tag:blogger.com,1999:blog-3669809752172683097.post4311963965369797506..comments2024-02-08T04:04:28.385-08:00Comments on Cyclopedia Square: Bitcoin vs. Credit CardsBryanhttp://www.blogger.com/profile/11394436715172971234noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3669809752172683097.post-50893402888884417822015-02-23T16:08:34.061-08:002015-02-23T16:08:34.061-08:00"Everyone pays a little (in terms of possibly..."Everyone pays a little (in terms of possibly increased prices)."<br /><br />It's only possible that prices have increased due to credit cards? I'm also quite surprised to hear that you have personally met the people who will be administering the chargebacks you request. I haven't met anyone personally from Visa or Mastercard.<br /><br />I guess different personal experiences make for different preferences. I'd just reiterate that I'm not calling for credit cards to be abolished or anything. I would just like the personal choice to use bitcoin instead of a credit card in the case of small transactions or transactions where I trust who I'm dealing with.Bryanhttps://www.blogger.com/profile/11394436715172971234noreply@blogger.comtag:blogger.com,1999:blog-3669809752172683097.post-73822340523106678402015-02-23T15:51:43.155-08:002015-02-23T15:51:43.155-08:00> Do you trust your bank *more* than you trust ...> Do you trust your bank *more* than you trust Amazon?<br /><br />Of course I do. I know where they are, I have talked to the people there, and I have used their protection more than once. Furthermore, I know for a fact that they *must* refund me for fraudulent transaction. <br /><br />With Amazon, who knows what's in their fine print? For me, they are a faceless company. Furthermore, there are lots of retailers on Amazon. Who knows what protections I have when buying from"EZSeller1999"?<br /><br />Furthermore, the genius of the credit cards is that I *don't* pay. Everyone pays a little (in terms of possibly increased prices). It's like a universal insurance for theft. The theft protection is amortized over everyone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3669809752172683097.post-75230539597213185282015-02-23T15:34:42.952-08:002015-02-23T15:34:42.952-08:00Have you read Liars and Outliers by Bruce Schneier...Have you read Liars and Outliers by Bruce Schneier?<br /><br />https://www.schneier.com/book-lo.html<br /><br />Saying that you only have to trust your bank sounds nice, but the fact is, you (we all) place a lot of trust in those around us all the time. Society wouldn't function without all that trust. Banks and credit card companies couldn't offer you the assurances they do if most businesses were not trustworthy. Of course they have to convince you otherwise so you will continue to pay them for protection :-)<br /><br />Think about it. Do you really not trust large well known retailers like Amazon? Another way to look at it is, do you trust your bank *more* than you trust Amazon? Couldn't we all save on a lot of costs by admitting that we do trust the Amazons and Neweggs and other reputable online retailers?Bryanhttps://www.blogger.com/profile/11394436715172971234noreply@blogger.comtag:blogger.com,1999:blog-3669809752172683097.post-90324914435568354882015-02-23T15:22:20.341-08:002015-02-23T15:22:20.341-08:00I maintain that credit cards provide a better mode...I maintain that credit cards provide a better model for online payments than bitcoin. The key issue is a matter of trust.<br /><br />With credit cards, I have to trust my bank to reverse any fraudulent transactions. (Actually, with consumer protection laws, this is not a matter of trust but law, but that's icing on the cake). Having trusted my bank, I can use my credit card with impunity with the luxury of not having to trust anyone else. If something goes wrong, my bank will fix it.<br /><br />With bitcoin, transactions are irreversible. Therefore, when I pay someone, I have to trust them to hold their end of the bargain. So I need to trust someone every time I make a transaction. Thus, paying with bitcoin requires more trust contrary to their slogans.<br /><br />Of course, the luxury of the reversal of fraudulent charges comes at a cost to the merchand and hence indirectly to me. However, this is a classic prisoner's dilemma situation. I have a disincentive to change my behavior if others continue to behave as they do.Anonymousnoreply@blogger.com