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What about charge backs? What protections do I have?

by 2muchcoffeeman 5y ago

ipaddr 5y ago
No chargebacks and ability for government or corporate deplatforming.
- kaesar14 5y ago
  That’s not a problem the average consumer has, not even close to the same way music was really annoying to consume before the iPod. Like, sucks for those it happens to, but it just isn’t a “real” problem in the grand scheme of life
  - OrlandoHakim 5y ago
    The average consumer is currently facing the prospect of high-inflation, exploding gas prices, and is facing a real challenge if they want to safely save the purchasing power of their earnings. I consider these to be important problems to solve so the average consumer can continue to stay above water and maybe even get ahead in life. There is a joke about how the things we want are getting cheaper (iPhones, TVs, music streaming) while the things we need are getting more expensive (food, housing, healthcare, higher education) Offering society a high-yield stablecoin savings option finally allows people to grow their savings and stay ahead of inflation with low relative risk. I think that’s a honking good idea.
    - babypuncher 5y ago
      These aren't problems crypto actually solves. If used as an actual day-to-day replacement for the dollar, they would still be subject to the same market pressures that drive inflation and gas prices.
      - OrlandoHakim 5y ago
        Perhaps you missed my other comments on this thread where I explained multiple ways to earn savings rates on stablecoins that significantly exceed the inflation rate. No traditional bank offers similar options.
OrlandoHakim 5y ago
I can’t speak to the payments solution https://chai.finance/ https://chai.finance/ but UST is censorship-resistant like Bitcoin and does not have chargebacks. I consider that a feature, not a bug.
- babypuncher 5y ago
  You may consider that a feature, but most people don't. As someone who has had to issue a chargeback in the past, I'm not about to give it up in exchange for solving a hypothetical problem that does not affect me. Chargebacks are not "censorship".
  - OrlandoHakim 5y ago
    Fair enough. I still use my credit card for most purchases also and I too appreciate the ability to chargeback if needed. Still, it is important to appreciate that consumers do pay a premium for this feature on all transactions built into the price because merchant account for the risk of chargebacks when setting their prices. I can’t estimate the amount of premium but I would guess it adds up to a few percent.

What about charge backs? What protections do I have?

ipaddr 5y ago

No chargebacks and ability for government or corporate deplatforming.

kaesar14 5y ago
That’s not a problem the average consumer has, not even close to the same way music was really annoying to consume before the iPod. Like, sucks for those it happens to, but it just isn’t a “real” problem in the grand scheme of life
- OrlandoHakim 5y ago
  The average consumer is currently facing the prospect of high-inflation, exploding gas prices, and is facing a real challenge if they want to safely save the purchasing power of their earnings. I consider these to be important problems to solve so the average consumer can continue to stay above water and maybe even get ahead in life. There is a joke about how the things we want are getting cheaper (iPhones, TVs, music streaming) while the things we need are getting more expensive (food, housing, healthcare, higher education) Offering society a high-yield stablecoin savings option finally allows people to grow their savings and stay ahead of inflation with low relative risk. I think that’s a honking good idea.
  - babypuncher 5y ago
    These aren't problems crypto actually solves. If used as an actual day-to-day replacement for the dollar, they would still be subject to the same market pressures that drive inflation and gas prices.
    - OrlandoHakim 5y ago
      Perhaps you missed my other comments on this thread where I explained multiple ways to earn savings rates on stablecoins that significantly exceed the inflation rate. No traditional bank offers similar options.

OrlandoHakim 5y ago

I can’t speak to the payments solution https://chai.finance/ https://chai.finance/ but UST is censorship-resistant like Bitcoin and does not have chargebacks. I consider that a feature, not a bug.

babypuncher 5y ago
You may consider that a feature, but most people don't. As someone who has had to issue a chargeback in the past, I'm not about to give it up in exchange for solving a hypothetical problem that does not affect me. Chargebacks are not "censorship".
- OrlandoHakim 5y ago
  Fair enough. I still use my credit card for most purchases also and I too appreciate the ability to chargeback if needed. Still, it is important to appreciate that consumers do pay a premium for this feature on all transactions built into the price because merchant account for the risk of chargebacks when setting their prices. I can’t estimate the amount of premium but I would guess it adds up to a few percent.