Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. In today’s edition, Olga Kharif imagines a reversible crypto world:
Crypto’s Undoing
For proponents of blockchain technology, some of its biggest strengths lie in the fact that open-source digital ledgers are under no one’s control, and that transactions, once made, can’t be tinkered with.
On major blockchains like Ethereum, anyone can be involved in operations, and no one party should have veto power — a hallmark of a so-called permissionless system, where everything is governed by computer code. Immutability of transactions is a key part of this democratic system, designed to ensure that no government, …
