Post
Topic
Board Bitcoin Discussion
Re: Has anyone ever cancelled a BTC transaction after 1 confirmation?
by
sickpig
on 24/04/2014, 16:17:01 UTC
Is this even possible?

Thanks in advance  Cool
Not possible, once it's confirmed it's in the blockchain forever.  That's the beauty of Bitcoin Smiley

We now have miners with hundreds of thousands of dollars of equipment which run it off a raspberry pi. Who send their coins directly to coinbase to be sold. Who have never used a Bitcoin client of any kind (except for the coinbase webwallet), certainly not a full node, and they have no concept of why they'd want to.  The name they trust most in mining is operator of their chosen pool— who could be robbing them blind, but maybe isn't— who has a financial interest to the tune of— say— >$700,000/month in keeping miners on their pool, and who tells them they don't need to worry about things, and who is believed because far too many people— including you— overly fixate on "51%" and ignore the fact that someone who controls 25% hashpower can reorg 6 confirms with 5% success or 2 with 31% success.

bold is mine