3 ms·
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 stri
by 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 agoThe reason chargebacks exist is because of the poor technology.
- kimixa 5y agoYou 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 agoChargebacks 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.