[Cryptography] Bitcoin is a disaster.

[John Levine]

In article <Q2b8LgNb-Dm5VM2jbcrlDhLz3jpcAOdM9nxPlqoIUWAWz1_najnl2pczCYminHxb4q0GxPH2KpcFg_fgmwuaMgr7BG28zl0Og43zeC5rT7M=@makgill.ch> you write:
>‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
>On Tuesday, December 29, 2020 8:04 PM, John Levine <johnl at iecc.com> wrote:
>
>Cardholders have a 60-120 day window to file chargeback
>claims and there are billions of dollars in chargebacks
>every year. Not to mention fraud and stolen cards.

Yes, we know. I hear that no Bitcoin wallet could ever be stolen.

>Bitcoin can fix that. Like I said, 10 minute non-reversibility
>is better for merchants than the current chargeback window and
>should result in less fraud.

Fraud against the merchant, no doubt, but I am pretty sure I am not
the only person who would never do a large transaction where I had no
recourse. Some chargebacks are fraudulent, most are because the
merchant didn't actually deliver what it was supposed to.

I realize the issue of reversibility is a theological one for
cryptocurrency enthusiasts, but there are reasons that very few of us
make large purchases with envelopes full of cash.

R's,
John