So I’m starting my own 90 days of bitcoin since I just discovered it and was not around when this started.
Here are my thoughts while reading Satoshi Nakamoto white paper.
The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible
services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party.
(Satoshi Nakamoto white paper)
This debate seems to be coming up again in ETH
Ethereum developers have requested a public debate to determine whether the cryptocurrency lost by the investors to various hacking attempts and other such incidents should be returned to the original holders or not. The term which was used was should be refunded to the original holders or not.
(From this post)
It’s interesting to see the idea resurface.