I am too smooth-brained to reply correctly to this. Hyperlink within the feedback, in case anybody desires to chime in (please point out me within the reply so I can see it ????)
I am too smooth-brained to reply correctly to this. Hyperlink within the feedback, in case anybody desires to chime in (please point out me within the reply so I can see it ????)
https://www.reddit.com/r/undefined/comments/z9oz1k/comment/iyzr6k1/?utm_source=share&utm_medium=web2x&context=3
Can’t see your link because it’s a private group
In a sense, I see his point.
The counterpoint is that a lot of scams are enabled by reversibility as well. E.g, you sell an item to mr.X, he pays with PayPal. You ship him the item. 3 months later, he reverses the payment and claims the item was broken, he never got it etc. Paypal takes the money back from you. You have very little recourse.
So, every global payment method has risks and costs associated with it. I probably would not send btc for a large payment for goods to another Country, but for day-to-day, instant in-person transactions (gas, groceries, any type of retail), or even to pay taxes, some types of fees etc I would have no issues using it as my default method.
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The missing aspect here is that reversibility didn’t exist until institutions were created to take on the risk in exchange for selling your info, etc.
What happened is that money existed and then layers were built on top of it. All we’re talking about is improving the monetary base layer with BTC which is capped, decentralized, etc etc.
So, there’s plenty of opportunity for new layers to be built where you can maybe pay an ‘insurance up charge’ or something to have someone give you the same protections as your CC provider today. Just a theoretical example, where you’d pay a small fee in lieu of the ‘fee’ you pay today which is really you selling your info for the same cinsideration
swift is irreversible too. Check out Introduction chapter of the whitepaper where it is brilliantly described.
Lol. He thinks everyone has access to credit cards. ????
1st layer is BTC. Second layer can be cash pegged to BTC. This is the way.
Just as it was pegged to gold. Only answer is eventual forgiveness of all debt because it will meaningless after disastrous inflation.
Then whatever money is left will be called fiat.2.
Remaining fiat will be pegged to BTC. But it won’t be fiat. It will be layer 2. Just not on the blockchain.
Cash is irreversible too, but most people are willing to use cash. I bet he does too.
false. bitcoin gives you the option to choose an escrow service if you want the option to reverse/guarantee transactions for an important transaction.
the vast majority of transactions won’t require an escrow service because they will be low value transactions with low risk of scam/fraud.
but if you need an escrow service for bitcoin you have the option to choose if you need it.
There is such a thing as multi-signature transactions that can help out in the case of delaying a transaction so that it will not be fraudulent. In this case you cannot charge back but you can have someone verify your identity.
Crypto push payments do have some downsides, you cant reverse payments if you are scammed – however you can get scammed using just about any for of payment and your bank doesn’t have to return your funds – if you dont know or trust the vendor beware check out their reviews first and look them up online its nard had to do these days.
However the upsides to crypto payments are bigger. First of all you no longer share your credit card data with people who can turn around and charge you blindly for things, or god forbid get hacked and your cards are sold on black markets and used for fraud.
To use your card on a black market, your identity will then usually also be compromised as well which leads to identity theft and much worse things that can ruin your credit history for life…
Since you also push the funds to the seller, there are usually also no extra costs for credit card settlements, no additional financing fees (like 30% APR), your payment is instant so no waiting for payments to be processed and cleared… and vendors will usually give you a better deal or discount since they also have no fees on their side.
Add to that you can do both global and local payments without there being any real difference – as well as not having to pay international fees for transactions. You also don’t need to explain to your bank what the transaction is for or why you are doing it and get their permission to spend your money as happens a lot these days – and if you choose your payment can be totally anonymous.
And of course, anyone can use crypto – you dont need to be reviewed and vetted by a bank, no KYC for DeFi unless you use a exchange, and the best one of all no government oversight, tracking, or taxes apply unless you choose to report them yourself – so power for the people all around.
Hope this helps!
They’re not wrong. This is why we use dollars and the legacy system to exchange with and we should continue to use dollars as the medium of exchange over this crypto asset
Solution: Put your coin in a not-your-keys account that’s insured like a bank. Since that’s what you’re doing with credit or debit chargebacks anyway.
Side effect: Not your keys also means not your coin.
Better solution: Protect your private key from theft and don’t buy shit on alibaba, won’t have this problem.
I dont get it… with credit card transactions are not reversible either, the Middle man, Visa and the creditor, are essentially just sending money back.
Final settlement is not a bad thing.
It’s a USP, actually*.
This is possible for custodial entities. Everyone should decide on their own if they want the convinience of reversible payments or the security self-custody offers. Since bank runs are more likely with Bitcoin than with Fiat, people might underestimate this risk.
AMP exists exactly for that reason
Credit cards can still exists in a Bitcoin economy. Lending won’t all of a sudden stop.
People will need to know and trust people they deal with.
Yes you have to be knowledgeable, responsible, and competent to use Bitcoin, as this commentator points out.
There is no form of payment that “reverses” a payment. The payment always goes through, and is then refunded by a payment back to you. If there is a company that was scamming people, and not returning payments, they would go under and the people responsible would be running from the law the rest of their life.
He’s not wrong about irreversibility.
But using multisig, it’s possible to create transactions that only settle after for instance a 30 day period and which can be nulled by an independent arbitrator during this period in case of a dispute.
This is similar to a credit card payment which also doesn’t have final settlement for the merchant until the option to dispute the transaction has expired.
I mean, don’t send anything you don’t intend to send. It’s not hard.
When the government treats its own citizens like “criminals” you have no choice but to recede into the shadows. That is why I use crypto.
Bitcoin: *Settles $45 trillion USD equivalent in 2021, more than VISA, mastercard, paypal combined, is 6% the size of fedwire*
“no adoption whatsoever”
This dude is just utterly clueless.
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