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Well, they can also reverse transactions, and physically extracting more than a few thousand from an account can be a painful process at most banks, particularl
by StillBored 9y ago
Well, they can also reverse transactions, and physically extracting more than a few thousand from an account can be a painful process at most banks, particularly if the money was recently transferred. They just tell you, "sorry we don't have that much cash on hand, it will take us X days to get it, please return on Y."
- nickonline 9y agoIn a world with fast payments, that money can be washed and moved and out a dozen atms quite quickly
- lukeschlather 9y agoThat's why payments typically take a few days to clear. Bitcoin is designed for instantaneous payments with no rollback, which is an anti-feature.
- gizmo686 9y agoBitcoin explicitly does not have instantaneous payments. The standard view is to wait for 6 blocks before considering a transaction as "confirmed" Confirming a transaction at 0 blocks leaves you open to a very low cost double spend attack.
- mrb 9y agoA central bank hack lead to $58 million being transferred and withdrawn in cash in just a few days. Permanently lost/irrecoverable... https://en.m.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.m.wikipedia.org/wiki/Bangladesh_Bank_robbery
- pavel_lishin 9y agoHow do you physically extract more than a few thousand from a cryptocurrency exchange?