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Agreed, and where I think is one of the bigger failings of blockchain. We don't actually want a system where mistakes, fraud, or theft are irreversible. Some w
by nathanyz 5y ago
Agreed, and where I think is one of the bigger failings of blockchain. We don't actually want a system where mistakes, fraud, or theft are irreversible.
Some will say that you can still prosecute the crimes even if you can't initially reverse the transaction, but you can see how well that is working with hackers from adversary nations. Basically no prosecution and risk free ability to move on to the next victim.
"Friction is a feature with money transfer"
My experience is that moving money between countries where there is a high likelihood of collaborative justice against scams and thefts, ends up being pretty simple. It gets harder to transfer money to places where it is easier for thefts and scammers to get away with it.
I think we want it this way. How many people get taken in by the romance scams[1] where they wire their money to a country with 0 chance of recovery. The money transfer system has been specifically making it more difficult to send money to countries where this is commonplace as that is the only effective way to stop the crime. There is no viable criminal process only friction to make it less profitable and more difficult for the scammers.
[1] https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/romance-scams https://www.fbi.gov/scams-and-safety/common-scams-and-crimes...