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He said accepting Bitcoin was more reliable and safer than dealing with charge-backs, credit card fraud, and "scam sales from certain Asian countries like Malay

• DanBC 14y ago
  It's nice if consumers have a choice. So long as people know the risks it's okay to let them pick.
• epscylonb 14y ago
  If you are using bitcoins to buy something local to youself, you do have protection, the local jurisdiction. One of the proposed benefits of bitcoin is that by protecting the merchant from buyer fraud, it could enable a global free market. In this case, buyer beware is the watchword, don't hand over large amounts to someone far away unless you trust them or they have very good reputation.
• Anderkent 14y ago
  This is worrying because it means consumers have no protection. I think in most transactions the seller is well-known and has to worry about reputation effects, while the consumer may as well be anonymous. In which case consumer protection is not that important. For cases where both parties are anonymous/untrustworthy, you can use a protection scheme like escrow. That doesn't work when the payer can take his money back after the transaction, of course.
• oleganza 14y ago
  Reputation-managing services will pop up later. For now do not give big amounts to anyone you do not know. At least, with Bitcoin (unlike credit cards) you can pay without fear that the rest of the money can be stolen.