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How do you "reverse" transactions that live in a peer-to-peer network? Or are you saying that MtGox has some kind of buffer of transactions that haven't been "executed" onto the network yet?

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MTGox runs its own private system. They display the value of BitCoins you can withdraw, but they're not really BitCoins until you withdraw them.

As far as I know bitcoin transfers are issues without any delay, so it would indeed be impossible to reverse the transactions.

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