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You know what every other online money transfer mechanism has? An ability to reverse transactions in the case or error or fraud. Because those things happen all
by tpurves 2y ago
You know what every other online money transfer mechanism has? An ability to reverse transactions in the case or error or fraud. Because those things happen all of the time.
- CaffeineLD50 2y agoI heard that there some block chain rollback thing that may be possible. I'm with ya. I don't put my money into high risk digital collectibles.
- __MatrixMan__ 2y agoThose mechanisms will abuse that power if pressured to do so. Which alternative is best depends on your threat model.
- deleted 2y ago[deleted]
- yieldcrv 2y ago> An ability to reverse transactions in the case or error or fraud Yes and that bug is a risk I weigh when using those money transfer mechanisms When it fits my risk profile I engage in that transaction Not hard Not a matter for an industry regulator or state Just pure market choice
- gblargg 2y ago...in part because transactions can be reversed. The flip-side is that sellers get ripped off often by these reversals.
- __MatrixMan__ 2y agoAnd also that it gets used as censorship. Paypal did it to Wikileaks.
- npoc 2y agoThat kind of reversible payment rail can be implemented on top of a base layer like Bitcoin. Like the current banking system, with it's underlying final clearance network between banks. Worldwide final clearance is a feature not a bug.