Re:Richard Stallman: We Can Do Better Than Bitcoin
by bunderbunder on Sunday November 25, 2018 @11:00PM
(#18530953)
The problem there is, nobody likes using escrow for everyday things.
Example: Renting a car. The rental companies want a way to recoup costs from any damage you do by, e.g., smoking in the car. They give you two options for how this can work: You can either pay with a credit card, which has a way for htem to do that built-in. Or, if you don't want to pay with a credit card, you can give them a bunch of extra money to hold in escrow.
Guess which option people basically never choose, when both options are available to them.
I would assume that merchants feel similarly about chargebacks vs escrow, and for similar reasons.
Example: Renting a car. The rental companies want a way to recoup costs from any damage you do by, e.g., smoking in the car. They give you two options for how this can work: You can either pay with a credit card, which has a way for htem to do that built-in. Or, if you don't want to pay with a credit card, you can give them a bunch of extra money to hold in escrow.
Guess which option people basically never choose, when both options are available to them.
I would assume that merchants feel similarly about chargebacks vs escrow, and for similar reasons.