[ilaksh]

The charge back is only important because people have to give away their credentials every time they make a payment.

In the context of the existence of cryptography (and cryptocurrency), this is laughable. (Credit cards were invented before public key cryptography.)

Advanced cryptocurrencies enable a much more robust and diverse set of credit options.

[_aavaa_]

> The charge back is only important because people have to give away their credentials every time they make a payment.

What? A charge back is important so that a dispute can actually be resolved. What recourse does a regular person have if they are defrauded by the other party. Or if the other party didn’t hold up their end.

[muttled]

Small claims court seems to be one of the only options at that point. While it's still a valid tool, it can be a big pain to go through with it and I'd bet a lot of people would just take the loss. It also assumes a lot of things like being able to locate the party to serve them.

[_aavaa_]

I agree that it's a thing, but the difference between a chargeback and small claims court if you're a person who wants to charge back a company is night and day. Almost nobody is going to use that avenue.

[ilaksh]

The first reason it is necessary is that the actual secret is revealed so the transaction entirely relies on trustworthy parties.

[_aavaa_]

What secret are you talking about?

What do you do if the other party does not hold up their end of the bargain after they received the money??

[ilaksh]

The credit card number lol.

That's a different issue. First issue is much more primary.

[_aavaa_]

A credit card transaction does not in principle have to send the credit card number to the vendor (e.g. Apple Pay already does this).

But a crypto transaction in principle does not allow for charge backs since transactions go one way.

[kayfox]

> The charge back is only important because people have to give away their credentials every time they make a payment.

So like, merchants not delivering is not a thing at all?