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Actually that 1% normally will go to paying the electricity bills for the bank back end systems and the fraud analysis algorithms. On top of that they need to p
by BlackFly 11y ago
Actually that 1% normally will go to paying the electricity bills for the bank back end systems and the fraud analysis algorithms. On top of that they need to pay for fraud insurance. The power spent on bitcoin is not analogous to these costs, it is equivalent. The question is, is bitcoin more cost effective at preventing specific types of fraud?
- davidgerard 11y agoEvidently not the types that actually happen in the Bitcoin space, all of which have as their root cause "no chargebacks": if someone picks your pocket from the other side of the planet, you have no recourse.
- CyberDildonics 11y agoLike the president of Moldova who laundered a billion dollars out of the country?