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Visa is obsolete. That's the first point most people miss in these cryptocurrency discussions. Credit cards require you to disclose your secret credentials tha

by ilaksh 5y ago

Visa is obsolete. That's the first point most people miss in these cryptocurrency discussions. Credit cards require you to disclose your secret credentials that allow withdrawals from your account. Cryptocurrency payments do not because they apply math and computer science to the problem. The banking systems are also mostly obsolete because they are usually on an outdated paradigm without a blockchain. Blockchains are the starting point for cheat-proof ledgers. Most existing financial ledgers are susceptible to manipulation. Some by design.

kimixa 5y ago
They don't have to though - asymmetric authentication has been a thing for decades. The issue with current card transactions is the size of the identifier string - 16 digits isn't enough to do anything particularly useful with that can't be near-instantly brute forced. Chip and pin somewhat improves that, all we need is to completely deprecate the idea of a "16 digit card number" and it opens up a world of possibilities. No "cryptocurrency" or "blockchain" needed. And for many a "reverse-able" ledger is a bonus not a disadvantage - the "Average Guy On The Street" falls for personal scams or need to do chargebacks waaayyyyy more than fall foul of bank-level fraud.
- ilaksh 5y ago
  The reason chargebacks exist is because of the poor technology.
  - kimixa 5y ago
    You do realise that to be useful currency has to interact with the real world at some point? No amount of cryptocurrency-bro tech is going to help with a DOA washing machine...
  - acdha 5y ago
    Chargebacks exist because human error and fraud exist. Irrevocable transactions make it easy for people to be left with the choice between taking a loss or having to sue, and a LOT of people prefer to pay slightly more not to have to worry about that.
nly 5y ago
You can use a credit card anywhere even when your phone is in your car/at home or has a dead battery.

by ilaksh 5y ago

kimixa 5y ago

They don't have to though - asymmetric authentication has been a thing for decades. The issue with current card transactions is the size of the identifier string - 16 digits isn't enough to do anything particularly useful with that can't be near-instantly brute forced. Chip and pin somewhat improves that, all we need is to completely deprecate the idea of a "16 digit card number" and it opens up a world of possibilities. No "cryptocurrency" or "blockchain" needed. And for many a "reverse-able" ledger is a bonus not a disadvantage - the "Average Guy On The Street" falls for personal scams or need to do chargebacks waaayyyyy more than fall foul of bank-level fraud.

ilaksh 5y ago
The reason chargebacks exist is because of the poor technology.
- kimixa 5y ago
  You do realise that to be useful currency has to interact with the real world at some point? No amount of cryptocurrency-bro tech is going to help with a DOA washing machine...
- acdha 5y ago
  Chargebacks exist because human error and fraud exist. Irrevocable transactions make it easy for people to be left with the choice between taking a loss or having to sue, and a LOT of people prefer to pay slightly more not to have to worry about that.

nly 5y ago

You can use a credit card anywhere even when your phone is in your car/at home or has a dead battery.