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No, consumers want to be able to charge back and get their money back if they receive the wrong goods, don't receive any goods or find out the goods they receiv

No, consumers want to be able to charge back and get their money back if they receive the wrong goods, don't receive any goods or find out the goods they received are fake. Consumers want to charge back if the vendor isn't supporting them. Consumers want to charge back if the charge is fraud - stolen/leaked/socially engineered - whatever it may be. The last thing a consumer wants is to be liable for transactions they didn't make/want and have those transactions be irreversable. Reversing transactions as a scam is fraud and you are protected from fraud by your card member agreement, and you would be refunded your cash because the cash transaction is reversable. Please list one non scam related use case for irreversible transactions and tell me how anything crypto/coin solves that. I've seen in the past 2 weeks alone that oddly enough, smart contracts are changeable and someone changed them to defraud the market... so what good is a smart contract if you can change the terms of the contract and you have to devalue/destroy any coin that participated?

notch656a 5y ago
>Please list one non scam related use case for irreversible transactions and tell me how anything crypto/coin solves that. Introducing a mechanism for reversibility introduces risk for the party responsible for bearing the cost of reversing the transaction. For CC companies, that cost is reflected by charging the merchant maybe a couple percent fee which covers both insurance for reversing customers as well as transaction costs. Some transaction occur between parties who already trust each other in at least one direction. For instance, I sometimes buy metals from APMEX. I have absolute trust in them to not rip me off. They on the other hand, do not have absolute trust I will not rip them off. I do not desire any insurance whatsoever by an intermediary. By using cryptocurrency, I'm able to avoid credit card fees while still yielding fast <30 clearing times for precious metals transactions. This speed and cost point unachievable almost any other way with online payment to a bullion dealer. So what do I gain by losing reversibility? Less transaction fee. The merchant is absolutely assured I can't reverse the transaction, thus their risk is lowered, and they hand off the lower prices to me.

notch656a 5y ago

>Please list one non scam related use case for irreversible transactions and tell me how anything crypto/coin solves that. Introducing a mechanism for reversibility introduces risk for the party responsible for bearing the cost of reversing the transaction. For CC companies, that cost is reflected by charging the merchant maybe a couple percent fee which covers both insurance for reversing customers as well as transaction costs. Some transaction occur between parties who already trust each other in at least one direction. For instance, I sometimes buy metals from APMEX. I have absolute trust in them to not rip me off. They on the other hand, do not have absolute trust I will not rip them off. I do not desire any insurance whatsoever by an intermediary. By using cryptocurrency, I'm able to avoid credit card fees while still yielding fast <30 clearing times for precious metals transactions. This speed and cost point unachievable almost any other way with online payment to a bullion dealer. So what do I gain by losing reversibility? Less transaction fee. The merchant is absolutely assured I can't reverse the transaction, thus their risk is lowered, and they hand off the lower prices to me.