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Irreversibility is not a bug of Bitcoin, it's one of its greater strengths. Just look at the numbers that Paypal/eBay and merchants publish about the fraud caus

by M4v3R 13y ago

Irreversibility is not a bug of Bitcoin, it's one of its greater strengths. Just look at the numbers that Paypal/eBay and merchants publish about the fraud caused by reversing payments. It's counted in millions, if not billions already. What we need is a safe way to use Bitcoin with all its strengths, not to make it more similar to flawed solutions that we currently have.

JohnTHaller 13y ago
No consumer protection is why bitcoin simply won't take off as a method of legally spending money online. I have no promise a merchant will deliver me what's promised (or anything at all, for that matter). And no recourse if they don't. Bitcoin needs a solution to address this for it to be a valid way of spending money. And irreversibility, pseudonymity, and no regulation make it impossible.
- M4v3R 13y ago
  This is what third party escrow services are for. They can use the Bitcoin as a framework to utilize customer protection if it's implemented right.
  - JohnTHaller 13y ago
    A 3rd party escrow I have to trust. Also without regulation. Likely, consumers wouldn't trust such an entity unless it was rather large, already known, and otherwise regulated. Like a bank. Consumers can trust those. Of course, the bank would want an escrow fee. Probably on par with the standard credit card fees.
    - BrokenPipe 13y ago
      Or much much lower cause you bring worldwide competition with no infrastructure. Disclaimer: I'm with GreenAddress.it
      - JohnTHaller 13y ago
        Yeah, see, consumers like infrastructure. Someone they can call with issues. And to know that it's not just a server rack in some random semi-secure data center run by another fly-by-night-hacked-next-week bitcoin startup. And that you have insurance on the whole thing against theft, fire, hacks, etc. And that you're properly following all the government regulations for being a money transmitter.

by M4v3R 13y ago

JohnTHaller 13y ago

No consumer protection is why bitcoin simply won't take off as a method of legally spending money online. I have no promise a merchant will deliver me what's promised (or anything at all, for that matter). And no recourse if they don't. Bitcoin needs a solution to address this for it to be a valid way of spending money. And irreversibility, pseudonymity, and no regulation make it impossible.

M4v3R 13y ago
This is what third party escrow services are for. They can use the Bitcoin as a framework to utilize customer protection if it's implemented right.
- JohnTHaller 13y ago
  A 3rd party escrow I have to trust. Also without regulation. Likely, consumers wouldn't trust such an entity unless it was rather large, already known, and otherwise regulated. Like a bank. Consumers can trust those. Of course, the bank would want an escrow fee. Probably on par with the standard credit card fees.
  - BrokenPipe 13y ago
    Or much much lower cause you bring worldwide competition with no infrastructure. Disclaimer: I'm with GreenAddress.it
    - JohnTHaller 13y ago
      Yeah, see, consumers like infrastructure. Someone they can call with issues. And to know that it's not just a server rack in some random semi-secure data center run by another fly-by-night-hacked-next-week bitcoin startup. And that you have insurance on the whole thing against theft, fire, hacks, etc. And that you're properly following all the government regulations for being a money transmitter.