Have you tried to read the post you are replying to? It clearly refers to online payments which, in this universe, can't be settled with cash. Also, the "static password" securing the credit card transaction is clearly the 16 digit static number printed on the card and the associated metadata, that's what can be stolen.
That “static number” can also be changed if stolen and my money returned. I dont even need to catch the fraud immediately. Most institutions give you 30 days and some higher end options give you 90 days to contest a charge.
Can’t do that if someone steals your crypto wallet or simply doesn’t deliver the goods/services you payed for.
> I'm not sure what this has to do with fiat currency.
Just read their reply as "traditional payment methods". Nothing really protects credit/debit card transactions, the security of which is basically the emperor isn't wearing clothes.
I'd even say the security to directly access my bank via customer support relies on obvious, basically public, identifiers that to me seem somewhat trivial for a potential attacker to socially engineer.
… parent's "solution" does strike me a bit like "meet the new boss, same as the old boss", though.
It feels like this comment is based on not realizing that debit cards are normal things in many parts of the world, where just because you don't want to use a credit card, you don't need to use cash.
You already have a bank account, and your bank already knows how to talk to literally any other bank, because by law they have to all talk the same protocols, so you can just use your bank card to pay for everything, anywhere. No need for cards from private companies like Visa or Mastercard that saw a failed banking system and went "Let us fill that niche, it'll be so convenient! For a large fee, of course".
And it really is a failed banking system: the fact that Interac in North America was able to go "hey we 'invented' EFT and got your bank to sign onto that, because they refuse to directly talk to other banks so you can't move money from one account to another. It'll only cost you a dollar each time!" is just insane.
Debit cards exist and are very common in the US, more common than credit cards. They also largely use the Visa and Mastercard interchange networks though, but they are also tied directly to your bank account. So I am not sure if I am understanding your comment correctly.
In the US you basically always get a debit card with a bank account but not everyone gets a credit card, either because they are wary of credit or can't get a decent one.
US consumers have credit cards on top of debit cards because they really, really want access to credit. Even overdrafting is really common and a desirable feature for a large chunk of the US population.
You seemingly know much more about the backend than me, so I am still a little confused by your comment, about Interac, for example. The US system allows for consumer-to-merchant debit payments no problem, whatever fees there are are totally invisible to consumers. (I think it's lower than the credit interchange fee?) I can also transfer my money from bank to bank without fees, although sometimes it takes a couple days. Where it really falls down is peer-to-peer instantaneous transfers. There are different things becoming popular but I don't think any of them are particularly good, and reversibility is really important in the US market and systems like Zelle don't seem to appreciate that.
manually copy static numbers and worry that someone else might steal and abuse the static password that secures access to my own money.
I'm not sure what this has to do with fiat currency.