Comment by tremarley
4 months ago
Reversible transactions is a feature for fiat money
Reversible transactions would generally be a bug regarding cash & hard assets of which cryptocurrency is trying to imitate.
4 months ago
Reversible transactions is a feature for fiat money
Reversible transactions would generally be a bug regarding cash & hard assets of which cryptocurrency is trying to imitate.
Crypto has reversible transactions when both parties agree to use that functionality in advance (well, the reasonably programmable ones do, anyway)
It's not a bug if both parties give consent, which sounds like a wonderful way to transact, to me!
But, when you REALLY want reversibility is when the transaction is done without your consent — when stuff is stolen and you want it back.
Thieves will not tend to consent to reversible transactions.
On the contrary, thieves often use chargebacks to steal from small businesses.
1 reply →
it can still be still hard to reverse fiat even if easier than crypto. try disputing a wire. this is why you should always use a credit card, preferably Amex, for purchases-tons of buyer protection.
1.5 billion in cash would not disappear this easy. You would need trucks to even transport it.
Indeed. If you sell a suitcase of cocaine, you need to launder two suitcases of cash.