> Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

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#1 2018-06-14 00:51:54

Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

If the blockchain is just a distributed list of transactions, there can be a distributed rollback file.  Problem solved.

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#2 2018-06-14 00:54:11

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

Roll er' back and get er' done!
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#3 2018-06-14 00:56:48

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

., wrote:

Roll er' back and get er' done!
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Why don't you address why a distributed rollback file would not work while a distributed commit file (the blockchain) obviously works.

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#4 2018-06-14 01:01:18

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

. wrote:

Why don't you address why a distributed rollback file would not work while a distributed commit file (the blockchain) obviously works.

So I buy something (let's say some meth) - I can then roll it back a minute later - after you've given it to me?

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#5 2018-06-14 01:03:00

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

., wrote:

So I buy something (let's say some meth) - I can then roll it back a minute later - after you've given it to me?

Frankly, you are a very low intelligence person who makes piss poor analogies.  I am sorry for your lack of intelligence compounded by a poor education.

If you buy it with a stolen credit card it will be rolled back on you whether or not you want it to.   Bitcoin could run the same way.  Bitcoin isn't cash, it's an electronic system like credit cards, just with a distributed log.

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#6 2018-06-14 01:09:38

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

. wrote:

Frankly, you are a very low intelligence person who makes piss poor analogies.  I am sorry for your lack of intelligence compounded by a poor education.

If you buy it with a stolen credit card it will be rolled back on you whether or not you want it to.   Bitcoin could run the same way.  Bitcoin isn't cash, it's an electronic system like credit cards, just with a distributed log.

I know this is CI, but god damn you're a retard. WHO - you fuqing moron - would "roll back" the transaction. The currency is unregulated.

Please tell me, what is the 1-800 number you call to contest a bitcoin dispute.

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Caitlyn Dolezal
#7 2018-06-14 01:10:07

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

. wrote:

Frankly, you are a very low intelligence person who makes piss poor analogies.  I am sorry for your lack of intelligence compounded by a poor education.

If you buy it with a stolen credit card it will be rolled back on you whether or not you want it to.   Bitcoin could run the same way.  Bitcoin isn't cash, it's an electronic system like credit cards, just with a distributed log.

Right, because the credit card system works though a central authority - but bitcoin doesn't.  The only way you could roll back a transaction would be for the large majority of network nodes to agree that transaction X was invalid, regenerate that hash block without the removed transaction and then start calculating forward from that point.  This effectively means that you have to modify the core bitcoin software and then persuade almost everyone to start running the modified version.

This is a hard thing to do, especially since there is a strong philosophical position that the blockchain should be immutable, and in practice any attempt to roll back transactions will result in a fork (this is the origin on the bitcoin/bitcoin cash division).

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Stephen Miller
#8 2018-06-14 01:13:09

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

If you're investing in bitcoin, and especially if you consider yourself an early adopter, and you didn't do about 20 hours of research into the math and the concept...then you deserve to be fleeced.

I get recruiters contacting me about bitcoin players - I've got some good crypto in my background.  I delete those emails.

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#9 2018-06-14 01:24:33

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

So you need a central authority for rollbacks.  Thanks for pointing out the obvious.  Since thefts are basically killing Bitcoin, is that too much to ask for?  Death, or some central authority that doesn't even OK normal transactions, but just rollbacks.  Doesn't sound as bad as death.

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Caitlyn Dolezal
#10 2018-06-14 01:31:38

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

. wrote:

So you need a central authority for rollbacks.  Thanks for pointing out the obvious.  Since thefts are basically killing Bitcoin, is that too much to ask for?  Death, or some central authority that doesn't even OK normal transactions, but just rollbacks.  Doesn't sound as bad as death.

It was pointed out because you appeared unaware of it, as indicated by your facile assertion that things could "just be rolled back" - as for why this isn't something that's been added to Bitcoin, it's simply that if you did that then it wouldn't be Bitcoin anymore, since the core design feature was and is the distributed authentication mechanism and the consequent lack of a central authority.

The other thing is philosophical - in general, trusted third parties are considered a Bad Thing in crypto, for the very simple reason that they represent a single point of compromise for the entire system, and this is why Bitcoin was specifically designed without them.

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#11 2018-06-14 02:00:41

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

OK, how about some sort of voting system then?  Surely a thief could only vote a few times and most people in the system would vote against obvious thieves.

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#12 2018-06-14 06:32:11

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

Because it's clearly and inside job?

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#13 2018-06-14 06:39:31

Re: Crypto Tards: How Can Bitcoins Be Stolen? If Everyone Knows A Coin Is Stolen, Why Not Just Roll Back That Transaction?

. wrote:

and inside job
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