this post was submitted on 02 Feb 2024
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General question, because I don’t give a shit about blockchain to research it.
Does it have a way to quickly and effectively handle fraud? And don’t tell me “there’s no way to commit fraud” because people can steal wallet passwords no fucking problem. With most banks they will actively track fraud, cancel those transactions, and restore your funds and possibly shut down the card automatically while still allowing the account to exist so you can access your money. Is that the case with blockchain?
It depends on whether you're interacting with the blockchain directly, or via a custodial solution more appropriate for end consumers. Same like how you don't get a refund if you operate a western union branch and fuck up the wire.