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Wire transfers aren't reversible.

oleganza 13y ago
Wire transfers are harder to reverse than paypal or CC, but they are still based on mere agreement between banks. Bitcoin-central.net exchange had some fraud instances when wires were actually reversed after withdrawing BTC. Only two things are irreversible for real: 1. When you take a tangible thing in your own hands and go away. This can only be "reversed" by another party running after you. 2. Bitcoin transaction. See also: http://www.quora.com/Wire-Transfers/Can-wire-transfers-be-reversed http://www.quora.com/Wire-Transfers/Can-wire-transfers-be-re...
- maxerickson 13y ago
  The bitcoin network can conspire to reverse a transaction. The accidental block chain fork demonstrated that the plurality of participants will do so when it is convenient for them.
  - oleganza 13y ago
    The accidental fork in March demonstrated that all transactions were included in both chains. One guy attempted a double-spend attack against OKPay (but then returned money). Only people who could have been hurt are those accepting transaction during the fork. Everyone else's money was just fine. Everyone should simply listen for alerts and simply stop trusting new transactions until the fork is resolved. To reverse some old transaction would require enormous amount of computing power and some serious motive. It's not even close to two banks disputing a wire transfer between each other.
PeterisP 13y ago
Fraudulent wire transfers are "reversible" in the sense that in many jurisdictions the bank has to take the loss (i.e., return money to sender but not get it back from receiver) even if they can't reverse/block the payment. So from consumer's perspective they're reversible as they get their money back. I've worked in banking on international payments; they aren't reversible in the sense that (a) it's not always possible to do so; (b) there's no well-agreed way to do it, (c) the administrative fees of everyone involved can be quite large and (d) you can't guarantee anything; but in practice we could reverse most of international transactions if a day or two has passed (while money is "in transit", so to speak), and occasionally even long after it's been credited to beneficiary. Of course, there have to be valid reasons, but it can be done.

Wire transfers are harder to reverse than paypal or CC, but they are still based on mere agreement between banks. Bitcoin-central.net exchange had some fraud instances when wires were actually reversed after withdrawing BTC. Only two things are irreversible for real: 1. When you take a tangible thing in your own hands and go away. This can only be "reversed" by another party running after you. 2. Bitcoin transaction. See also: http://www.quora.com/Wire-Transfers/Can-wire-transfers-be-reversed http://www.quora.com/Wire-Transfers/Can-wire-transfers-be-re...

maxerickson 13y ago
The bitcoin network can conspire to reverse a transaction. The accidental block chain fork demonstrated that the plurality of participants will do so when it is convenient for them.
- oleganza 13y ago
  The accidental fork in March demonstrated that all transactions were included in both chains. One guy attempted a double-spend attack against OKPay (but then returned money). Only people who could have been hurt are those accepting transaction during the fork. Everyone else's money was just fine. Everyone should simply listen for alerts and simply stop trusting new transactions until the fork is resolved. To reverse some old transaction would require enormous amount of computing power and some serious motive. It's not even close to two banks disputing a wire transfer between each other.

PeterisP 13y ago

Fraudulent wire transfers are "reversible" in the sense that in many jurisdictions the bank has to take the loss (i.e., return money to sender but not get it back from receiver) even if they can't reverse/block the payment. So from consumer's perspective they're reversible as they get their money back. I've worked in banking on international payments; they aren't reversible in the sense that (a) it's not always possible to do so; (b) there's no well-agreed way to do it, (c) the administrative fees of everyone involved can be quite large and (d) you can't guarantee anything; but in practice we could reverse most of international transactions if a day or two has passed (while money is "in transit", so to speak), and occasionally even long after it's been credited to beneficiary. Of course, there have to be valid reasons, but it can be done.