- Many consider Trad-fi to be safe because of the centralized intermediaries that “protect” them from mistake txs.
Cons of Reversibility
- Intermediaries can basically control the money in your bank. If someone transfers a million into your account by mistake, it’s not yet yours.
Alternative: escrow
- Reversible txs allow money to keep moving even though it might get reversed. This harms innocent bystanders.
- Escrows lock the funds until the payment is finalized.
Metadata
- People:: 0xfoobar
- Related:: Blockchains
- References:: Why Finality Matters
- Status::understood
- Created:: 24th Oct 2022
- Updated::
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