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> When I fuck up when banking, I can get the bank to reverse it. No, you're comparing dissimilar things. Cryptocurrency is cash (with the benefit of not having
by StavrosK 6y ago
> When I fuck up when banking, I can get the bank to reverse it.
No, you're comparing dissimilar things. Cryptocurrency is cash (with the benefit of not having to be close to someone for a transfer), and you can't "roll back" the giving of cash to someone (except compel them to give it back with the help of a court).
If you want to compare a bank to something, you need to compare it to another custodial/off-chain solution.
- Mordisquitos 6y ago> Cryptocurrency is cash (with the benefit of not having to be close to someone for a transfer) If not having to be close to the payee is the only benefit of cryptocurrency over cash, that problem has been solved for literally centuries by the concept of giro transfers.
- StavrosK 6y agoCan I make a giro transfer without a third party intervening? Then it would be comparable, yes.
- Mordisquitos 6y agoThat is if you don't consider the public blockchain and its nodes as a "third party". Can you make a cryptocurrency exchange without a third party ever knowing that it took place or leaving any trace of it? You can with cash.
- StavrosK 6y agoDepending on which cryptocurrency you use, you can (e.g. Monero).
- TeMPOraL 6y ago> that problem has been solved for literally centuries by the concept of giro transfers Tangential: From Wikipedia, "A giro transfer (...) is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model." Maybe it's my European bias speaking, but how does that even deserve a weird name? Isn't this how normal paying works? Who else should initiate the transfer? The payee? Why?