Re:More encryption means less privacy
by bsder on Tuesday August 09, 2016 @05:21PM
(#12257782)
> There is no way to deal with fraud or mistaken tranfers in bitcoin.
This is a social problem of bitcoin. The bitcoin people consider this a feature.
However, it can be dealt with at an exchange. "MyBitcoinExchange(tm) only allows transfers to other members of MyBitcoinExchange(tm) and yourself. All transfers will be escrowed for 5 days to ensure that they are not fraudulent."
The problem is: nobody in bitcoin would use that exchange.
People who want non-traceable will stay away. People who are using it to sequester wealth out of countries will stay away. People who want fast liquidity will stay away. etc.
So, who's left? Um, people who are perfectly adequately handled by existing credit cards, thanks.
This is a social problem of bitcoin. The bitcoin people consider this a feature.
However, it can be dealt with at an exchange. "MyBitcoinExchange(tm) only allows transfers to other members of MyBitcoinExchange(tm) and yourself. All transfers will be escrowed for 5 days to ensure that they are not fraudulent."
The problem is: nobody in bitcoin would use that exchange.
People who want non-traceable will stay away. People who are using it to sequester wealth out of countries will stay away. People who want fast liquidity will stay away. etc.
So, who's left? Um, people who are perfectly adequately handled by existing credit cards, thanks.