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In a common scenario where Paypal freezes your account for dubious reasons and then refuses to answer your telephone calls or emails, Bitcoin comes out ahead.
by fnordfnordfnord 14y ago
In a common scenario where Paypal freezes your account for dubious reasons and then refuses to answer your telephone calls or emails, Bitcoin comes out ahead.
In another common scenario where a Senator named Lieberman makes a press release accusing Wikileaks of criminal activity, and other payment processors simply refuse to conduct transactions for you, Bitcoin also comes out ahead.
- wmf 14y agoBitcoin is now regulated in the US, so it's only a matter of time until Coinbase, CoinLab, and BitPay get Lieberman'ed.
- dragontamer 14y agoIn the common scenario where my supplier screws me over on Ebay, I can put a "cancel order" on my credit card. I have no such recourse to do that with Bitcoins. Bitcoins offer no consumer protection right now. Once exchanged, the other party holds the money.
- fnordfnordfnord 14y agoOTOH, if you're the supplier, there is no risk for you to go ahead and send the stuff if you were paid in bitcoin.
- dragontamer 14y agoPrecisely. No risk at all. You don't even have to send your stuff to your client, because you've already been paid. Bitcoins right now puts the consumer / supplier relationship upside down. The supplier is already right... not the customer. I wonder if any customers will prefer to paying BTC over Paypal, especially after they've been defrauded a few times.
- fnordfnordfnord 14y agoNobody said it was perfect. It's a shame that a decent escrow service doesn't exist.
- makomk 14y agoDon't worry, from what I've heard Coinbase are quite capable of freezing accounts for dubious reasons, along with causing purchases to fail by delaying outgoing payments for days and other similar fun activities.