The optimal amount of fraud is non-zero

Re:The optimal amount of fraud is non-zero by mfer on Saturday September 03, 2022 @11:21AM (#32702711)

How do you achieve zero fraud in a transaction?

We can start with payment. What would someone pay with? Credit/debit numbers can be stolen. Checks can be stolen or forged. Cash can be counterfeit. What form of transaction has zero chance of fraud?

To make transactions available to people you need to introduce systems that can have fraud in them. There is a balance between availability/ease and fraud.

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Re:The optimal amount of fraud is non-zero by joedavison on Saturday September 03, 2022 @11:27AM (#32702768)

Bitcoin. It can easily be confirmed as valid (zero chance of counterfeit), and is otherwise a bearer instrument with no further settlement, and impossible to reverse (like cash).

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Re:The optimal amount of fraud is non-zero by ajanuary on Saturday September 03, 2022 @12:11PM (#32703263)

Ah yes, and there’s a 0% rate of peoples wallets being stolen.

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Re:The optimal amount of fraud is non-zero by joedavison on Saturday September 03, 2022 @07:40PM (#32707691)

You are talking about simple theft, not fraud. Theft is always possible. Fraud is not possible with bitcoin. Not sure why I was downvoted.

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