Re:Bitcoin is a Ponzi
by HashBasher on Thursday October 07, 2021 @01:10AM
(#28782278)
How’s it bad? You have to accept responsibility when making transactions. This is tremendously beneficial for businesses and end users when making peer to peer transactions.
> How's it bad?
Because there's absolutely no protection against fraud. This is somewhat of a problem when there's such a gigantic amount of fraud going on.
> You have to accept responsibility when making transactions
Yes, and so does the other party.
What irreversible transactions do is give the receiving party the ability to shirk all responsibilities, because it's significantly more difficult (if not impossible) to hold them to account.
It boggles my mind that people genuinely believe this is a good thing, especially in an ecosystem so rife with scammers.
I get that it's rather integral to the primary use cases of bitcoin, but that doesn't mean you have to pretend it's a good thing when marketing the currency to the average joe as a PayPal replacement.