Re:Crypto is an unproductive bubble
by babypuncher on Friday March 18, 2022 @11:01PM
(#30730539)
But there are far more consumers than there are sellers. Any system that is tilted in the seller's favor as opposed to the consumer is naturally going to have a hard time becoming the standard. This is at least in part why PayPal has been so enormously successful. It puts the customer's mind at ease.
The way I see it, people with money want to drive crypto adoption because it will tip the balance of power further in their favor. A fully unregulated currency and transaction system can be much more easily controlled by the people with the most capital without having to let that pesky democratic process getting in the way by letting the poors have a say.
Re:Crypto is an unproductive bubble
by ryanbrunner on Friday March 18, 2022 @09:25PM
(#30729936)
As a consumer though, chargebacks and disputes are an important feature for me, particularly when exploits and bugs exist and I can't and shouldn't have perfect trust that bitcoins will only leave my wallet when I intend for them to.
Credit cards, paypal and all the rest existed before bitcoin. I mean it's nifty that I can do it without a single intermediary authority, but it's not that special.
I think the lack of revocation available to bitcoin is a (and I had myself for saying this) 'a feature'. If somebody sends me payment in bitcoin, I definitely know it can't be charged-back for example. It's like sending cash in the mail. Now that comes with the flip side, that they are putting all their trust in me.