Yup being able to undo transactions is a feature not a bug of the modern financial system.
EDIT: it also protects you in cases where someone holds a gun to your head and forces you to make a transaction.
EDIT: it also protects you in cases where someone holds a gun to your head and forces you to make a transaction.
Best takedown of cryptocurrencies that I've seen. Explains, as succinctly as possible, the fatal flaw in the idea. I'm gonna steal this line for the future.
> and guess what, someone can hold a gun to your head and take it.
Those are contradictory statements. The government can absolutely reverse a criminal taking your money by arresting them and returning the stolen cash.
No. The only case when someone ever threatened to hold gun to my head and demanded money was taxation. With cryptocurrency it's possible to avoid that, because they don't know how much money you have. And even when they do know, it's much harder for them to take it, they need to know password.
Tax evasion is a crime and you should go to jail (you are exploiting the benefits you have received from society). But big companies find tax loopholes all the time and they go to white-collar prisons or get away with it anyways.
No reason why this can't be implemented on top of a cryptocurrency for anyone who wants it.
Just like banks were able to add that feature on top of gold and cash.
It is important to note that "they" is usually the company that charged the card, not the bank or merchant processor. It is very similar to receiving a refund.