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A vast majority of transactions don't need to wait for a full confirmation, simply existing in the mempool is enough. Just like my electric bill doesn't need to
by Zarath 6y ago
A vast majority of transactions don't need to wait for a full confirmation, simply existing in the mempool is enough. Just like my electric bill doesn't need to wait for the ACH transfer to complete before it's considered paid.
- dangwu 6y agoThe blockchain has no support for this kind of feature. That's rather antithetical to Bitcoin. How do you propose to achieve this without a central bank figure?
- xur17 6y agoThe "blockchain" doesn't need to support this - the GP's point is that transactions don't need to irrevocably settle for all transaction types. If you're spending $5 to buy coffee, the chance that you are going to defraud the store is low, and there are a number of less complex ways you could accomplish this anyways (just take the item off the shelf, and leave without paying). And I'll note that there are other ways to accept bitcoin payments without high fees or long wait times (lightning).
- dangwu 6y agoI strongly disagree. I think you are overestimating the morality of the common man. If you enable anonymous purchasing of items with no proof of funds being sent, it will be abused. A lot. No storefront will sign up for this. This is very different than physical shoplifting.
- xur17 6y agoIt's not anonymous if you're standing in the store paying..
- dangwu 6y agoIt's anonymous enough if you never reveal your identity. It would be like driving somewhere, paying cash, then later the cash is revealed to be fake. And there's no way for the storefront to test for legitimacy until an hour later.
- xur17 6y agoSo, like credit cards (could be stolen, chargeback risk, etc).
- dangwu 6y ago1. Credit card fraud is an extremely small percentage of credit card activity. What you are proposing would likely not be. 2. Chargebacks are disputed, and as a storefront you can prove that you are not liable. Merchants can review the identifying documents of the cardholder for legitimacy and take other security steps, like using a chip-enabled card terminal, to further confirm the validity of the purchase. If they follow the process correctly, they are not liable for fraudulent purchases, the cardholder’s issuing bank is. Visa and MasterCard’s contracts generally put the burden of fraud reimbursement onto the bank.
- X6S1x6Okd1st 6y agoGiven your estimate of the "morality of the common man" why would credit card fraud be an extremely small percentage of credit card activity?
- dangwu 6y agoBecause of aforementioned security protocols. It's much harder to get away with credit card fraud.
- X6S1x6Okd1st 6y agoI have some shocking news for you about how most sit-down restaurants sell food...
- xur17 6y agoAnd I'd argue that credit card transactions don't settle for somewhere ~90 days (if even then).
- joshstrange 6y agoBut that's because a company is extending credit to you, the customer, that money is being deposited next day or a few days at most into the merchant account. Without someone willing to be left holding the bag (credit card company) it's a bit of apples and oranges I think.
- xur17 6y agoWhen credit card fraud occurs, I can assure you that it's the merchant taking the hit, not the credit card company.
- joshstrange 6y agoThat’s fine, it doesn’t change the fact it’s apples and oranges. There is no way to claw back money in BTC.