[pjc50]

All of them record every thing you pay for

Unlike bitcoin, which records all of your transactions in a globally readable log?

Bitcoin pseudonymity is weak unless you're very careful, and if people work out your wallet address(es) then you actually lose a lot of privacy.

any two-bit hacker that ever breaches their security

The personal data is somewhat vulnerable, but the actual money is more secure. For almost everyone, the bank computer is going to be more secure than their home PC.

[nhaehnle]

The personal data is somewhat vulnerable, but the actual money is more secure.

This is very important. It is nice that a purely distributed system can essentially achieve non-reversible transaction, but that's not something that most people need. Most people need reversible transactions, where the reversibility is controlled by adaptable laws and regulations that are ultimately interpreted by other people.

[pjc50]

Exactly.

Distance selling is very hard, as money and purchase change hands asynchronously at a distance and the purchaser can't inspect beforehand. The potential for error and fraud (on both sides!) is high, and realistically this requires the intervention of third parties to investigate and arbitrate disputes.

[staunch]

> Bitcoin pseudonymity is weak unless you're very careful...

Compared with banks logging it all?

> The personal data is somewhat vulnerable...

That's the valuable thing! Money is a commodity that can be replaced. You can't undo a breach of privacy.