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1) you pay fees to middleman to make a transaction. 2) micropayments are ridiculously slow and low volume compared to any other payment system. 3) We have all s
by tigershark 8y ago
1) you pay fees to middleman to make a transaction.
2) micropayments are ridiculously slow and low volume compared to any other payment system.
3) We have all seen that chargeback are possible and already occurred, with the small side effect that also all the other legitimate transactions were rollbacked, as with the dao huge fuckup.
4) There are plenty of frauds involving bitcoins.
5) borderless payments have been possible for ages, and are not dependent on a Chinese network of miners.
- icelancer 8y ago1) They are pretty small for most cryptocurrencies. 2) This is false if you understand that Visa/MC do not settle instantly, rather 24-48 hours down the line and their instantaneous consumer network is not identical to that settlement layer. Similar to BTC's blockchain + Lightning network. 3) This is not really a thing outside of Ethereum, but yes, it was a very bad decision. 4) There are plenty of frauds using USD. Way more than BTC. Like, a lot. 5) I'm not sure what this random bit of racism against China has anything to do with anything, but the network's locations of nodes doesn't have much to do with nationality preference.
- PretzelPirate 8y agoTo clarify: Ethereum didn’t roll back any legitimate transactions (or any transactions at all) when restoring the DAO funds, which conflicts with the original #3 point you responded to.
- village-idiot 8y agoHaving the dev of the network reversing transactions makes a mockery of “decentralized” and “trust-less”. More hilariously is that there is a branch of Ethereum that still contains the DAO hack transactions, Ethereum Classic . It’s generally assumed that that branch is run by the DAO hacker, which is kind of hilarious to me.