This world would suck for the same reason I don’t use debit to pay for things from untrusted merchants. Credit cards provide an incredible security layer in transaction reversibility that allows you to transact with unknown merchants. Internet payments doesn’t work without it. What cryptocurrency is going to solve this problem?
You realize that in many countries, credit cards are not common? People pay for things online with their debit card all the time.
Not all consumers need or want transaction reversibility, especially if they trust the contracts they are using, like depositing tokens into a DEX contract address that has not changed for several years - this has an extremely low counterparty risk.
A VISA- or PayPal-like reversible payment system is definitely possible to build on ETH as a rollup that takes a 1-5% fee of all transactions in order to cover cost of chargebacks. Many applications already support various forms of transaction reversal in their contracts, look at USDC.
Pretty much. Now VISA has to compete with every other protocol deployed on the permissionless network, some of which may charge lower to no fees and provide different user experiences. Users can also, as they desire, connect with the base layer if they wish to circumvent the VISA-like protocols entirely. An example of that might be a company moving or exchanging several million dollars without wanting to deal with VISA-like fees and control mechanisms.
In truth, we may not see VISA-like protocols on the blockchain for some time, as most users are finding the counterparty risk small enough with the base layer that there is little demand for chargebacks and transaction disputes.
As evidenced by the hard fork of Ethereum when a smart contract didn't work the way it was supposed to. There clearly is demand for something like transaction disputes.
Yes, if the vast majority of the users in the network come to clear consensus on forking the protocol to enact a single change, they can do so. This is not a bad thing, it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes.
This is very different from individual transaction disputes on a VISA-like protocol, and the DAO fork doesn’t suggest that transaction level disputes are in particularly high demand (in 7 years this happened one time on the network, and you call that demand? lol).
> it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes
I don't think politics work like you think they do. If the opposition could just "fork the law" when they don't like what the government is doing, there'd be millions of sovereign countries by now.
