Honestly if I get scammed I don’t have the time nor money to fight it, sounds like mostly protection for those at the top
Comment on MIT Students Stole $25 Million In Seconds By Exploiting ETH Blockchain Bug, DOJ Says
Ibaudia@lemmy.world 6 months agoTrue, but Crypto has been awash with scams from its inception. Blockchain inherently rewards those who engage with it deceptively since access to tokens = ownership, there are no take backsies, 0 consumer protections, and it’s global.
Sethayy@sh.itjust.works 6 months ago
Ibaudia@lemmy.world 6 months ago
If you get scammed using FIAT you can just call your bank and they can issue a chargeback through the card provider, especially if it’s credit.
qwerty@discuss.tchncs.de 5 months ago
And that never happened with fiat, everyone knows thoes wild west snake oil salesman were using bitcoin.
Ibaudia@lemmy.world 5 months ago
There will always be scammers, my point is just that Bitcoin empowers them. Scammers and fraudsters have many more tools through Bitcoin than they would with FIAT, and they are more likely to succeed and thrive.
shortwavesurfer@monero.town 6 months ago
The same things that make it like that make it good money. If i habd you a $100 bill i cant get it back without either asking you or force. With todays payment methods i can just call the bank crying that i never did that transaction and fuck you over. Deceptive auto renewing memberships like gyms and other things dont work either because crypto like cash is a push payment instead of a pull payment. I cant just take your money whenever i damn well feel like it you have to actively give it to me.
best_username_ever@sh.itjust.works 6 months ago
Your solution is to blame people who make mistakes, and reward companies who scam them. Real money is backed by governments and a justice system. The alternative is anarchy, and bitcoins show it really well.
shortwavesurfer@monero.town 6 months ago
Yeah, we are going to have to agree to disagree there. What you call real money backed by the government and justice systems has always failed eventually. Because people manipulate it for personal gain. I wish you good luck manipulating Bitcoin since it hasn’t happened in the 14 years it’s existed. Lots have tried, all have failed.
Ibaudia@lemmy.world 6 months ago
Never! Except with early pump-and-dumps, whale manipulation, spoofing, wash trading, Mt. Gox, or what’s happening with Tether.
But besides all that stuff creating massively disruptive volatility on a slow as shit network, what’s not to love?
Ibaudia@lemmy.world 6 months ago
If I took $100 cash from you under false pretense, it would be a crime and I would be prosecuted for it. I would also have to expose myself by interacting with you. If I trick you with a fake login page and steal all your shit from your crypto wallet, then according to the blockchain that’s just fine, and I can do it completely anonymously from the other side of the planet with 0 hope for anyone to do anything about it. I had access to the tokens, so I can do anything I want with them and no one can stop me, reverse it, or even find me. That’s the issue.
Every crypto bro I’ve talked to has said some version of “well don’t get scammed then”, which is such a fucking stupid and asinine answer. Every financial system has consumer protections except for crypto because they are 100% necessary for normal people to survive.
qwerty@discuss.tchncs.de 5 months ago
Scammers have been doing that with cash, PayPal, gift cards and even regular bank transfers that are supposedly so safe.
Crypto transactions being irreversible are no different than cash or gold transactions, you can’t magically revert giving someone cash once you realize they scammed you. Only thing you can do is report it to the police. Crypto works the same way, but for transparent coins like btc, or eth you at least have a proof that a transaction took place unlike cash.
Ibaudia@lemmy.world 5 months ago
Yes, exactly my point. It’s way harder to scam with physical stores of value like cash, because there aren’t layers of obfuscation like there can be with digital stores of value. That is why scamming is so much less common in meatspace compared to crypto, where every single interaction, even with a vendor or exchange, is a potential landmine you have to be cognizant of.
With PayPal or bank transactions, those can be reversed and there are regulatory bodies to ensure consumer protections. Even with physical stores like cash, it is much easier to track someone and prosecute for illegal activity since they can’t hide behind crypto wallets.
Every store of value has some form consumer protections and systems of accountability except for crypto, and as such scammers are empowered by it.