Author: Andy Parkins 2014-04-23 11:39:18
Published on: 2014-04-23T11:39:18+00:00
The conversation is about comparing the security of Bitcoin transactions versus credit card transactions. Mike Hearn states that chargebacks for credit cards are investigated by banks, accounts of fraudulent chargeback attempts get terminated and users cannot just reverse a payment with a button. He argues that the effort to do a chargeback on credit cards is non-zero but it's still non-zero for bitcoin. Andy responds by saying that not everyone who uses bitcoins will be dishonest, so the 5% attack surface won't be used at 100%. He believes that Mike's statement that bitcoin could have a higher failure rate than credit cards seems unfair. Mike counters by saying that if there was a large enough population of users trying to defraud merchants, then there would be worse security than magstripe credit cards. Andy argues that Bitcoin users aren't more dishonest than credit card users and things aren't as bad as Mike painted them.
Updated on: 2023-06-08T20:49:25.202709+00:00