4 ms·

Yeah, that would be terrible! I would expect that this would be reframed a user education issue, as in, don't carry more ecash on you than you're willing to los

by giaour 5y ago

Yeah, that would be terrible! I would expect that this would be reframed a user education issue, as in, don't carry more ecash on you than you're willing to lose (same as physical cash). That would only be workable if they made it easy to maintain multiple instruments and transfer funds between them.

BizarroLand 5y ago
What would the recourse be if thieves just broke into your house and made you transfer everything over from your main account? I don't think that would be a common occurrence but it would probably happen at least once. How would you go about getting your money back or tracing the thieves down if they can take the money they stole and convert it to physical cash at an ATM 5 miles away from you? There would be little recourse other than this ebanking system refunding you your money directly. New systems create new opportunities for crime, how will we prepare ourselves for that before we are forced to live with it?
- giaour 5y ago
  > There would be little recourse other than this ebanking system refunding you your money directly. Depending on how the system is designed, such a refund may not be possible. I'm guessing that an offline-enabled ecash system would not support revoking and reissuing currency units, so you might be SOL. > What would the recourse be if thieves just broke into your house and made you transfer everything over from your main account? I want to say that this is no different than if you kept cash, gold, art, jewelry, etc., in your house, but ecash would be uniquely easy to conceal and smuggle across borders, so ecash would be a more attractive target for thieves than even an equivalent amount of gold. I'd love to see a deeper discussion by the lawmakers sponsoring the bill because I suspect there is no great answer to your question.
  - BizarroLand 5y ago
    Yeah, I'm mostly worried about the idea that you could not decouple your banking information from your person. You could be robbed at 3 in the morning the same as being frog marched at gunpoint into your local institution during your lunch break, but in this case your local bank would have no guards, no tellers, no video cameras, no red button to summon the police and no way to secure your section of the vault against intruders. I don't know how they would provide any level of protection for your assets that you didn't provide yourself. If they figure that out then I'm all for it.

by giaour 5y ago

BizarroLand 5y ago

What would the recourse be if thieves just broke into your house and made you transfer everything over from your main account? I don't think that would be a common occurrence but it would probably happen at least once. How would you go about getting your money back or tracing the thieves down if they can take the money they stole and convert it to physical cash at an ATM 5 miles away from you? There would be little recourse other than this ebanking system refunding you your money directly. New systems create new opportunities for crime, how will we prepare ourselves for that before we are forced to live with it?

giaour 5y ago
> There would be little recourse other than this ebanking system refunding you your money directly. Depending on how the system is designed, such a refund may not be possible. I'm guessing that an offline-enabled ecash system would not support revoking and reissuing currency units, so you might be SOL. > What would the recourse be if thieves just broke into your house and made you transfer everything over from your main account? I want to say that this is no different than if you kept cash, gold, art, jewelry, etc., in your house, but ecash would be uniquely easy to conceal and smuggle across borders, so ecash would be a more attractive target for thieves than even an equivalent amount of gold. I'd love to see a deeper discussion by the lawmakers sponsoring the bill because I suspect there is no great answer to your question.
- BizarroLand 5y ago
  Yeah, I'm mostly worried about the idea that you could not decouple your banking information from your person. You could be robbed at 3 in the morning the same as being frog marched at gunpoint into your local institution during your lunch break, but in this case your local bank would have no guards, no tellers, no video cameras, no red button to summon the police and no way to secure your section of the vault against intruders. I don't know how they would provide any level of protection for your assets that you didn't provide yourself. If they figure that out then I'm all for it.