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No, you cannot build a system like that without foregoing decentralization.
by mrb 9y ago
No, you cannot build a system like that without foregoing decentralization.
- lern_too_spel 9y agoWho said we need decentralization? Adding that requirement drastically increases costs without providing any practical gain. Card networks provide near instant payment processing with very low fees. Need irreversible payments? Simply use the same architecture without implementing chargebacks.
- colordrops 9y agohow exactly do you build a centralized system that is irreversible?
- lern_too_spel 9y agoJust don't implement chargebacks. Done. What made you think reversible payments are easier than irreversible?
- colordrops 9y agoWhat if a new CEO comes in and decrees that they add chargebacks?
- lern_too_spel 9y agoTake your money before anybody asks for their money back. As a merchant, you will have signed a contract with the payment processor agreeing to certain terms, and they cannot change those terms unilaterally. That scenario is as useless as imagining the main mining groups deciding to roll back to an earlier block.
- colordrops 9y agoMining groups can't roll back an earlier block.
- lern_too_spel 9y agoThey can if they control a majority of mining resources. They simply start mining new blocks from an earlier block. This happens all the time when there is a race. The loser has to discard their block and start mining off the winner. The only thing that is stopping this is the miners' incentives, which is the exact same thing that stops contract violations.
- colordrops 9y agoMining isn't exactly that centralized and even if it were they'd only really be able to roll back the most recent block. That's nothing like general chargebacks, as it would be one-off thing and only be in effect for 10 minutes, and is heavily disincentivized as it would destroy the reputation of the miner. The difference with legal contract enforced systems is they aren't. No one is going to build a system that restricts it's owner legally, and furthermore legal rules are leaky abstractions that have workarounds and spotty enforcement.
- deleted 9y ago[deleted]