On Wednesday 23 Apr 2014 08:55:30 Mike Hearn wrote: > Even with their woeful security many merchants see <1-2% credit card > chargeback rates, and chargebacks can be disputed. In fact merchants win > about 40% of chargeback disputes. So if N was only, say, 5%, and there > was a large enough population of users who were systematically trying to > defraud merchants, we'd already be having worse security than magstripe > credit cards. EMV transactions have loss rates in the noise, so for > merchants who take those Bitcoin would be dramatically less secure.
Just pedantry: 100% of credit card transactions _can_ be fradulantly charged back but arent. In fact, only 2% are ever attempted. If N was 5%, then only 5% of bitcoin transactions _could_ be fraudulantly "charged back"; so then why wouldn't only 2% of those bitcoin transactions be fraudulant too, just as in the CC case? The comparison would then be 2% chargebacks for credit cards, equivalent to 0.1% (5%*2%) for bitcoin. Not that I think that makes anything else you say invalid. Andy -- Dr Andy Parkins andypark...@gmail.com ------------------------------------------------------------------------------ Start Your Social Network Today - Download eXo Platform Build your Enterprise Intranet with eXo Platform Software Java Based Open Source Intranet - Social, Extensible, Cloud Ready Get Started Now And Turn Your Intranet Into A Collaboration Platform http://p.sf.net/sfu/ExoPlatform _______________________________________________ Bitcoin-development mailing list Bitcoin-development@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
