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Author Topic: [Feature Request] Add ability to append "satoshi codes" to transactions.  (Read 1639 times)
bji
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August 23, 2011, 07:48:52 PM
 #21

In short, vendors know they can trust credit cards.  They do *not* know they can trust anonymous random joe customer who can so easily game bitcoin to their advantage.
Let me guess, you've never run a business before. Well I do. I trust bitcoins 1440 times more than I trust credit cards, even 0/unconfirmed transactions. Any credit card transaction can be easily reversed up to 60 days later. A bitcoin transfer is nearly impossible to revoke 1 hr after receiving it.

This thread is not about transactions that have received 6 confirmations, so don't even bring that up as it only confuses the issue.

What we are talking about here is 0 confirmation transactions, and if you really trust 0 confirmation bitcoin transactions more than a credit card transaction, then your enthusiasm has definitely outrun your business sense.

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The solution is simple, and it's already in place with credit cards. Haven't you been asked to show ID when using a credit card? Solution: Accept 0/unconfirmed transactions with a valid ID.

And what are you going to do if someone shows you an ID and then double-spends anyway?  Are you really going to go through the trouble of trying to track them down and sue them?  Are you going to report it as a crime, an action that will with 100% certainty never get you your money back but maybe at least give you some personal satisfaction?  If you do, how would you ever prove that the customer double-spent?  The bitcoin address that was paid from is anonymous and cannot be tied definitively to the user.  Furthermore, the payment address paid to (via the double-spend) cannot be proven to not be yours either.

Accepting bitcoins with zero transactions is just about the same, from a vendor risk standpoint, of accepting cash that has a significant chance of being counterfeit, and without any way to assess whether the cash is counterfeit at the point of accepting the money.

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This isn't just rhetoric, I'm backing my words up with a real commitment, with real money and products on the line. You can walk into my store and buy a top-of-the-line computer and I'll let you walk out the door with it after seeing a 0/unconfirmed transaction on my bitcoin node and showing a valid ID. A credit card transaction is far more risky to me.

Awesome.  Where are you located?  I like free computers.

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