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> The only bad thing about bitcoin is its electricity consumption. The lack of reversible transactions is a bad thing. Without reversibility, there is no reco
by MereInterest 6y ago
> The only bad thing about bitcoin is its electricity consumption.
The lack of reversible transactions is a bad thing. Without reversibility, there is no recourse against fraudulent transactions. Reversing a transaction requires the active participation of the fraudulent actor. This is why ransomware really started taking off once bitcoin and friends picked up. Before that, there was no economic incentive to hold computers for ransom, because any payment made could be reversed after the hard drive is decrypted.
- mopsi 6y agoThis is not as much of a problem as it is made out to be. The whole Europe runs on SEPA system of non-reversible direct debit transactions. Even if formally exist ways to reverse transactions, I have never heard of anyone having used them. All transactions are considered final just like cryptos, and if you make a mistake (eg enter wrong account number) in a transaction, you need the receiving party to voluntarily send it back. There's no way to force the transaction. Fraud is kept under control by other means.