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From: Andy Parkins <andyparkins@gmail.com>
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Date: Wed, 23 Apr 2014 10:57:53 +0100
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Subject: Re: [Bitcoin-development] Coinbase reallocation to discourage
Finney attacks
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On Wednesday 23 Apr 2014 08:55:30 Mike Hearn wrote:
> Even with their woeful security many merchants see <1-2% credit card
> chargeback rates, and chargebacks can be disputed. In fact merchants win
> about 40% of chargeback disputes. So if N was only, say, 5%, and there
> was a large enough population of users who were systematically trying to
> defraud merchants, we'd already be having worse security than magstripe
> credit cards. EMV transactions have loss rates in the noise, so for
> merchants who take those Bitcoin would be dramatically less secure.
Just pedantry: 100% of credit card transactions _can_ be fradulantly charged
back but arent. In fact, only 2% are ever attempted.
If N was 5%, then only 5% of bitcoin transactions _could_ be fraudulantly
"charged back"; so then why wouldn't only 2% of those bitcoin transactions
be fraudulant too, just as in the CC case?
The comparison would then be 2% chargebacks for credit cards, equivalent to
0.1% (5%*2%) for bitcoin.
Not that I think that makes anything else you say invalid.
Andy
--
Dr Andy Parkins
andyparkins@gmail.com
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