3 ms·

> I don't think protection against human-factor scams and frauds was ever a goal, you certainly never hear it as an argument. These features and capabilities a

by isodev 5y ago

> I don't think protection against human-factor scams and frauds was ever a goal, you certainly never hear it as an argument. These features and capabilities are usually implied for financial systems. It's really just common sense.

Cthulhu_ 5y ago
I mean when you put it that way, blockchains aren't really financial systems in the first place.
Grustaf 5y ago
Yes, it is, in the traditional financial system. Crypto is an attempt at building an alternative, with different trade-offs. You might not agree with the trade-offs, most people don't - I mostly don't, but it's definitely a choice, it's not inevitable.
ohthehugemanate 5y ago
to be clear about the semantics here: cash doesn't count as a "financial system", right? Blockchain currencies are basically counterfeit-proof, digital cash with an audit trail. comparing them to credit cards is an apples:oranges comparison.
- alpaca128 5y ago
  With cash that limitation exists because there isn't really an alternative. That doesn't mean we should use it as example, being able to undo mistakes is a valuable feature. That's also one of the reasons most online accounts aren't E2E-encrypted, most people prefer having a way to reset their password/key over losing all access to data.
- isodev 5y ago
  Sorry if my comment wasn't clear - I wasn't trying to compare cash to credit cards, of course. Regulation around "cash" transactions are quite strict here (including the definition of a verbal contract etc.), so unless one is engaged in "under the counter" activities, you can benefit from similar protections. Of course, in contrast to credit cards and online transactions, recovery from cash fraud/mistakes is more complicated since you'd need to contact the authorities/the other party yourself and deal with the whole process "manually" (instead of just clicking a button in your bank's web portal and letting them take care of it)
deleted 5y ago
[deleted]

by isodev 5y ago

Cthulhu_ 5y ago

I mean when you put it that way, blockchains aren't really financial systems in the first place.

Grustaf 5y ago

Yes, it is, in the traditional financial system. Crypto is an attempt at building an alternative, with different trade-offs. You might not agree with the trade-offs, most people don't - I mostly don't, but it's definitely a choice, it's not inevitable.

ohthehugemanate 5y ago

to be clear about the semantics here: cash doesn't count as a "financial system", right? Blockchain currencies are basically counterfeit-proof, digital cash with an audit trail. comparing them to credit cards is an apples:oranges comparison.

alpaca128 5y ago
With cash that limitation exists because there isn't really an alternative. That doesn't mean we should use it as example, being able to undo mistakes is a valuable feature. That's also one of the reasons most online accounts aren't E2E-encrypted, most people prefer having a way to reset their password/key over losing all access to data.
isodev 5y ago
Sorry if my comment wasn't clear - I wasn't trying to compare cash to credit cards, of course. Regulation around "cash" transactions are quite strict here (including the definition of a verbal contract etc.), so unless one is engaged in "under the counter" activities, you can benefit from similar protections. Of course, in contrast to credit cards and online transactions, recovery from cash fraud/mistakes is more complicated since you'd need to contact the authorities/the other party yourself and deal with the whole process "manually" (instead of just clicking a button in your bank's web portal and letting them take care of it)

deleted 5y ago

[deleted]