QuotableSatoshi on Nostr: Completely non-reversible transactions are not really possible, since financial ...
Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads.
Published at
2024-12-28 00:21:03Event JSON
{
"id": "531f3fcd7a0293a0d57b550d40719edd27e76a46fb9eabc1c3e20dad8b990094",
"pubkey": "87570647ca3b7549e66cb6c4bb8d197f5bc91de73b58eb1ade78c8ddd5fec7eb",
"created_at": 1735345263,
"kind": 1,
"tags": [],
"content": "Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads.",
"sig": "e95bb99e0bd3ed84eea448519c11b68786c609de5ac818fe52eda5e0407d5450c00f163224e14e425fe9e39124c5d20b206b919d0f9ee8b6c298afeb55494530"
}
