Quote from: jongameson on February 11, 2014, 05:28:58 PM

Quote from: Timo Y on February 11, 2014, 04:51:18 PM

Quote

Is there any work being done on reverse-transactions in bitcoin?

Yes. They just aren't widely implemented yet.

See:
https://en.bitcoin.it/wiki/Contracts#Example_2:_Escrow_and_dispute_mediation

Bitcoin has the added benefit that both sender and recipient can choose in advance who has the power to reverse a transaction in case of a dispute.

Quote from: whyinvestinbitcoin on February 11, 2014, 12:52:09 PM

[...]the transaction could be reversed by consensus?

In principle, any bitcoin transaction CAN be reversed by consensus. Bit since this requires changing the protocol it is unlikely to ever happen for individual transactions.

During the March 2013 fork event transactions were successfully reversed:
https://bitcoin.org/en/alert/2013-03-11-chain-fork

More realistically, you could also set up a multisig transaction that requires the consensus of a "committee" of previously selected mediators.

Why was this block rejected? What in specific made it incompatible with earlier versions of the software?

See:
https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki

As far as reversibility, OP, don't just say "we need X" - if you believe it, do it. Talking does nothing. Please fork the software, and fork the blockchain with your idea. Let us know when it is complete. If it is true that "We need Reverse Transactions", then everyone will switch. The rest of us will be selling your new PayPalCoin.

Either way, it will put an end to these repeated ideas for changes that make no sense.