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The existence of central banking criticism doesn't justify throwing out the financial manual on what makes a good payment system. The number of conversations I
by bduerst 7y ago
The existence of central banking criticism doesn't justify throwing out the financial manual on what makes a good payment system.
The number of conversations I've had with bitcoin evangelists where they argue about the lack of refunds, chargebacks, or dispute handling being a feature, not a bug, is not solving problems with central banking.
- soulofmischief 7y agoPayment networks which supply such functionality can be built on top of crypto as secondary escrow layers. This practice is already common in decentralized marketplaces.
- codyb 7y agoAren’t those issues primarily handled by credit lenders like Visa and Mastercard? I do find it funny how just by strength of community alone the most successful cryptocurrency may be the very most centralized one. I have a feeling the centralization will allow it to have decent transaction speeds and volume which seems to be BTCs biggest flaw (addressed by the lightning network? I’ve kind of stopped following) since all the other nodes (ebay, 26 other companies) can afford the bandwidth. It’ll be interesting to see how it plays with regulators if it takes off in any way.
- bduerst 7y agoThat was just one example. Transaction rates are another. The idea that we need to throw out the manual and then repeat all the same mistakes that the manual helped prevent, because of a technology fallacy, is a problem.