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by spookthesunset 2412 days ago
> They would have zero chargeback percentage. Just think about it.

LOL. Great for the shady porn site operators but not at all good for the consumer who has no recourse. A lot of those chargebacks are perfectly valid because the site operator is some shady fly-by-night site doing shady stuff.
2 comments
jandrese 2412 days ago
On the plus side, it's not like they can just grab money out of your wallet with Crypto. You have to initiate the transfer. No "typos" when running your card. No double charges. It actually seems like a valid use case for crypto. Downside is the high fees and/or long waits for the coins to clear.
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mirekrusin 2411 days ago
Cryptocurrency exchanges seem to be solving those problems. They transact between participants in thousands per second. Bybit has no fees on deposits/withdrawals (withdrawals can be batched to avoid network fees); but network fees are not a disaster - currently network fees are: a) in 1 block 0.27 USD/tx; b) in 6 blocks 0.10 USD/tx.
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jandrese 2411 days ago
The fundamental problem with those exchanges is that they are sitting on your wallet. So now you're back to all of the problems with traditional banks. If someone wants to double-charge then it's up to the exchange to prevent it, the blockchain itself doesn't come into play. Worse, a great many exchanges in the past (almost all thus far) have proven to be fraudulent, incompetent, or both.
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mirekrusin 2405 days ago
Charge-backs are due to stolen card numbers, right? This problem of selling stolen card numbers doesn't exist with cryptocurrency.
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