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>The state is anti-innovation Let's look at "innovation" in consumer banking: -Debit and credit cards physically show numbers that give full access to the acc

>The state is anti-innovation Let's look at "innovation" in consumer banking: -Debit and credit cards physically show numbers that give full access to the accounts 40 years after modern public key cryptography was invented -A very modest improvement to this system, known as PIN and chip, came to the U.S. recently after years in Europe and Asia; the Wall Street Journal has called this very basic change a "nightmare" more than a year into implementation, doubling average transaction times to 13 seconds (!!) in an informal test. Only 28 percent of merchants supported the technology. -Checks physically show numbers that give full access to accounts -The standard consumer "friendly" way of moving money electronically, ACH, involves banks FTP-ing massive text files to one another, batch processing them overnight, and clearing transactions in 24 hours or more. -There is no used standard for peer to peer consumer electronic transfer -Massive data breaches by banks have become incredibly common -The response to endemic fraud is to revoke cards and mail new ones and/or to repair and monitor credit on an ad hoc basis

uniformlyrandom 9y ago
> physically show numbers That is backwards compatibility, not lack of innovation. You have (some) cryptography on the chip. > Checks physically show numbers That, again, is backwards compatibility. > ACH, involves banks FTP-ing massive text files Yes, that sucks. > no used standard for peer to peer Wire transfer? > Massive data breaches by banks Massive data breaches by everyone, this is not a bank problem - this is an industry-wide problem. > response to endemic fraud is to revoke cards What is your point here? Would you prefer to revoke a certificate instead? But we already established that pesky concept of backwards compatibility and real world.
fvdessen 9y ago
> A very modest improvement to this system, known as PIN and chip, came to the U.S. recently after years in Europe and Asia. Chip and PIN is a private initiative. I don't know why it took off in Europe/Asia and not in the USA, but it has little to do with the state.
- mcguire 9y ago
  That would be mapgrep's point, I believe.

uniformlyrandom 9y ago

> physically show numbers That is backwards compatibility, not lack of innovation. You have (some) cryptography on the chip. > Checks physically show numbers That, again, is backwards compatibility. > ACH, involves banks FTP-ing massive text files Yes, that sucks. > no used standard for peer to peer Wire transfer? > Massive data breaches by banks Massive data breaches by everyone, this is not a bank problem - this is an industry-wide problem. > response to endemic fraud is to revoke cards What is your point here? Would you prefer to revoke a certificate instead? But we already established that pesky concept of backwards compatibility and real world.

fvdessen 9y ago

> A very modest improvement to this system, known as PIN and chip, came to the U.S. recently after years in Europe and Asia. Chip and PIN is a private initiative. I don't know why it took off in Europe/Asia and not in the USA, but it has little to do with the state.

mcguire 9y ago
That would be mapgrep's point, I believe.