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eric.base.eth 🔵
@ericbrown.eth
Marc Lou in his video today mentioned chargeback attacks Chargebacks are regularly cited as one of the largest challenges facing small businesses and entrepreneurs Onchain payments solve this
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Alex Loukissas 🍉
@futureartist
How? Is it not possible for consumers to do chargebacks?
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eric.base.eth 🔵
@ericbrown.eth
When paying in crypto, funds settle instantly so chargebacks wouldn't be possible. This does call out the struggle of consumer protections because many times chargebacks are warranted, and a mechanism to do this onchain with instant transactions hasn't been adopted in a widespread manner. But likely looks like a highly efficient escrow service that is able to resolve disputes. But that would once again open the door for false chargebacks. This is also where online identity and credibility comes into play as users who have fewer chargebacks which are provably warranted are less likely to commit fraudulent chargebacks. Its a very complex and interesting problem
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Alex Loukissas 🍉
@futureartist
How am I as an Amex customer (I choose Amex because they almost always honor chargebacks) get the same protections with onchain payments? There does not seem to exist a way to do this today. So saying that onchain fixes this is like fixing bots on a platform by blocking signups.
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