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Ditto to this. My experience has been very similar to yours. The amount of incompetence involved with payment processing and banking is just mind boggling. KYC
by pembrook 3y ago
Ditto to this. My experience has been very similar to yours.
The amount of incompetence involved with payment processing and banking is just mind boggling. KYC/AML is very quickly turning into bizarro big brother. But not an all-knowing AI big brother. A stupid 2005-era IP address detecting one. You do a little too much traveling? Poof. There goes a month of your life to banking jail.
A simple two-factor mechanism like passkeys or authy (that isn’t based on SMS to unreliable US phone carriers) would solve about 99.999% of this.
- teh_infallible 3y ago[flagged]
- NegativeLatency 3y agoThe dislike is not from the technology itself, but from its current applications and 2nd order effects. Most of which currently have not been great.
- judikidd 3y agoFamously user friendly crypto. Where nobody ever loses access to their assets in perpetuity.
- hannob 3y agoYeah, sure. I mean "we don't do fraud detection, it's literally one of our design decisions that you can't do anything after fraud has happened, and also, fraud is kinda in our DNA" systems are totally well suited to solve that.
- justanorherhack 3y agoIt's more like you have total agency and the burdens that come with that. To each their own!
- roenxi 3y agoFamously, the optimal amount of fraud is non-zero. We may yet discover that the amount of fraud in crypto is superior to the fiat systems. In COVID times governments noticed that freezing bank accounts was an option. Having systems that cannot be subjected to that is wise; even if it involves high costs.
- refulgentis 3y agoYeah? Lol
- herbst 3y agoThis! People must be really lucky to never have been into situations where weird banking things made their life horribly more complicated for a while. Crypto at least completely solves the issue that you simply loose control over your own money.
- sakjur 3y agoWouldn’t you lose control over your own money if you lost your private key?
- lkirkwood 3y agoThe point is you have total control over your key. You don't control the banks and there's no guarantee you can always get your money from them.
- rjmunro 3y agoWhat if you get Dementia (or even die) and forget the password? It's possible to have set up a second password with a trusted third party, but then you have to trust that entity the same way you trust the bank - not just against them stealing your money, but against other parties hacking their systems and recovering your keys.
- nsvd 3y agoAt this point in my life, it's much more likely that a bank will lock down my funds than that I will get dementia and lose access to my keys.
- barnabee 3y agoIt’s also possible to split your seed phrase into n pieces, requiring m of them to recover it, and give those pieces to third parties. You don’t need to trust any individual or entity, but together they can get your keys if you lose them or die. Various other approaches exist, too.
- 3y ago
- ksjskskskkk 3y agoby your logic a local racist militia will improve the police. just because something is not perfect adding something obviously worse won't force the previous thing to be perfect. regulation will tho, but you cryptocoins liberals won't hear about it
- robertlagrant 3y ago> regulation will tho If only the perfect regulation-writers and interpreters existed.
- carlosjobim 3y ago> by your logic a local racist militia will improve the police. It very well could, why not? All kinds of unsavoury groups do policing around the world. Often wearing a government badge. Some people think that is acceptable, to keep murderers and looters off the street, while some people think that racism is so unacceptable that murder and looting is preferable.
- mcv 3y agoHN loves and cares deeply about crypto as in cryptography. Cryptocurrencies, however, have already been rife with fraud. Claiming it's designed to solve this isn't particularly convincing if it failed to solve it.
- ExoticPearTree 3y agoBanking regulations and poorly understood rules by lawyers transform into monstrous implementations of security for banks. For example, my banking app requires Face ID to unlock it and to approve payments. But for certain types of payments, such as more than 3k USD, instead of using Face ID to process the payment it requires and SMS OTP entered into the app. Which tends to suck when I'm using another SIM or if the SMS does not arrive in time if I'm traveling internationally. How on earth do they think SMS is more secure than biometrics beats me.
- jeanlucas 3y agoFunny enough, using sms for higher values is riskier giving that SMS is not a safe protocol at all