I thought about that. Funny enough crypto and CCs are very much based on the same model.
CCs have chip mode. Chip mode transactions are impossible to spoof. They are one time transactions protected with nonces and very good cryptography. But CCs have a weakness when used online because you have to enter in your secret numbers to use them. When these secret numbers are entered into a fraudulent website, that bad actor now has access to your card _until the CC company stops it_, either at your discretion or their own.
Crypto is quite fancy, but you can’t solve wrench problems [1] with technical solutions. Consumers are still going to fall for phishing attacks, they will still accidentally loose their keys. The only difference is the consumer has no recourse. They are good and properly screwed.
Example: someone holds you at gunpoint and demands your secrets. With CCs you just hand them over, then as soon as you can call in and dispute all charges. If a guy with a gun demands your pub/private Keys, I’m not sure what you would do.
I supposed that is a boon for business, and business rules America, but unfortunately this is another problem that crypto does not solve.
CCs have chip mode. Chip mode transactions are impossible to spoof. They are one time transactions protected with nonces and very good cryptography. But CCs have a weakness when used online because you have to enter in your secret numbers to use them. When these secret numbers are entered into a fraudulent website, that bad actor now has access to your card _until the CC company stops it_, either at your discretion or their own.
Crypto is quite fancy, but you can’t solve wrench problems [1] with technical solutions. Consumers are still going to fall for phishing attacks, they will still accidentally loose their keys. The only difference is the consumer has no recourse. They are good and properly screwed.
Example: someone holds you at gunpoint and demands your secrets. With CCs you just hand them over, then as soon as you can call in and dispute all charges. If a guy with a gun demands your pub/private Keys, I’m not sure what you would do.
I supposed that is a boon for business, and business rules America, but unfortunately this is another problem that crypto does not solve.
1: https://xkcd.com/538/