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> What guarantees that, having done an irrevocable funds transfer, you get something back? How is that at all different from a regular bank transfer?
by rosndo 5y ago
> What guarantees that, having done an irrevocable funds transfer, you get something back?
How is that at all different from a regular bank transfer?
- bradleybuda 5y agoBecause if a regular bank transfer is erroneous, it can be reversed, usually via the cooperation of the banks in question and in the worst case via the legal system, which understands and is empathetic to nuance and human fallibility.
- rosndo 5y agoImportant to note that this is only true for domestic transfers, and even then it’s not necessarily an easy task https://www.theguardian.com/money/2019/dec/07/i-lost-my-193000-inheritance-with-one-wrong-digit-on-my-sort-code https://www.theguardian.com/money/2019/dec/07/i-lost-my-1930... Also this is only true for erroneous transfers, fraud puts you in a completely different situations. And in any case, erroneous transfers seem like an easy problem to solve. No? Cryptocurrency addresses have already mostly solved typos with checksums.