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Thankfully many types of fraud can be reversed in our modern financial system. With bitcoin, virtually any form of fraud leaves you completely fucked with abso
by spookthesunset 7y ago
Thankfully many types of fraud can be reversed in our modern financial system. With bitcoin, virtually any form of fraud leaves you completely fucked with absolutely no recourse.
Which makes bitcoin an even bigger joke because on a per transaction basis (one that includes miner subsidies) bitcoin costs several orders of magnitude more and cannot even deliver the same basic features that mainstream fiat offers.
- cwkoss 7y agoYou're discounting the costs of maintaining system which allows fiat to keep it's value: 20% of the value of human productivity is spent maintaining the financial system. Saying that you can transact fiat cheaply is a silly comparison: bitcoin can be transacted for free as well. It is flawed to compare the fractional expense of maintaining the entire system for Bitcoin against any value but the fractional cost of maintaining the entire financial sector: comparing against the cost to consumer without accounting for the system maintenance costs is fallacious.
- Erlich_Bachman 7y ago> can be reversed in our modern financial system It's not like it is free to have a system like that!