📅 Original date posted:2014-04-23
📝 Original message:>
> Just pedantry: 100% of credit card transactions _can_ be fradulantly
> charged
> back but arent.
>
If you do a chargeback the bank double checks this, investigates it and
people who repeatedly try and do fraudulent chargebacks get their accounts
terminated. It's not like your bank offers you a "reverse this payment"
button in the UI that always works, right?
> If N was 5%, then only 5% of bitcoin transactions _could_ be fraudulantly
> "charged back"; so then why wouldn't only 2% of those bitcoin transactions
> be fraudulant too, just as in the CC case?
>
If you attempt fraud against a bank, they know who you are and will come
after you in one way or another. But it's safe to assume that users of a
double spend service would be anonymous and the kind of merchants they go
after are not hassling their customers with strong ID checks, so there
would be no consequences for them. It's a game they can only win.
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Mike Hearn [ARCHIVE] /
npub17t…4qgyd
2023-06-07 15:19:25
in reply to nevent1q…hhzu
Author Public Key
npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgydPublished at
2023-06-07 15:19:25Event JSON
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"content": "📅 Original date posted:2014-04-23\n📝 Original message:\u003e\n\u003e Just pedantry: 100% of credit card transactions _can_ be fradulantly\n\u003e charged\n\u003e back but arent.\n\u003e\n\nIf you do a chargeback the bank double checks this, investigates it and\npeople who repeatedly try and do fraudulent chargebacks get their accounts\nterminated. It's not like your bank offers you a \"reverse this payment\"\nbutton in the UI that always works, right?\n\n\n\u003e If N was 5%, then only 5% of bitcoin transactions _could_ be fraudulantly\n\u003e \"charged back\"; so then why wouldn't only 2% of those bitcoin transactions\n\u003e be fraudulant too, just as in the CC case?\n\u003e\n\nIf you attempt fraud against a bank, they know who you are and will come\nafter you in one way or another. But it's safe to assume that users of a\ndouble spend service would be anonymous and the kind of merchants they go\nafter are not hassling their customers with strong ID checks, so there\nwould be no consequences for them. It's a game they can only win.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20140423/f073fecc/attachment.html\u003e",
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