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Comment by freewilly1040 | Hacker News Reader

I’m unsure what you mean by “no chargebacks” - chargebacks are provide the consumer recourse in the event of a dispute.

Yeah, that whole no chargebacks concept as a “feature” of cryptocurrency has always been a head scratcher to me. I mean, yes, businesses may like that, but crooks like that even more, and it’s almost purely a negative to the vast majority of people, i.e. consumers.

And it’s a core motivation for cryptocurrency, in the original Satoshi paper.

The idea was it would make transacting cheaper. Not sure that worked in practice.

It's beneficial for consumers because businesses can charge less for their products since they're don't have to account for as much shrinkage. I know at least one business that charges substantially less for crypto transactions because of this.

I feel this is an overly optimistic view. There's not many situations in the last 50 years where "businesses being able to charge less" have led to them actually charging less. It reeks of Telcos telling congress how much new laws will drop their prices, then they fire half their employees and raise prices anyways.

This is a microcosm of most of my issues with crypto discussions. In a (quite naive) vacuum, the arguments sound great. If you wanted to run Earth 2.0 with crypto, have at it. It doesn't fit in alongside the existing systems and, by the time it becomes "the main system", you can be certain that those in power have modified it to have the same issues as the original system we all hated.

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