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> Proof of Work is the only way for people to transact in which they don't have counterpary-risk problems before transacting. > Before PoW was invented, there
by Scarblac 9y ago
> Proof of Work is the only way for people to transact in which they don't have counterpary-risk problems before transacting.
> Before PoW was invented, there was no way of doing this.
If I pay with my credit card and am scammed, I just let them roll back the transaction and let the other side prove their case.
With Bitcoin, that mechanism is _impossible_.
- kybernetikos 9y agoWe're not talking about Bitcoin here. I've personally created cryptoassets on the ethereum blockchain that support enforcement freezing and reversing transactions. The fact that Bitcoin doesn't is primarily down to the ideology of early adopters, not technology reasons.
- edoloughlin 9y agoGenuinely curious: how much does it cost per transaction and how many transactions per second can you execute?