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Comment by petcat | Hacker News Reader

This is also why stuff like blockchain-based currency will never be realistic or accepted in the "real world". We need the ability to fix things out-of-band. Like you said, people make mistakes. Imagine that your bank or credit card just says Tough Luck!

Nah. Of course not.

edit: Fuck Uber anyway

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> We need the ability to fix things out-of-band.

Out-of-band fixes require trusting banks, but how trustable are banks really? Often the banks do say "tough luck". This is why you should never leave much balance in an active bank account in the US. Credit card issues are more fixable, but only in the US.

Regarding blockchain, it grants freedom in that you have the choice of trusting a third-party custodian, or doing self-custody. Having choices is good.

So you've never had a credit card. Or any bank card at all where fraudulent usage is the liability if the bank, not you. How do you think that works?

> So you've never had a credit card. Or any bank card at all where fraudulent usage is the liability if the bank, not you.

That's some inapplicable and incorrect nonsense you invented right there. If you need help with logical reasoning to go correctly from A to B, then GPT can guide you.

How do you think that credit cards work? I assume you have one. Or bank cards.

I steal your credit card and spend $80 to fill up my gas tank and then go buy a pair of sneakers, who do you think pays for that? It's not you. It's the credit card or bank company. And then they call and ask if it was fraud and you say "yeah, it was fraud. I was nowhere near a Foot Locker in Gary, Indiana."

So they "reverse" it and they absorb the loss. It's how the entire credit financial system works. I'll send you some books you should read.

But I never asserted otherwise. It works like this in the US anyway, not necessarily elsewhere.

Bank accounts don't work like credit cards though. If money is gone, there is no assurance of getting anything back.

And yet in the UK banks are now on the hook when a customer is the victim of fraud.

https://www.reuters.com/business/finance/uk-banks-face-step-...

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