Earlier quoted context omitted.
I think a very important point was raised though. Before crypto, basically all guarantees where conditional on a judge's say so. With crypto this changes. The issue also comes up, in a clearer way, with crypto currencies. There is no way to deal with fraud or mistaken tranfers in bitcoin. That loss of intervention hurts, and we gotta think about it. Even though no government has given a satisfactory solution, that do…
>There is no way to deal with fraud [...] in bitcoin Don't we have an extensive legal system to deal with fraud? The fact that a lot of payment providers elect to deal with fraud themselves probably shows that that legal system isn't working as smoothly as it should; but that's really something that should be fixed in the legal system, not in the payment channel.
With cash, you seize the cash. Bank accounts can be frozen, Credit card transactions canceled, wire transfers flagged (http://www.npr.org/sections/money/2016/01/29/464859624/episo...).