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Usually, yes. But banks have a process for reclaiming funds that have been incorrectly wired so it’s pretty unusual for the “legality” of it to be litigated.[1]
by elliekelly 5y ago
Usually, yes. But banks have a process for reclaiming funds that have been incorrectly wired so it’s pretty unusual for the “legality” of it to be litigated.[1] Blockchain has no such process. By design.
[1] A recent high-profile example where the facts and circumstances meant the wrongly wired funds were legally kept by the recipient: https://www.theregister.com/2021/02/19/citibank_money_mistake/ https://www.theregister.com/2021/02/19/citibank_money_mistak...
- gitfan86 5y agoMost things in life are a tradeoff. You can't just get rid of 100% of bad things about regulation and keep 100% of the good things about regulations. It reminds me of people who start open relationships. The upside sounds great, but there is a huge potential for downside and you may not fully appreciate that until it happens.
- silexia 5y agoYet another example of how the speculative bubble of crypto is mostly a scam at this point. Just imagine a bug that granted far more than was granted here. How many of us write software that has occasional bugs? Do you really want to trust your net worth that a software bug won't blow you out of the water?