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wrt old-fashioned scams in my sibling's comment... they've been around much longer than they've been outlawed for. arguably, we would have better herd-immunity

wrt old-fashioned scams in my sibling's comment... they've been around much longer than they've been outlawed for. arguably, we would have better herd-immunity to them if we'd never outlawed them in the first case. yes, there's no recourse to losing your BTC. it's a good thing you were only playing around, or you'd be really screwed. if you mortgaged your house, well... that wasn't very smart was it. I'm sure you won't make that mistake again, and I think/hope we as a society/culture can work to help you recover from that. whatever the case, if you lose your money/btc/shirt the banks won't be much help to you.

emodendroket 8y ago
What in the world are you talking about? There are a number of avenues you have to reverse fraudulent transactions with banking products that aren't available with BTC.
- mr_spothawk 8y ago
  oh, that explains why nigerian scams dont work. /s
  - emodendroket 8y ago
    Tell me the last time a major bank shut down and its proprietors ran off with all the deposits. Or what is the BTC equivalent to a chargeback if services aren't rendered? What protection does it offer if someone steals your information and makes fraudulent purchases with your money?
    - imgabe 8y ago
      You're conflating properties of a payment processor like Visa, with properties of a currency. What's the equivalent of a charge back if I pay in cash for services that aren't rendered? It's called a "lawsuit", and there's no reason you couldn't use it if you paid with Bitcoin. With Bitcoin, unlike cash, there is also a public record that you did in fact pay, so the defendant couldn't lie and say you never paid when they just hid the cash under their mattress. Likewise, there's no reason a payment processor like Visa couldn't process payments in Bitcoin and provide fraud protection if that is something people want. Bitcoin isn't there yet, but neither was cash until about 50 years ago, out of thousands of years of usage.
      - emodendroket 8y ago
        That's true, but Bitcoin has been marketed as a replacement for both traditional currency and traditional payment processors, and certainly encourages people to keep way larger amounts in "cash" than they'd otherwise be comfortable with.
        mr_spothawk 8y ago
        s/marketed/embraced
        emodendroket 8y ago
        Marketed is really the more accurate term.

emodendroket 8y ago

What in the world are you talking about? There are a number of avenues you have to reverse fraudulent transactions with banking products that aren't available with BTC.

mr_spothawk 8y ago
oh, that explains why nigerian scams dont work. /s
- emodendroket 8y ago
  Tell me the last time a major bank shut down and its proprietors ran off with all the deposits. Or what is the BTC equivalent to a chargeback if services aren't rendered? What protection does it offer if someone steals your information and makes fraudulent purchases with your money?
  - imgabe 8y ago
    You're conflating properties of a payment processor like Visa, with properties of a currency. What's the equivalent of a charge back if I pay in cash for services that aren't rendered? It's called a "lawsuit", and there's no reason you couldn't use it if you paid with Bitcoin. With Bitcoin, unlike cash, there is also a public record that you did in fact pay, so the defendant couldn't lie and say you never paid when they just hid the cash under their mattress. Likewise, there's no reason a payment processor like Visa couldn't process payments in Bitcoin and provide fraud protection if that is something people want. Bitcoin isn't there yet, but neither was cash until about 50 years ago, out of thousands of years of usage.
    - emodendroket 8y ago
      That's true, but Bitcoin has been marketed as a replacement for both traditional currency and traditional payment processors, and certainly encourages people to keep way larger amounts in "cash" than they'd otherwise be comfortable with.
      - mr_spothawk 8y ago
        s/marketed/embraced
        emodendroket 8y ago
        Marketed is really the more accurate term.