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Actually, it really is. I've been accepting 0-conf transactions for nearly a year and had negligible double spends. So your approach to preventing fraud is...
by grey-area 9y ago
Actually, it really is. I've been accepting 0-conf transactions for nearly a year and had negligible double spends.
So your approach to preventing fraud is... to trust people not to defraud you?
Glad it worked for you with bitcoin and the particular people using your service, but that's not really a good basis for a payment network. There are multiple other problems with bitcoin as a payment network and currency, the delay in transactions (which prompted your experiment in ignoring a key part of the currency) is only one of them.
- prepend 9y agoAll payment systems have some system of loss. Visa/MC have fraud and error that eats away small percentages and relies largely on trusting people not to defraud you. If you run Starbucks and serve 1000 transactions per day, you’ll have some fraud. If 0.1% are fraud, that’s not too bad.
- grey-area 9y agoThis isn't a system of loss (systemic loss?), it's an abdication of responsibility - it's giving up on the payment system having any sort of fraud protection.