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It's a currency with irreversible transactions, meaning there isn't any fraud protection. With cash, the consumer would get their money back. With bitcoin, th
by sillysaurus3 13y ago
It's a currency with irreversible transactions, meaning there isn't any fraud protection. With cash, the consumer would get their money back. With bitcoin, they won't.
- mikeash 13y agoThat doesn't make any sense. Cash transactions are irreversible too. The consumer gets their money back not by reversing the transaction, but by calling in the law and getting large men with guns to force the person to return the money. This works equally well with bitcoin as it does with US dollar bills.
- sillysaurus3 13y agoThe consumer gets their money back not by reversing the transaction, but by calling in the law and getting large men with guns to force the person to return the money. Actually, consumers get their money back by calling up their credit card company, saying "I didn't make this transaction," and then the credit card company issues a refund and a new card. I've done it. Anyone can be a bitcoin payment processor, meaning anyone can set up a fake system to steal your money. The best you can do with dollars is to steal a credit card number, which gets you prison time and no money.
- mikeash 13y agoWe're not talking about credit cards, we're talking about cash, as in small green pieces of paper. The law adequately handles cash fraud and bitcoin is no different. There is nothing for the law to "catch up to" as you previously stated.