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> The ability to pull back funds and reverse transactions creates the excess fat that keeps banking expensive and processes slow. For the victims of, say, Mado
by pcwalton 5y ago
> The ability to pull back funds and reverse transactions creates the excess fat that keeps banking expensive and processes slow.
For the victims of, say, Madoff, the ability for the authorities to intervene was very much not "excess fat".
- smoovb 5y agoThis is just the "think of the children" argument. Think of credit card fraud and the $25 billion lost to it every year(half a Madoff). Then countless start ups, engineers and customer service employees that all deal with the excess fat of correctly routing payments. All these resources to put guard rails on a flawed process, funded by the 3% skim off the top. Blockchain for finance demands high user accountability, a refreshing change for anyone who's been on the other end of a reversed payment.
- pcwalton 5y agoThe entire justice system is a "think of the children" argument. I do not in fact find "high user accountability" "refreshing" any more than I would find the necessity of defending myself if robbery were legalized "refreshing". Yet again: I would like to see a defense of cryptocurrency that doesn't require me as a precondition to subscribe to the policy positions of the Mises Institute.