What would you do if it became reversible like paypal? - page 6.

Wapinter

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Quote from: mexxer-2 on September 28, 2015, 05:44:57 AM

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?

I will definitely continue to use and support bitcoin even if it become reversible because bitcoin is the most convinent way of making transaction.I have'nt abondened PayPal although it is reversible so why would I give up on btc?

knowhow

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First of all ,the current price of bitcoin will be worthing 0,00001 dollars as community saw it can be reversible,second moment i would left it in the same time,the concept is to be decentralized if disputes would start it would become centralized ,soo this wont happen and if happens will mean the end of crypto world,since others may follow bitcoin.

jonald_fyookball

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Quote from: Q7 on September 28, 2015, 09:34:41 AM

In reality the system has been designed so that payments are irreversible. But even if the feature does become available, I don't think that I would ever want to use it again. If you have chargebacks who is going to decide which party to win in the disputes and since in bitcoin there is no central authority to decide that, I can imagine that chaos that is going to happen. We have seen how bad things can be when you have chargebacks and no way would I want the same thing to happen to bitcoin.

Yofun

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Yeah...This is not possible. It would require a hard fork. And you would never get the whole community to switch to it.

7788bitcoin

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One of the greatest advantage of Bitcoin is non-reversible payment and I think Bitcoin will fail if the transmissions become reversible. However, I guess reversible payment will be enabled by other platforms built around Bitcoin and will be available- such as Paypal integrate with Bitcoin??

stfu

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Bitcoin isn't going to offer this ever and if it did it would ruin bitcoin. What sort of currency would be good where you can take it back after you've sent it.

coinpr0n

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If you want / need a third-party for conflict resolution you can just use an escrow with multisignature transactions. Bitcoin is reversible.

SerenaL

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I would stop using it since it would be more riskier than paypal. I really doubt something like that will ever happen.

okae

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northern exposure

it will never happen, bitcoin became reversible like paypal? never!, community will never allow it or simply will create a new currency... i really think that be irreversible is one of the best characteristics that loves the bitcoin community, so as i say, community will never allow that.

Kprawn

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It's not totally impossible, if this happens off-chain through a service like Xapo. If Xapo have enough proof that the coins send from one Xapo user to another, was fraudulent or

a crime, they might intervene and reverse the transaction, before it gets to the Blockchain. Then again, if for some miraculous reason, someone submit a BIP with this feature,

and it gets accepted {which it will never do} ... I would most probably stop using Bitcoin. Sad

coinplus

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Quote from: gentlemand on September 28, 2015, 10:06:07 AM

I wonder how much misery irreversibility causes versus reversibility. It probably balances out quite nicely.

Reversibility naturally requires a third party so that being the case I'd be out.

Yes, in a decentralized system reversible is not at all possible. The reversible features still can be associated with bitcoin by having escrow functionality with a trusted mediators. Reversibility and decentralization are two different extremes. Liberty reserve had irreversible features still centralized system.

LiteCoinGuy

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In Satoshi I Trust

it is not reversible like paypal BUT you can put a system on top of bitcoin which is reversible like paypal. the beauty of bitcoin Wink

Maskedman

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If it was that case,I could imagine bitcoin would fall into chaos. Because satoshi is not here anymore. So who will replace his role? BTW miners who get the transactions as rewards will return the money. How could that happen?

Mickeyb

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Move On !!!!!!

Quote from: mexxer-2 on September 28, 2015, 10:02:03 AM

Quote from: Mickeyb on September 28, 2015, 10:00:44 AM

If this was to happen, you would destroy one of the key features that Bitcoin has for itself that other payment systems don't, a decentralization. So Bitcoin essentially wouldn't be Bitcoin anymore. That being sad I don't see this ever happening!

Umm you may have realized I changed the topic title, so now the question is "What will you do?"

Oh OK, I didn't see you changed it. Well this is easy. If this was to happen I think that Bitcoin would be done. Everyone would just change it for some other crypto that wouldn't act like this.

But it's stupid to even talk about this since this will never happen!

gentlemand

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I wonder how much misery irreversibility causes versus reversibility. It probably balances out quite nicely.

Reversibility naturally requires a third party so that being the case I'd be out.

mexxer-2

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Quote from: Mickeyb on September 28, 2015, 10:00:44 AM

If this was to happen, you would destroy one of the key features that Bitcoin has for itself that other payment systems don't, a decentralization. So Bitcoin essentially wouldn't be Bitcoin anymore. That being sad I don't see this ever happening!

Umm you may have realized I changed the topic title, so now the question is "What will you do?"

Mickeyb

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Move On !!!!!!

If this was to happen, you would destroy one of the key features that Bitcoin has for itself that other payment systems don't, a decentralization. So Bitcoin essentially wouldn't be Bitcoin anymore. That being sad I don't see this ever happening!

Q7

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In reality the system has been designed so that payments are irreversible. But even if the feature does become available, I don't think that I would ever want to use it again. If you have chargebacks who is going to decide which party to win in the disputes and since in bitcoin there is no central authority to decide that, I can imagine that chaos that is going to happen. We have seen how bad things can be when you have chargebacks and no way would I want the same thing to happen to bitcoin.

Pursuer

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Quote from: mexxer-2 on September 28, 2015, 05:44:57 AM

Would you still use and believe in bitcoin if it became reversible, say if satoshi himself managed the disputes like paypal does?

this is not possible at all. to do so, you will need to create and altcoin which will never be bitcoin.

but if we remove the not-reversibility from bitcoin I think it still has many other good benefits which makes it worth using. one of them that I can name right now is the decentralization of bitcoin.

Rude Boy

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Why not? I'll use always. Becuase, i'm using paypal too (which has reversible payment method). But the thing is if bitcoin having the reversible payment method, its hard to get the bitcoin accepting stores, IMO.

Topic: What would you do if it became reversible like paypal? - page 6. (Read 5287 times)