Quote from: pb2014 on July 13, 2014, 10:26:28 PM

Quote from: kd5zgl on July 13, 2014, 09:58:26 PM

here's the problem with a rollback: You sell me 100 oz. of GOLD, not fiat, not bitcoin, not pork bellies (tho the pork bellies wld be same as Au) for an equivalent amount of VRC.

You and I agree that VRC has value, so we agree to the exchange, I send you VRC, you ship me gold coins.

A bad man steals many VRC from MintPal. Blockchain gets rolled back. I get my VRC back.

*But I Still Have Your Gold.*

No. When you get the money from the rollback then you pay the guy who sold you the gold. Unless you want a broken knee cap.

If I'm honest, yes. If I'm Gordon Gekko, no. You see, I've had the gold shipped to a drop box under a false name. My point is this: there is no way to remove the intrinsic value of the gold. That's hard-coded into its atoms. In my view, a big part of the intrinsic value of cryptocurrency is the finality of the transaction, even when someone has made a mistake. Honest people will always try to do the right thing. Dishonest people, not so much.

Also, moving forward, and this applies to *every* coin: Who decides when to roll the chain back? The Chairman of the Federal Reserve of (fill_In_the_blank)coin?