04 Oct '12, 12pm

Bitcoin's Biggest Problem: It's a Den of Thieves

The trust issue he encountered he mis-attributed to bitcoin when in fact the issue was with paypal and credit cards. Bitcoin is like cash. There's no "reversal" of charges. Once something has been paid for, it's public record and there's no one-sided taking it back. This is a good thing.The use of Paypal and credit cards destroy this trust by allowing a paying party to reverse transactions so the payee gets nothing. It's empowering a third party to arbitrarily negate charges. Bitcoin is no more a "den of thieves" than a cash-based society, which most of the world was until recently. I'd argue that Credit Cards and PayPal are much more a den of thieves by abusing their trust to cause no end of issues for people receiving payments.

Full article: http://news.ycombinator.com/item?id=4611810

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