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That only works because it’s hidden from the user, and can only work on highly regulated approved devices. Try giving a user a private key for making CNP transa

That only works because it’s hidden from the user, and can only work on highly regulated approved devices. Try giving a user a private key for making CNP transactions, and all you will have achieved is replicating the user experience of bitcoin.

boomlinde 6y ago
> Try giving a user a private key for making CNP transactions, I have that! > and all you will have achieved is replicating the user experience of bitcoin. I've never used bitcoin or any other cryptocurrency. What's the user experience like?
- GoblinSlayer 6y ago
  You just have the target wallet address and the "send" button, zero bullshit, like paper money.
  - gooseberry 6y ago
    > zero bullshit lol
  - seized 6y ago
    Except for drawing the rest of the owl... Getting a wallet, the knowledge of keeping it secure, transferring real money to crypto, knowing which crypto system to choose/use.... There's a lot of layers of "bullshit" before you get to "Just hit send".
- michaelt 6y ago
  > I've never used bitcoin or any other cryptocurrency. What's the user experience like? I would describe the first-time-user onboarding procedure as "complex enough that it's unlikely to become mainstream"
  - boomlinde 6y ago
    Then it doesn't reflect my experience of cardless transactions with a private key. Everyone uses it here to sign bank transactions online, for a popular phone-number based transaction service and for government official purposes, like signing your tax declaration form. I have it on the phone, and other apps can request a signature via an API, at which point I get prompted with information on who and what I'm signing for, and for my six digit PIN. Onboarding is elaborate to avoid fraud, but not really complicated, and basically a necessity if you don't want to have to go to a bank office to manage your account and make transactions.
mrjin 6y ago
Nah, I guess you've over simplified things. We can take card number/account number as address but again, you will need something to identify yourself to the bank as the genuine account holder and that's exactly where all kinds of sh*ts happens: uid/pwd are neither safe nor convenient; sms/text msg are not much better than uid/pwd; hardware token/csp which is much more secure but trust me, no one really want to go there as there are simply too much environment related quirks.

boomlinde 6y ago

> Try giving a user a private key for making CNP transactions, I have that! > and all you will have achieved is replicating the user experience of bitcoin. I've never used bitcoin or any other cryptocurrency. What's the user experience like?

GoblinSlayer 6y ago
You just have the target wallet address and the "send" button, zero bullshit, like paper money.
- gooseberry 6y ago
  > zero bullshit lol
- seized 6y ago
  Except for drawing the rest of the owl... Getting a wallet, the knowledge of keeping it secure, transferring real money to crypto, knowing which crypto system to choose/use.... There's a lot of layers of "bullshit" before you get to "Just hit send".
michaelt 6y ago
> I've never used bitcoin or any other cryptocurrency. What's the user experience like? I would describe the first-time-user onboarding procedure as "complex enough that it's unlikely to become mainstream"
- boomlinde 6y ago
  Then it doesn't reflect my experience of cardless transactions with a private key. Everyone uses it here to sign bank transactions online, for a popular phone-number based transaction service and for government official purposes, like signing your tax declaration form. I have it on the phone, and other apps can request a signature via an API, at which point I get prompted with information on who and what I'm signing for, and for my six digit PIN. Onboarding is elaborate to avoid fraud, but not really complicated, and basically a necessity if you don't want to have to go to a bank office to manage your account and make transactions.

mrjin 6y ago

Nah, I guess you've over simplified things. We can take card number/account number as address but again, you will need something to identify yourself to the bank as the genuine account holder and that's exactly where all kinds of sh*ts happens: uid/pwd are neither safe nor convenient; sms/text msg are not much better than uid/pwd; hardware token/csp which is much more secure but trust me, no one really want to go there as there are simply too much environment related quirks.