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> That's just training people to get scammed. Yes. All the work of "don't enter your bank password on any website that isn't your bank" went down the bloody tr
by zkms 9y ago
> That's just training people to get scammed.
Yes. All the work of "don't enter your bank password on any website that isn't your bank" went down the bloody trash once this awful workaround to the awfulness that is ACH happened. It's very sad.
- jerkstate 9y agoboy, somebody ought to work on a replacement for that awful ACH system
- zkms 9y agoUK has Faster Payments; which runs 24/7 and has times measured in seconds, unlike ACH (doesn't run on weekends, takes days), and charges no costs to end-users. This is a well-solved problem, the issue is that USian banks make far too much off overdraft fees to want to upgrade their infrastructure at the cost of making less money from parasitic fees.
- CydeWeys 9y agoI don't disagree, but this takes seconds instead of 2-3 business days in the case of ACH verification. 2-3 business days is an absolute eternity in the world of Bitcoin speculation.
- zkms 9y agoYou can do what Gemini does -- credit the account with fake money once the user requests ACH transfer, let them make trades with it, and only let them withdraw any proceeds of it (whether bitcoin or fiat) once the ACH transaction fully settles.
- artursapek 9y agoThat's a really interesting approach... do they front the money to the user while the deposit is settling?