These are often undesirable features for SMEs that need to be accountable for a variety of reasons, including KYC regulations; besides, while blockchains provide protocol-level security, they fail in two ways that do matter to consumers:
- They provide no meaningful consumer protections (since this necessarily requires an authority, which blockchains may not have)
- They don't protect at all against meatspace vulnerabilities like scams and other deception-based attacks, which are by far the more common issue in banking. This is exacerbated by the lack of consumer protections.
(To be clear: don't read my comment as being in support of PayPal. They have abused user trust for a while, and I haven't had an account there in over a year -- fuck 'em.)
_verandaguy|10 days ago
- They provide no meaningful consumer protections (since this necessarily requires an authority, which blockchains may not have)
- They don't protect at all against meatspace vulnerabilities like scams and other deception-based attacks, which are by far the more common issue in banking. This is exacerbated by the lack of consumer protections.
(To be clear: don't read my comment as being in support of PayPal. They have abused user trust for a while, and I haven't had an account there in over a year -- fuck 'em.)
krunck|10 days ago
pennomi|10 days ago
draygonia|10 days ago