41–50 of 333 posts
i can pay for anything in the economy right now with BTC. It's called a crypto debit card... look it up. I don't understand this sentiment. A) 50% of btc transaction were fraudulent makes zero sense. The technology behind BTC ensures it can't be fraudulent. So unless someone wants to explain to me how the hackers broke BTC's consensus to buy... videogames? it makes noe sense.
i can pay for anything in the economy right now with BTC. It's called a crypto debit card... look it up. I don't understand this sentiment. A) 50% of btc transaction were fraudulent makes zero sense. The technology behind BTC ensures it can't be fraudulent. So unless someone wants to explain to me how the hackers broke BTC's consensus to buy... videogames? it makes noe sense.
Not every organization accepts debit cards. Look it up.
Earlier quoted context omitted.
Fraudulent payments are very much possible in the "buying stuff with a stolen credit card" kind of way. This is a much more common type of fraud than the "double spend" attacks Bitcoin protects against. Bitcoin is only resilient to fraud only if you define fraud as "violating the rules of the blockchain". Any definition of fraud that involves meatspace is possible.
Stolen credit cards are a problem for the merchant because the charges could be reversed by the bank and merchant will incur the loss. I don't see how that is even remotely possible with Crypto. How did Steam lose money ? My guess is they might be accepting it through some payment provider (so not a true crypto) who has in their T&C to be able to reverse transactions (which must be happening in Cash on the Steam faci…
At this point is BTC a good idea? Does it actually provide any damn value at all at a macro level?
It provides macro value to coinbros and wantrapreneurs who think that bragging on social media about fake money is the same thing as owning real money. I guess that's something.
Earlier quoted context omitted.
Fraudulent payments are very much possible in the "buying stuff with a stolen credit card" kind of way. This is a much more common type of fraud than the "double spend" attacks Bitcoin protects against. Bitcoin is only resilient to fraud only if you define fraud as "violating the rules of the blockchain". Any definition of fraud that involves meatspace is possible.
Stolen credit cards are a problem for the merchant because the charges could be reversed by the bank and merchant will incur the loss. I don't see how that is even remotely possible with Crypto. How did Steam lose money ? My guess is they might be accepting it through some payment provider (so not a true crypto) who has in their T&C to be able to reverse transactions (which must be happening in Cash on the Steam faci…
Criminal creates a shit game and then uses the crypto to buy that game (with alt accounts) and since *very* few developers would be happy with getting paid in crypto, Valve has to convert it into fiat(?) currency.
Unfortunately no details were given about what makes 50% of all bitcoin transactions “fraudulent” ? What does that even mean? * did someone try to send something other then bitcoin to a ₿ address? * did a client claim he payed and did the payment seem to fail on his end? * did a client not realise that you as payee also pay for the network fee? Nowadays these kind of problems would be easily prevented by using bitcoi…
“did someone try to send something other then bitcoin to a ₿ address?” Like what? Cottage cheese? Transaction failures and and fees are not fraud. The quote is specific. Regarding lightning: https://twitter.com/nikzh/status/1356335970300416001?s=20&t=...
All I can imagine is a case where the user claims they didn't make the purchase, "please refund", but that would be easy to disprove.
Earlier quoted context omitted.
How does Walmart compare to that regarding purchases with ill-gotten cash?
Walmart (like all large retailers) spends a ton of effort trying to address e.g. laundering efforts with gift cards, actually. Google around for all the press releases about how they partner with the FBI, etc... They absolutely recognize that they're part of the laundering chain (and that this makes them liable to punishments under AML statutes, of course).
For example, you can't buy a gift card in an Apple Store without signing a statement promising that you're not buying the gift card because a stranger online told you to.
Sounds ineffective on the surface, especially to jaded tech-types, but it's enough to give real people in the process of being scammed an opportunity to think about what they're doing.
What exactly does it mean "fraudulent transaction" in the context of bitcoin? It's not like you can use someone else's account number to purchase stuff.
Criminal creates shit game, buys game using crypto and gets paid out in fiat because *very* few developers would accept being paid in crypto.
Unfortunately no details were given about what makes 50% of all bitcoin transactions “fraudulent” ? What does that even mean? * did someone try to send something other then bitcoin to a ₿ address? * did a client claim he payed and did the payment seem to fail on his end? * did a client not realise that you as payee also pay for the network fee? Nowadays these kind of problems would be easily prevented by using bitcoi…
“did someone try to send something other then bitcoin to a ₿ address?” Like what? Cottage cheese? Transaction failures and and fees are not fraud. The quote is specific. Regarding lightning: https://twitter.com/nikzh/status/1356335970300416001?s=20&t=...