⁠⁠The $900 million wire that wasn't final

Payment finality is a negotiable legal/social construct, not a technical fact—even $900M "final" wires can be clawed back years later.

• Finality is relative: Patrick McKenzie argues payment finality is a "techno-socio-legal construct" shaped by rails, parties, and governing law—not an absolute property of wires vs. cards.
• Credit cards enabled internet commerce: Reversibility via chargebacks let strangers transact online by substituting technical trust for network-guaranteed social trust, unlike supposedly "final" wires.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.