3 ms·

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.