But, yes, I assume that banks do undo transactions somewhat regularly. And I do see a difference. With regards to the banks, there are regulatory bodies with necessary tools to oversee banks and force (of course, they do fail occasionally...) them to behave properly. With Ethereum, there is no such body, but I am expected to trust a bunch of people who claim to have developed a currency which requires no trust. The oxymoron in the last sentence is in itself enough for me to prefer banks, thank you very much.
It does require trust just as you require trust from the seeders/peers of a BitTorrent shared file. If these seeders/peers agree that they should modify the said file, you either agree with them or not. If latter, then you end up with a two versions.
Further, to accept crypto as payment very much requires trust (or faith or belief or whatever you want to call it) that you later find some third party that is willing to accept your coins as payment, preferably with roughly the same value that you assigned to it in the first place.
Awfully lot of trust flying around in a trustless system in my opinion.
I hope your technical ability helps me here in conveying my point to you.
I don't know how to reply to this. That's the opposite of what I said.
> It’s kind of sad to see a lot of people enjoying
I hope you're not talking about me, because I wasn't expressing a preference between entire systems. I was just pointing out a single aspect.
(If you must know, I think having a court system is best, but having the EIP system is better than nothing.)
It's confusing to see my comment go from a positive score to negative while replies show up all agreeing with me...
Most people like that you can have your bank or credit card company hold or reverse a suspicious transaction, and don't regard that as evil statist chains of slavery.
Happens to me multiple times a year, it's unbelievably bad.
You should use a different bank if this is actually true. This is not a common experience.
I don't have to experience these personally to know there is a vast landscape of transactions that get unraveled days to months later.
Some of these benefit the consumer, and some hurt the consumer.
But they apply to all banks.