Post
Topic
Board Bitcoin Discussion
Re: TradeHill - Why we no longer accept Dwolla and an open letter to Ben Milne
by
Yeti
on 28/07/2011, 21:09:02 UTC
So, to be 100% clear, you are saying that if the system tells me that I received some money from Alice, there is no way for Alice to get that money back from me other than to sue me? It doesn't matter if she claims someone hacked into her account? It doesn't matter if she says I promised to ship her a product and never did? The transction is irreversible within the system even if she alleges fraud?

If that's true, that's amazing. But I find that very hard to believe.

Yup, wire transfers are irreversible since November 2009. As they say, "it's the law". BGB §675p says that transactions are irreversible if issued by the payer (regular wire transfer). BGB §675u states that if fraud occurs, it's the bank that eats the loss. So they are very eager to protect against fraudulent transactions. BGB is the German Civil Code, it is the book of law.