Banks basically act as escrow service, and it's not difficult to build this feature with smart contracts (as long as vendor is comfortable with the money being held by Escrow for a period of time, say a month).
So, in other words, build in all the parts of the modern banking system into crypto, which was specifically designed to be decentralized without a single arbiter of the correctness of transactions. Talk about the worst of all possible worlds...
At the end of the day, there is a fundamental judgement call when it comes to disputes: was the product "substantially not as described"? who has better evidence? etc. Once you put an arbiter in the middle, making this decision (which, again, I argue is an essential point of the modern financial system) the entire raison d'etre of crypto goes away.
At the end of the day, there is a fundamental judgement call when it comes to disputes: was the product "substantially not as described"? who has better evidence? etc. Once you put an arbiter in the middle, making this decision (which, again, I argue is an essential point of the modern financial system) the entire raison d'etre of crypto goes away.