6 upvotes, 5 direct replies (showing 5)
View submission: ⚡ Lightning Network Megathread ⚡
This is unfortunate. Until bitcoin can offer those technically illiterate the same 100% guarantee against fraud that mainstream banks and credit card companies do -- lightning or no lightning we're not gonna replace paypal, visa, the banking system or the dollar.
Irreversible transactions are great for many things, but most people prefer the safety and comfort of reversible transactions by reputable institutions.
Comment by GibbsSamplePlatter at 12/01/2018 at 18:31 UTC
7 upvotes, 0 direct replies
We are a long long long way away from that, escrow or not. Most wallet software struggles to not simply leak important information or throw away all money into fees.
Comment by oojacoboo at 12/01/2018 at 18:15 UTC
2 upvotes, 0 direct replies
Check out Verify.as (CRED) which will work with BTC and many/any other currency. It specifically addresses the concerns here, in what I feel is the proper way. This type of thing must have dispute resolution and more, and a protocol like Verify is far better suited as another layer.
Comment by Godspiral at 12/01/2018 at 18:51 UTC
1 upvotes, 1 direct replies
Any current exchange can get involved in merchant services. Customers and Merchants could have accounts there, and the exchange mediates disputes (but also adjusts balances with 0 on chain fees on purchases)
Lightning makes it easy for the merchant and customer to be clients of different exchanges, but have some dispute mechanism (though merchant's exchanged may be biased towards their customer)
Comment by auviewer at 12/01/2018 at 20:52 UTC
1 upvotes, 1 direct replies
Wouldn't there still be a dispute mechanism though? Say that Ebay or Amazon/Big Retailer or even Paypal offer lightning bitcoin payment options then they could just send a lightning payment back to the customer that did not receive the goods/service?
Comment by SpicyLentils at 13/01/2018 at 22:14 UTC
1 upvotes, 1 direct replies
In the original comment: "if, say, an item they ordered never arrived."
In this comment: "100% guarantee against fraud."
With respect to credit cards, I believe these are two quite different things. The guarantee that cards offer is against fraudulent charges on the card account not related to any action of the cardholder. I don't think cards *guarantee* chargebacks (transaction reversibility) on cardholder request against merchants with whom the cardholder voluntarily made a transaction. They *may*, of course, provide a reversal in some cases depending on circumstances.