> Irreversibility turns the trade into a competition over who is the better fraud. The only thing that the crypto guarantees is that the winner keeps the prize.

> Irreversibility turns the trade into a competition over who is the better fraud. The only thing that the crypto guarantees is that the winner keeps the prize. I think it's more complicated than that. It moves the fraud risk to one specific spot (the consumer) which VASTLY simplifies the checkout process + the costs associated with online purchasing. Right now online payments are a giant mess - every single merchant has to implement anti-"fraud" tools to try and ascertain the identity of the consumer and determine if it matches the owner of the card. As a consumer, I would happily take this trade for lower prices.