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One of the most important features of the financial system is that most actions have an "undo" procedure. It might takes a few days, but in most cases you can g
by dharmab 6y ago
One of the most important features of the financial system is that most actions have an "undo" procedure. It might takes a few days, but in most cases you can get most of your money back after a simple mistake.
- deweller 6y agoThis is almost always a great benefit for consumers. For some merchants this is an unacceptable risk and because of it they are not able to offer their products at a reasonable price.
- xeonoex 6y agoI'd say that's mostly true for credit card transactions, but I don't of anyone who has gotten scammed and got their money back. Banks either don't care, or can't actually do anything. Scammers know what they are doing.
- dubcanada 6y agoMaybe credit card, but cash, debit, interac, etc don't. If I etransfer (Canada) someone money and that person up and disappears I am out that money, a bank will do absolutely nothing. You can file a police report but those chances are also basically zero. Same with cash, if I give someone cash or take cash out and don't store it properly I lose the whole thing. There isn't really an undo process except credit cards.
- kaba0 6y agoThere is? What’s the purpose of a court? Even if it was cash and it was illegally stolen
- benjohnson 6y agoPlease be careful - wire transfer often do not have an "undo" or even if available it's often too late to use it.
- deleted 6y ago[deleted]
- billytetrud 6y agoWhen bitcoin gets covenants, we'll be able to send payments that can be undone for a limited period of time (say, a week).
- the_local_host 6y agoI'm always surprised to hear, as a supposed benefit, how easy Bitcoin makes it to move money. I don't want it to be fast, easy or cheap to move my life savings. I want inertia.