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Comment by tintan | Hacker News Reader

I bought a diamond last week for $25000. Turns out it was a fraud company. Within a week I got all my money back. That is what the 3% gives you. With blockchain there is no fraud protection and all transactions are irreversible.

In the crypto world steal 250 million dollars in hack attach and not a single thing anyone can do. This is an inferior model in every single definition of the word.

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> This is an inferior model in every single definition of the word.

yeah, try to convince a highstreet bank to return you your money when it thinks otherwise [1] [2] [3]

[1] https://www.reddit.com/r/UKPersonalFinance/comments/aqxz5n/h...

[2] https://www.reddit.com/r/UKPersonalFinance/comments/l4tps5/h...

[3] https://www.reddit.com/r/UKPersonalFinance/comments/cbpxit/h...

Ever try to convince an exchange or hosted wallet to give you back your money when it thinks otherwise?

the good news is that I don't need to rely on third-parties to securely host and manage my wallets. It still is an option, but not a hard requirement to access global financial transactions.

These are all HSBC-UK related, indicating some kind of issue with that particular bank.

I was just lazy to dig up more, it happens with every highstreet bank in every country. And it happens more often with online platforms such as PayPal, Stripe, Square and alike, especially if they discover your unfortunate (according to the ever-growing US sanctions list) geographic location at any point in your life.

In crypto you can add insurance if you want. It's an optional service. With credit cards it's baked in and you can't opt out. I want to opt out. I've never used a chargeback in my entire life and it's a source of profit for the credit card corporations. They pay out less than they charge, of course. I'd rather have a lower transaction fee and not feed Visa's bottomline. With crypto I'd want to just add a transaction insurance when doing something risky (like bridging cross chain).

Except the most usable crypto today which is Bitcoin, might cost 15$ to send someone 5$ today, maybe 20$ tomorrow depending on the ever flactuating gas fees. I wouldn't describe this as low transaction fees nor in any way efficient. Crypto right now is at best an inflationary tool good only for profiting off market speculation. It will never be as good as fiat or any other financial products based on fiat for the foreseeable future.

It's very low if you're sending larger amounts of money.

So, the so-called low transaction fees is not standard. In essence proving itself to be a gimmick...

> I want to opt out. I've never used a chargeback in my entire life

Why don't you just use no-fee debit cards then? Or a bank that offers no-fee credit cards? Pay it off on time and you won't have to worry about contributing to their profits.

How did you find out it was a fraud company?

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