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Venmo[1] does not have reversibility. Cash does not have reversibility.

If users really wanted credit card functionality at the expense of its costs, you could build that as a layer on top, without forcing everybody in the system to use it.

And consider, most disputes is not just about the quality of a product. That is handled with regular refunds. Credit card disputes are a lot of times because of fraud or card skimming, which is very often because the system is not very secure to begin with. Secure cryptography can remove a lot of this type of fraud.

[1] https://help.venmo.com/hc/en-us/articles/235171088-Cancel-Pa....

discuss

websap|3 years ago

We already have that system - debit cards, cash, venmo, apple pay, etc. What does crypto solve other than anonymization of payments?

web3isgoing|3 years ago

Open source, public and permissionless infrastructure for the web. Very different than Venmo which is owned by PayPal and limited to USA, and not programmable, no interop.

about the OP’s thread: centralized services like PayPal, Venmo and Stripe can close your account. Nobody can close your private key, even if you are on a L2 for fast payments you can use the escape hatch to withdraw without possibility of censorship.