61–66 of 66 posts
God I hate to say it, but Bitcoin fixes this (with the Lightning Network). https://lightning.network/ I am not a Maxi, but Jesus what other options are there?
How will Bitcoin fix it? If I buy a video card with bitcoin, but get sent a brick instead, how does "Blockchain as Arbiter" get my bitcoins back?
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How will Bitcoin fix it? If I buy a video card with bitcoin, but get sent a brick instead, how does "Blockchain as Arbiter" get my bitcoins back?
>How will Bitcoin fix it? The problem is theft of your funds without your consent over your unpopular political speech. Bitcoin cannot be taken from you by any third party, provided you self-custody and adequately protect your keys. >If I buy a video card with bitcoin, but get sent a brick instead, how does "Blockchain as Arbiter" get my bitcoins back? Unrelated to the problem being discussed, but still a problem. Un…
The use-case you mentioned is just that of a bank account. The right to have such a bank account should be enforced by regulation where it's not the case yet, as storing your wealth in an asset with such high volatility is not an actual solution.
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I think governments should create a digital cash equivalent. One that cannot be tracked any more than regular cash can (at least legally). With all the benefits and downsides, because that's the only way it would be trusted enough to work. I think this would be a major boon to any economy that implements it well. People have no problem paying for small services in real life, because paying 30 cents is easy. Online th…
https://en.wikipedia.org/wiki/Pix_(payment_system)
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New flash - you're always going to be trusting humans. The blockchain is a great ledger, but the ledger is worthless if it does not match reality. What reality is (especially with regards to money exchange) is a complicated and turbulent topic. How does bitcoin handle any form of fraud, misrepresentation, or contract dispute? It does not. At all. You have to go right back to trusting humans to solve those problems. E…
> How does bitcoin handle any form of fraud, misrepresentation, or contract dispute? It doesn't need to. That's up to the individual to be more discerning (a long-term good thing as it re-establishes reputation as an asset and focus on community). On an international scale, services could easily be created (think BBB) that act as a reputation scoring system for buyers who want extra assurance (or even insurance which…
They only agree to take on those roles when they have the tools available to offset the costs of doing that business.
In particular, they want to be able to do things like: Reverse transactions, correctly identify all parties, freeze accounts that are in dispute, fine users who abuse their services or mislead them.
So again - how are you avoiding trusting other people, exactly?
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> How does bitcoin handle any form of fraud, misrepresentation, or contract dispute? It doesn't need to. That's up to the individual to be more discerning (a long-term good thing as it re-establishes reputation as an asset and focus on community). On an international scale, services could easily be created (think BBB) that act as a reputation scoring system for buyers who want extra assurance (or even insurance which…
Yes - we have those already. We call them banks. They only agree to take on those roles when they have the tools available to offset the costs of doing that business. In particular, they want to be able to do things like: Reverse transactions, correctly identify all parties, freeze accounts that are in dispute, fine users who abuse their services or mislead them. So again - how are you avoiding trusting other people,…
What I suggested was a company that assigns ratings to companies (banks do not do this) and offers opt-in insurance in the event that a transaction is fraudulent.
> Reverse transactions, correctly identify all parties, freeze accounts that are in dispute, fine users who abuse their services or mislead them.
This is the problem. I don't want those things present for all transactions, only some. These "services" can be used to unfairly target and censor people. What I described would not make that possible.
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Bitcoin fixes it by reducing the number of scammers in the chain. if you deal with a seller and paypal, either the paypal or the seller can scam you. paypal is immune to bad press because their reputation is already rock bottom, so they don't even lose any reputation anymore by rampantly thieving and scamming. At least if, with a cryptocurrency, the seller scams you, you can voice it somewhere their reputation will b…
Who do I complain to to get the BTC back from Celsius?