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> Bitcoin transactions are irreversible Surely the reversibility of transactions by a trusted, appointed authority is a feature, not a bug. It's an important
by dzamo_norton 6y ago
> Bitcoin transactions are irreversible
Surely the reversibility of transactions by a trusted, appointed authority is a feature, not a bug. It's an important safeguard against fraud, money laundering, etc. I've never heard of it being abused, while cryptocurrencies are (so far) a paradise for fraudsters and launderers.
Where I live we had large scale state capture for years. A pivotal moment in clipping the kingpins' wings was when all of the South African banks simultaneously cut off their banking in 2016. That was a good day, now we only have medium scale state capture.
- camjohnson26 6y agoThat’s a good point, but without Bitcoin those trusted authorities have no irreversible way to transact between themselves, it’s an infrastructure technology not a customer facing one. Similar to how no one says we shouldn’t have encrypted web traffic because sometimes you want to see the raw message, you don’t need to weaken the protocol to solve a higher up issue.