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> I don't believe the broader financial system ever tried out making transactions impossible to reverse. They might not have ever had the power to do it. I mea
by solveit 5y ago
> I don't believe the broader financial system ever tried out making transactions impossible to reverse. They might not have ever had the power to do it.
I mean, cash transactions are irreversible right? Unless you mean that there was always a government willing to force a reversal, in which case crypto (and all technical solutions) isn't all that different. It's just another day in the never-ending arms race between the regulator and the regulatee.
- moffkalast 5y agoThat's a pretty good point actually, cash worked perfectly fine without this feature for centuries.
- hn_throwaway_99 5y agoCash transactions, by definition, are pretty much always in-person. Thus, the risk of fraud or "significantly not as described" goods are significantly reduced. On the contrary, the modern world depends on being able to transact remotely. Even then, there is still recourse if you pay for something with cash and the thing you buy ends up being non-functional (e.g. small claims court). And since the transaction was in person it's less likely you have no idea who the seller is.
- andrewprock 5y agoCash transactions are easily reversible. I'm not sure why we think they are not.
- solveit 5y agoHow do you reverse a cash transaction in a way that doesn't apply to crypto?
- andrewprock 5y agoYou simply hand the money back. There is no transaction fee, there is no lengthy clearing time. It's dirt simple.