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Stripe is friendly to “friendly fraud”

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Re: Stripe is friendly to “friendly fraud”

#61

Post by epestr »

Cider9986 wrote: post #31
zuzululu wrote: post #28

My suggestion is to just ban specific regions or countries and you can cut 80% of this fraud. I'm not going to name those countries outright but you should never ever be launching globally until you have these safeguards in place. Once you are known to be vulnerable to a certain scheme, it quickly becomes known in that region/country. Again and again I'm reminded why high trust societies remain high trust and why low…

Accept crypto for those countries, it doesn't have chargebacks and helps those vulnerable to the financial system.

I went down a bit of a search looking for counter evidence that crypto is likely less available to them, and it turns out both perspectives are true depending on the scale you look at. At the micro-level, survey data from emerging markets[0] confirms that crypto offers immunity against institutional failure and inflationary currency.

But this QJE article[1] argues there's a ceiling to how far things scale. Concluding that the cost to keep a decentralized network secure scales with its total economic value. So while there is immediate value to it's user, it might not scale well, and can't replace a country's financial system anyway because securing it at a sovereign scale would just be more expensive.

[0]: https://www.mdpi.com/1911-8074/17/10/467 [1]: https://academic.oup.com/qje/article/140/1/1/7824430

Re: Stripe is friendly to “friendly fraud”

#63

Post by shash7 »

zuzululu wrote: post #28

My suggestion is to just ban specific regions or countries and you can cut 80% of this fraud. I'm not going to name those countries outright but you should never ever be launching globally until you have these safeguards in place. Once you are known to be vulnerable to a certain scheme, it quickly becomes known in that region/country. Again and again I'm reminded why high trust societies remain high trust and why low…

I've got 13 chargebacks over the last 4 years for my biz. Out of these, 10 came from US based cards. The other 3 came from Australia(my country).

Be careful when taking verbatim advice from internet strangers.

Re: Stripe is friendly to “friendly fraud”

#64

Post by koolba »

shimman wrote: post #51
Cider9986 wrote: post #31

Earlier quoted context omitted.

Accept crypto for those countries, it doesn't have chargebacks and helps those vulnerable to the financial system.

Man people are still using the "it's a currency" grift when discussing crypto, did the El Salvador failure really teach you nothing? https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador

Crypto does have the distinct cash like advantage of not having chargebacks. I don’t know of any other digital payment system with that property.

Re: Stripe is friendly to “friendly fraud”

#65

Post by OneDeuxTriSeiGo »

shimman wrote: post #51
Cider9986 wrote: post #31

Earlier quoted context omitted.

Accept crypto for those countries, it doesn't have chargebacks and helps those vulnerable to the financial system.

Man people are still using the "it's a currency" grift when discussing crypto, did the El Salvador failure really teach you nothing? https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador

That's less because it was Bitcoin and more because the entire effort was a slapdash affair pushed by Bukele in an effort for him and his buddies to profit off the cryptocurrency boom rather than being an inherent knock on cryptocurrency itself.

Also of all the cryptocurrencies Bitcoin is a pretty poor choice since it could be pretty well argued that it has lost the original purpose and devolved into a raw "line go up" financial instrument.

Re: Stripe is friendly to “friendly fraud”

#66

Post by esseph »

shash7 wrote: post #63
zuzululu wrote: post #28

My suggestion is to just ban specific regions or countries and you can cut 80% of this fraud. I'm not going to name those countries outright but you should never ever be launching globally until you have these safeguards in place. Once you are known to be vulnerable to a certain scheme, it quickly becomes known in that region/country. Again and again I'm reminded why high trust societies remain high trust and why low…

I've got 13 chargebacks over the last 4 years for my biz. Out of these, 10 came from US based cards. The other 3 came from Australia(my country). Be careful when taking verbatim advice from internet strangers.

Just because the card is US-based doesn't mean the user is.

Re: Stripe is friendly to “friendly fraud”

#68

Post by denkmoon »

Cider9986 wrote: post #31
zuzululu wrote: post #28

My suggestion is to just ban specific regions or countries and you can cut 80% of this fraud. I'm not going to name those countries outright but you should never ever be launching globally until you have these safeguards in place. Once you are known to be vulnerable to a certain scheme, it quickly becomes known in that region/country. Again and again I'm reminded why high trust societies remain high trust and why low…

Accept crypto for those countries, it doesn't have chargebacks and helps those vulnerable to the financial system.

Have you ever actually used crypto to buy something? The transaction fees are exorbitant and prohibitive, and it's slow as balls.

Re: Stripe is friendly to “friendly fraud”

#69

Post by sieabahlpark »

koolba wrote: post #64
shimman wrote: post #51

Earlier quoted context omitted.

Man people are still using the "it's a currency" grift when discussing crypto, did the El Salvador failure really teach you nothing? https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador

Crypto does have the distinct cash like advantage of not having chargebacks. I don’t know of any other digital payment system with that property.

[dead]

Re: Stripe is friendly to “friendly fraud”

#70

Post by zuzululu »

shash7 wrote: post #63
zuzululu wrote: post #28

My suggestion is to just ban specific regions or countries and you can cut 80% of this fraud. I'm not going to name those countries outright but you should never ever be launching globally until you have these safeguards in place. Once you are known to be vulnerable to a certain scheme, it quickly becomes known in that region/country. Again and again I'm reminded why high trust societies remain high trust and why low…

I've got 13 chargebacks over the last 4 years for my biz. Out of these, 10 came from US based cards. The other 3 came from Australia(my country). Be careful when taking verbatim advice from internet strangers.

13 over 4 years is tiny sample compared to what I've seen on international scale.

Great advice which is why data is what I'm relying on vs anecdotes.

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