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While volatility indeed can be a problem (depending on how the whole thing is setup), I fail to come up with scenario of 50% fraudulent transactions... Does anyone have links to more details on what kind of fraud they meant?

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Double spend. https://news.ycombinator.com/item?id=30478262

Accepting bitcoin payments with 0 confirmations? It shows a complete lack of understanding of Bitcoin and cryptocurrency in general, especially in 2017 when PoW was the main driver and PoS chains weren't really mainstream.

It’s not a big deal in case of Steam – they can just pull the games from your library if the payment doesn’t go through. A bit trickier with in-game purchases (but in that case they could wait for the confirmations).

The thread from 2022 does discuss this in detail.

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