2 ms·
>Things that aren't reversible are the exception For thousands of years the only way to pay for something was with non-revertible mediums, either cash or barte
by aestra 13y ago
>Things that aren't reversible are the exception
For thousands of years the only way to pay for something was with non-revertible mediums, either cash or bartering for other goods. Reversible transactions are new in the grand scheme of things.
If I ran a bank and didn't bother to lock the doors or keep the money in a safe and someone comes in and steals the money, I don't get to do a chargeback and get the cash back.
- tptacek 13y agoWhat's your point? Prior to deposit insurance, people routinely lost their life savings to bank catastrophes.
- mpyne 13y ago> If I ran a bank and didn't bother to lock the doors or keep the money in a safe and someone comes in and steals the money, I don't get to do a chargeback and get the cash back. That would be one thing if physical security were just as hard (or harder) than cyber security. But it's in fact the complete and polar opposite; physical security is much easier and much better understood by the actors who need to engage in defense.
- RogerL 13y agoThis is why banks are FDIC insured (in the US).
- pjc50 13y agoIrreversible + bulk automatable = disaster: fraudster can bleed the system dry before anyone notices, and damage cannot be repaired. Irreversible + manual = opportunities for people to spot the fraud; volume limited by amount of work required to commit each fraud. Reversible + automatable = opportunity to spot and undo the fraud.