đ
Original date posted:2015-02-15
đ Original message:On 02/15/2015 11:25 PM, Troy Benjegerdes wrote:
>
> Most money/payment systems include some method to reverse or undo
> payments made in error. In these systems, the longer settlement
> times you mention below are a feature, not a bug, and give more
> time for a human to react to errors and system failures.
>
Settlement has to be final somewhere. That is the whole point of it.
Transfer costs in current electronic payment systems are a direct
consequence of their non-finality. That's the point Satoshi was making
in the introduction to the whitepaper: "With the possibility of
reversal, the need for trust spreads".
There is nothing wrong with having reversible mechanisms built on top
of Bitcoin, and indeed it makes sense for most activity to happen at
those higher layers. It's easy to build things that way, but
impossible to build them the other way: you can't build a
non-reversible layer on top of a reversible layer.
Adam Gibson [ARCHIVE] /
npub132âŚ3t059
2023-06-07 15:30:21
in reply to nevent1qâŚvzd0
Author Public Key
npub132v95wej3m8st4af2qzd3j0nxhcv27lq30rwdkpx36c52p79qnlsl3t059Published at
2023-06-07 15:30:21Event JSON
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"pubkey": "8a985a3b328ecf05d7a95004d8c9f335f0c57be08bc6e6d8268eb14507c504ff",
"created_at": 1686151821,
"kind": 1,
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"content": "đ
Original date posted:2015-02-15\nđ Original message:On 02/15/2015 11:25 PM, Troy Benjegerdes wrote:\n\u003e \n\u003e Most money/payment systems include some method to reverse or undo \n\u003e payments made in error. In these systems, the longer settlement\n\u003e times you mention below are a feature, not a bug, and give more\n\u003e time for a human to react to errors and system failures.\n\u003e \n\nSettlement has to be final somewhere. That is the whole point of it.\nTransfer costs in current electronic payment systems are a direct\nconsequence of their non-finality. That's the point Satoshi was making\nin the introduction to the whitepaper: \"With the possibility of\nreversal, the need for trust spreads\".\n\nThere is nothing wrong with having reversible mechanisms built on top\nof Bitcoin, and indeed it makes sense for most activity to happen at\nthose higher layers. It's easy to build things that way, but\nimpossible to build them the other way: you can't build a\nnon-reversible layer on top of a reversible layer.",
"sig": "b6ee8c3c80dbfecc9f965b340f8a855a50a09b1ee89d15ce8f10ad289984e6bd358214eeda854a76ce916dd424034ce3062d4aea055272bd15823c65f96e1b18"
}