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Why are bitcoin hacks not reverted? (self.Buttcoin)

moonshine_is が 投稿

I only keep up with the comedy aspect of buttcoins and I've never got into the technical side because who cares I'm not using it. So if there is a blockchain, and it registers all these transactions etc, everyone has to accept transactions, why is it when an exchange goes down, or something is hacked that they don't just revert the blockchain, they have a record of all these coins right?

Sorry if it's a dumb question.

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[–]ZZ9ZA 0ポイント1ポイント  (1子コメント)

Who is this "they"?

[–]magcius 0ポイント1ポイント  (0子コメント)

They've done this before, back when Bitcoin was super early on and everybody lost a bunch of money because of dumb technical glitches.

The way that the blockchain works, you actually can't revert one transaction, you can only bring the ledger back to a previous state in time. So if somebody steals my coins, then waits for six months, when it reverts, everybody's transactions since six months ago would get reverted. And that's a major issue.

Also, the developers themselves really don't have any power to do this, unless they convince the miners who are maintaining the ledger.

[–]zom-ponks 0ポイント1ポイント  (0子コメント)

This would require network consensus, so that's an impossibility currently. Not to mention that it would undermine the whole point of the blockchain, this Satoshi'sPBUH immutable gift to mankind.

But... if I remember correctly, it has in fact happened at least once: https://en.bitcoin.it/wiki/Value_overflow_incident

Someone with better knowledge of bit Coins' history might want to chime in here.