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Banks are happy to tell people that "chip and pin" credit cards are secure, and thus any transactions on them cannot be fraudulent.

In England there's a voluntary code to protect consumers; that code says that the burden is on the bank to prove that transactions are not fraud. Banks were using chip and pin as "proof" that the transactions were fraud.


This is all a tangent to the security of Bitcoin. Bitcoin is horrifically insecure, and there are no trustworthy banks for Bitcoin.

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