5 ms·

Totally agree with you on that. But let's compare your trust of your bank vs your trust of your mattress or your safe or your brain password that no one but yo

Totally agree with you on that. But let's compare your trust of your bank vs your trust of your mattress or your safe or your brain password that no one but you can produce.

Nursie 13y ago
vs mattress - bank wins vs home safe - bank wins and I'm always forgetting passwords! These are places to store stuff though, not transaction systems, which is what I was driving at. Bitcoin as a transaction system requires me to place trust in a vendor (or potentially an escrow service). I trust my bank's payment systems and chargeback facility more than either of those things. Bitcoin as a store of money? Well I still prefer the legal protections afforded me in a regulated bank.
- gamechangr 13y ago
  Your last line gets right to the heart of the problem. " I still prefer the legal protection afforded me in a regulated bank". What system can provide legal protection without governmental abuse?
  - deleted 13y ago
    [deleted]
- hnolable 13y ago
  Here's something to ponder... Sure once in a while your bank/CC payment system protects you from a shady merchant... saving you what... 100$ (max?). Personally in my entire life I can't remember charging back once due to a shady merchant but let's assume you've saved 1000$ because of chargebacks. Here's one of the risks you have to bear to enable your chargebacks: http://mashable.com/2011/01/28/identity-theft-infographic/ http://mashable.com/2011/01/28/identity-theft-infographic/ ... worth it? Think how many insecure databases your name and address and credit card # (and sometimes phone number) are stored in across the net...
  - Nursie 13y ago
    And how many shady merchants have I not had to chargeback to because they are deterred? Also I'm not in the US, I get the impression that I'm much better protected by consumer law here in the UK.
- deleted 13y ago
  [deleted]

5 ms·

Totally agree with you on that. But let's compare your trust of your bank vs your trust of your mattress or your safe or your brain password that no one but yo

by hnolable 13y ago

Totally agree with you on that. But let's compare your trust of your bank vs your trust of your mattress or your safe or your brain password that no one but you can produce.

Nursie 13y ago
vs mattress - bank wins vs home safe - bank wins and I'm always forgetting passwords! These are places to store stuff though, not transaction systems, which is what I was driving at. Bitcoin as a transaction system requires me to place trust in a vendor (or potentially an escrow service). I trust my bank's payment systems and chargeback facility more than either of those things. Bitcoin as a store of money? Well I still prefer the legal protections afforded me in a regulated bank.
- gamechangr 13y ago
  Your last line gets right to the heart of the problem. " I still prefer the legal protection afforded me in a regulated bank". What system can provide legal protection without governmental abuse?
  - deleted 13y ago
    [deleted]
- hnolable 13y ago
  Here's something to ponder... Sure once in a while your bank/CC payment system protects you from a shady merchant... saving you what... 100$ (max?). Personally in my entire life I can't remember charging back once due to a shady merchant but let's assume you've saved 1000$ because of chargebacks. Here's one of the risks you have to bear to enable your chargebacks: http://mashable.com/2011/01/28/identity-theft-infographic/ http://mashable.com/2011/01/28/identity-theft-infographic/ ... worth it? Think how many insecure databases your name and address and credit card # (and sometimes phone number) are stored in across the net...
  - Nursie 13y ago
    And how many shady merchants have I not had to chargeback to because they are deterred? Also I'm not in the US, I get the impression that I'm much better protected by consumer law here in the UK.
- deleted 13y ago
  [deleted]