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You don't get it. Every 7 or so transactions that bitcoin has processed in that couple or so seconds cannot be clawed back, as in NEVER, unless there is a flaw
by grubles 11y ago
You don't get it. Every 7 or so transactions that bitcoin has processed in that couple or so seconds cannot be clawed back, as in NEVER, unless there is a flaw in very popular and important cryptographic technology which in of itself would mean a whole lot worse things can/will be happening besides your 0.01 BTC coffee being clawed back. Those 300 credit card transactions can be clawed back for up to 100+ days. If you are a fraud, you can sit back and relax for a few months before scamming someone.
- acdha 11y ago> Every 7 or so transactions that bitcoin has processed in that couple or so seconds cannot be clawed back, as in NEVER Normal people read this and hear “if you don't notice theft instantly there's nothing you can do”. This is not the persuasive sales pitch which you seem to think it is.
- grubles 11y agoTo clarify my stance: I am not pitching bitcoin to anyone on hackernews (this is not a Show HN). The ability to not claw back bitcoin is a reality, unless there are flaws in the technology behind bitcoin. I believe this is a feature and society could manage to change its ways regarding transacting as a result of that reality.
- acdha 11y agoSo … how does anti-fraud work? There's no third party to process charge backs and unlike physical currency a theft can cross international borders near-instantly. This sounds like wire transfers but everyone is exposed by default and there's no third-party monitoring for fraud. How am I wrong for thinking that sounds like everyone having to pay for their own private security service?
- badgar 11y agoYou are responding to a parent poster who wants "society ... to change its ways regarding transacting". They are directly arguing that society is wrong and needs fixing. You cannot convince someone making that argument by invoking empathy.