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What do you mean with "legal and process and regulation"? Regarding "fraud detection" - isn't that a self made problem of payment processors? When the settleme

• salawat 5y ago
  >When the settlement is instant, the merchant does not need to be afraid of fraud. There is no instant settlement between entities at different institutions. If you are in the same bank, you can pull it off because the money never leaves your books. If it does leave your books, you're riding the overnight ACH, and incurring propagation delays as the receiving bank filters the funds through process. Remember, all networks are glorified, process driven, protocol mediated implementations of humans playing a repetitive game of telephone. The chain ain't done til everybody is done metaphorically talking. >Regarding "fraud detection" Let me reframe your question in a more familiar context. Fraud becomes software exploitation over an internetwork of trusted hosts. In theory, if no one was a dick... there should be no problems. >Bitcoin paid via the lightning network is paid and can not be taken back. This is an anti-feature in the the financial service space. In fact, a really conservative institution won't even consider a transaction truly settled til the dispute window lapses. Mistakes are made, accounts compromised. Lack of reversals or process to accommodate the work stream does not paint you in a flattering light.