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Most customers weren't willing to enter their CC information online in the late 90s and early 00s. It took horny trailblazers to get us to where we are today, t

Most customers weren't willing to enter their CC information online in the late 90s and early 00s. It took horny trailblazers to get us to where we are today, to the overall benefit of e-commerce. Comparatively, putting CC info in to Coinbase and putting an address to withdraw the crypto in is far safer than what horny people did back then.

Retric 3y ago
It varied by country, but in general CC had risk mitigation built into them in the late 90’s and early 00s limiting their risks vastly below what most people sending money to Coinbase take on. US: https://www.law.cornell.edu/uscode/text/15/1643 https://www.law.cornell.edu/uscode/text/15/1643 This goes beyond the question of legal risks and statutory limits, CC’s are debt which means someones money isn’t tied up during a dispute.
emodendroket 3y ago
Real quick, how do I challenge a transaction I made with Bitcoin?
- eru 3y ago
  On the one hand, in general with raw bitcoin, you can't. On the other hand, you can only lose the bitcoins you actually have. With a credit card you can go into debt.
  - emodendroket 3y ago
    That seems worse unless your big problem is not being able to exercise discipline (in which case a debit card would also meet your needs).
    - eru 3y ago
      Oh, I wasn't worried about debt, but about scams and fraud.
      - emodendroket 3y ago
        Then it seems clear to being in spurious debt you can dispute is better than losing all your money.
- computerfriend 3y ago
  You can't, but the model is different. If Bitcoin transactions involved giving your private key to every entity you wanted to transact with (like how credit card numbers work), then this would be a problem.
  - emodendroket 3y ago
    I don't think that really solves the problem... for instance, you can get your money back if the vendor does not render the product or service promised (with some restrictions of course). With Bitcoin, you're on your own.
    - PretzelPirate 3y ago
      With something like Ethereum, you can build refunds into your payment model as long as you and the merchant agree on a set of trusted 3rd parties who can handle any disputes. You can choose different trusted mediators for each transaction and can decide the rules (ex: how many of them are needed to decide that a refund has to happen). You can also choose not to trust any 3rd party. If I'm buying an on-chain digital item, I probably don't need to support disputes, but if I'm buying something off-chain and don't trust the merchant, I might want that protection.
yyyk 3y ago
The expansion of e-commerce was parallel and had little relation to 'horny trailblazers'. The CC issue was solved by services like PayPal that intermediated CC data, better internet security and better CC dispute resolution. I know people who still hesitate before leaving CC information but would not hesitate if there's Paypal (or similar).

Retric 3y ago

It varied by country, but in general CC had risk mitigation built into them in the late 90’s and early 00s limiting their risks vastly below what most people sending money to Coinbase take on. US: https://www.law.cornell.edu/uscode/text/15/1643 https://www.law.cornell.edu/uscode/text/15/1643 This goes beyond the question of legal risks and statutory limits, CC’s are debt which means someones money isn’t tied up during a dispute.

emodendroket 3y ago

Real quick, how do I challenge a transaction I made with Bitcoin?

eru 3y ago
On the one hand, in general with raw bitcoin, you can't. On the other hand, you can only lose the bitcoins you actually have. With a credit card you can go into debt.
- emodendroket 3y ago
  That seems worse unless your big problem is not being able to exercise discipline (in which case a debit card would also meet your needs).
  - eru 3y ago
    Oh, I wasn't worried about debt, but about scams and fraud.
    - emodendroket 3y ago
      Then it seems clear to being in spurious debt you can dispute is better than losing all your money.
computerfriend 3y ago
You can't, but the model is different. If Bitcoin transactions involved giving your private key to every entity you wanted to transact with (like how credit card numbers work), then this would be a problem.
- emodendroket 3y ago
  I don't think that really solves the problem... for instance, you can get your money back if the vendor does not render the product or service promised (with some restrictions of course). With Bitcoin, you're on your own.
  - PretzelPirate 3y ago
    With something like Ethereum, you can build refunds into your payment model as long as you and the merchant agree on a set of trusted 3rd parties who can handle any disputes. You can choose different trusted mediators for each transaction and can decide the rules (ex: how many of them are needed to decide that a refund has to happen). You can also choose not to trust any 3rd party. If I'm buying an on-chain digital item, I probably don't need to support disputes, but if I'm buying something off-chain and don't trust the merchant, I might want that protection.

yyyk 3y ago

The expansion of e-commerce was parallel and had little relation to 'horny trailblazers'. The CC issue was solved by services like PayPal that intermediated CC data, better internet security and better CC dispute resolution. I know people who still hesitate before leaving CC information but would not hesitate if there's Paypal (or similar).