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The point is it's a legal invention - introduced by the banks so that people would actually trust credit cards - it's not a necessary feature of a traceable tra
by excuse-me 15y ago
The point is it's a legal invention - introduced by the banks so that people would actually trust credit cards - it's not a necessary feature of a traceable transaction.
- Retric 15y agoIt's a feature of having a 3rd party as part of the transaction. A random merchant trusts Visa to ban people who abuse the system. And merchants are threatened by with being banned if they don't keep quiet about the occasional charge back. However with a pure digital currency there is no independent party, so all transactions are either provisional or finalized with the merchants and customers having total power at different parts of the process. PS: I am not going to sue if some random website fails to ship a 200$ graphics card. So reputation becomes even more important, but only because fraud will also become far easier.
- jpadkins 15y agoP2P currency doesn't preclude 3rd party (escrow) transactions. In fact, it will likely be a popular option for large transactions and it will cost less than CC/debit card security overhead.
- MrMan 15y agothe genius of the credit card system is that not all of its features rely on what programmers would think of as technical mechanisms. legal and contractual constructs can be highly effective.