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There is no logical relation between credit vs debit cards, and fraud. You could have a bitcoin based account with a borrowing limit, which could only make pay
by QuantumChaos 13y ago
There is no logical relation between credit vs debit cards, and fraud. You could have a bitcoin based account with a borrowing limit, which could only make payments to registered identities (equivalent of merchants), creating a credit card-like account.
And when you say that merchants find credit cards acceptable in spite of fraud, that doesn't imply that fraud isn't a huge drain on the economy, it just means that credit cards are still a better alternative than cash. But if we could get rid of the fraud, we would still save a huge amount.
- wdewind 13y agoCan you explain the scheme in which a user would be authenticated and authorized under a credit-card-like-account that would not be open to the kind of fraud we see on credit cards currently? And you're right, what implies that fraud isn't a huge drain on the economy is that it comes from massively increased liquidity. Fraud is a biproduct of increased liquidity. I don't know how many times I have to scream this in this thread. If you aren't addressing the increased liquidity offered by cards you are missing a massive part of the equation.