Are Reversible Transactions a Good Thing?

A recent study has voiced the opinion that reversible transactions on a blockchain are a good idea as a way to combat hacking. Unfortunately, this is a simplistic worldview. The reality is that being able to roll back blockchain activity has unintended side effects that end up harming people not even involved in the hack. Let's discuss!News and Linkshttps://www.bloomberg.com/news/articles/2022-10-01/solana-says-successfully-completed-cluster-restart-after-outagehttps://www.cnet.com/culture/internet/kim-kardashian-pays-1-2m-to-settle-crypto-instagram-ad-chargeshttps://cointelegraph.com/news/the-sec-is-bullying-kim-kardashian-and-it-could-chill-the-influencer-economy/ampThe United Nations calls on the Fed and other central banks to halt interest rate increases - WSJHAK, one of the largest vegetable brands in Northern Europe, to shut down production for six weeks due to high energy costs.Inflation hits 83% in Turkey, a new 24-year highIMF Managing Director Says the Fed has "High Responsibility" US national debt surpasses $31 trillion for the first time everEuropean Union bans all #crypto assets, accounts, and custody services belonging to Russians.California will be sending out $1,050 stimulus payments to qualifying residents to combat inflationTunisia Raises Rates to Highest Level in 30 years to Combat Inflation Belarus President Alexander Lukashenko says he's banning inflation: "From October 6, all price increases are forbidden. Forbidden!"https://twitter.com/nytimes/status/1578437514372829192Celsius published a 14,000-page document detailing every user's full name, linked to timestamp & amount of each deposit/withdrawal/liquidation Why Finality Matters https://cointelegraph.com/news/reversible-transactions-could-mitigate-crypto-theft-researchersBitcoin WhitepaperOctober 9, 2022 Weekly Close (USD)BTC - $18,446.43ETH - $1,322.60ADA - $0.423072Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!Websitehttps://gen-btc.comMusic CreditsRock Guitar Intro 07 by TaigaSoundProdLink: https://filmmusic.io/song/8342-rock-guitar-intro-07License: https://filmmusic.io/standard-licenseFunky Life by WinnieTheMoogLink: https://filmmusic.io/song/6040-funky-lifeLicense: https://filmmusic.io/standard-licenseWebsite https://satoshis-plebs.com Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!