubles for at the same time the people that legitimately need a chargeback may find themselves in a situation where they cannot get their money back when they really deserve it, so Im not sure if it's a good or a bad thing yet.
There are many other things that will affect to make bitcoin reversible like paypal?
If this happens then there should be a support that will be processing these cases.
Like paypal support and then to use bitcoin would be some other verification.
If this happens then there should be a support that will be processing these cases.
Like paypal support and then to use bitcoin would be some other verification.
I will have to quit too, I don't use paypal at all.
I would sell it all before it crashes. Also I laughed at "satoshi dealing with the disputes". This makes no sense. The point of Bitcoin is that it doesn't rely on a central authority to operate. Therefore such thing would be the end of Bitcoin, just like it would be the end if nodes became centralized with XT and so on.
Yes, reversible is the feature for handling disputes. I guess we need not such a functionality in bitcoin as it does not require of anyone's trust. That's the strongest point of bitcoin many people believe in.
I would sell it all before it crashes. Also I laughed at "satoshi dealing with the disputes". This makes no sense. The point of Bitcoin is that it doesn't rely on a central authority to operate. Therefore such thing would be the end of Bitcoin, just like it would be the end if nodes became centralized with XT and so on.
One bad thing is that the deve team is shared at opionions the xt has bringed questions and well the if it happen can be now real since we dont know what they are planning,imagine ,bitcoin being worthing 2000 dollars fixed,and someone controlling all transactions on it would it fail?I know main interest is the hiden and safe transfers ,but huge players waiting it get value,soo closing some deal will mean bitcoin at 2000dollars for 1 unit,and lets say some fee as paypal that is paid to states to operate worlwide.Maybe this way bitcoin could keep but i guess i dont wanna my details to be exposed and wait someone to transfer my balances .
if any major changes are made including central authority, non fungeability, whitelists, free spam transactions or increase in coin cap i would dump it for the next project that promised to hold on to its promises for the long run. this is just an experiment after all right guys?
I have to agree except free spam transactions. Are you suggesting miners are not free to choose what transactions to include? They include the transasactions with the risk of bit higher orhan rate (likelihood their block loose against other created shortly later or before) so they take the financial risk.
But back to topic, Bitcoin is meant to be trustless and not giving the power of the final decision to one company/justice/goverment or whatever, so reversibility does not fit to Bitcoin well.
of course no i won't be using bitcoin anymore if that happens but i think is imposible, thats the reason why people still used bitcoin, bitcoin is decentarlized i think escrow is one of solution but actually to change bitcoin to be reversible? that would never happen
A centralized Bitcoin.
May as well just go back to using PayPal. What would be the difference?
May as well just go back to using PayPal. What would be the difference?
Then many people will quit bitcoin.
Well there is alreay almost 7 years from the what you call experiment,some people invested all savings into bitcoin,soo experiment would get such sponsors worldwide.Did you figured that is Nakamote asked an ico to make bitcoin would you support it without know what it were?
Well bitcoin must stand the way it is freedom payment processor sure some things need to be changed but not those reversal option.
Well bitcoin must stand the way it is freedom payment processor sure some things need to be changed but not those reversal option.
if any major changes are made including central authority, non fungeability, whitelists, free spam transactions or increase in coin cap i would dump it for the next project that promised to hold on to its promises for the long run. this is just an experiment after all right guys?
Not estabilished yet looks like stable ,last month it were ¨stable ¨ at 300 dollars and dropped soo there isnt a stable moment and value at bitcoin ,there is a looks like stable,from one moment to other it can jump and dump,on the last dump i guess the problem were the xt version they tryed to make us support.And yescentralizing ,will kill bitcoin ,there is nothing that anyone can do even the CREATOR to recover such thing.
I would not use.
Why use a new experimental thing for the same purpose and same features, when there is already an old and estabilished stuff?
Why use a new experimental thing for the same purpose and same features, when there is already an old and estabilished stuff?
Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?
Will you quit?
Yes, I'd quit. In such a scenario, I'd fully expect an altcoin to eventually take Bitcoin's place and I'd start using an assortment of the most likely candidates.
Well i see your vision and agree till some place others altcoins are compared to bitcoin,soo if bitcoin die i guess most altcoins will follow and disappear in the same time,sure some of them may stand up but the king dead what soldiers will do ?
Good point. Whether I go to altcoins or precious metals depends on precisely how Bitcoin dies (a centralised Bitcoin is a dead Bitcoin). Putting the "how" out of my mind, I currently believe cryptocurrency is an idea worth trying which is why I chose altcoins.
However, when I think about how Bitcoin could come to die in this way, I struggle to imagine a scenario in which the notion of cryptocurrency itself is not fully undermined.
I would not be bothered as how I use PayPal, the same way I would use bitcoins but I would be accepting bitcoins only from known members or members whom I trust. It would reduce the number of bitcoin transactions I normally have but I would keep using bitcoins till it's price is above $200.
Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?
Will you quit?
Will you quit?
Yes, I'd quit. In such a scenario, I'd fully expect an altcoin to eventually take Bitcoin's place and I'd start using an assortment of the most likely candidates.
Well i see your vision and agree till some place others altcoins are compared to bitcoin,soo if bitcoin die i guess most altcoins will follow and disappear in the same time,sure some of them may stand up but the king dead what soldiers will do ?
I'd rather not use Bitcoin then. There would inevitably be another currency that wouldn't be reversible.
I'm getting tired of the statements that it can't be done, its a hypothetical situation and I'm asking for your reaction , please bother to read the posts before you post
Just a suggestion you enable voting next time when all your interested in is:
A) continue using Bitcoin
B) quitting Bitcoin
and any other reaction make you bit anger. BTW you even did not told who will have right to reverse transactions, as there are many options for this
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