Are Reversible Transactions A Good Thing?

Republished By Plato

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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 Links

https://www.bloomberg.com/news/articles/2022-10-01/solana-says-successfully-completed-cluster-restart-after-outage

https://www.cnet.com/culture/internet/kim-kardashian-pays-1-2m-to-settle-crypto-instagram-ad-charges

https://cointelegraph.com/news/the-sec-is-bullying-kim-kardashian-and-it-could-chill-the-influencer-economy/amp

The United Nations calls on the Fed and other central banks to halt interest rate increases – WSJ

HAK, 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 high

IMF Managing Director Says the Fed has “High Responsibility”

US national debt surpasses $31 trillion for the first time ever

European 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 inflation

Tunisia 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/1578437514372829192

Celsius 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-researchers

Bitcoin Whitepaper

October 9, 2022 Weekly Close (USD)

BTC – 18,446.43

ETH – 1,322.60

ADA – 0.423072

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I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. My mastodon handle is @mcintosh@podcastindex.social. Looking forward to hearing from you!

Website

https://genwealthcrypto.com

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