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The bitcoin community spends a ton of time trying to educate people on cold-storage wallets and two-factor authentication for online wallets. MtGox has even gi

by nym 14y ago

The bitcoin community spends a ton of time trying to educate people on cold-storage wallets and two-factor authentication for online wallets. MtGox has even given away free YubiKeys in the past to help keep people's accounts secure. Does Chase or BofA anyone else offer that kind of security? :) https://en.bitcoin.it/wiki/Cold_storage https://en.bitcoin.it/wiki/Cold_storage https://mtgox.com/press_release_20120215.html https://mtgox.com/press_release_20120215.html

lhc- 14y ago
The thing is, Chase and BoA are often capable of reversing fraud and catching the people behind it. Bitcoins don't really allow for that sort of restitution.
- tensafefrogs 14y ago
  Bitcoin is not a bank, and does not replace banks. There's nothing stopping anyone from setting up a bank that handles your bitcoin transactions, and therefore can reverse transactions between two parties. Replace "Bitcoin" with "Dollar" and you see how strange your statement is.
  - jarek 14y ago
    I think the issue would be more that bitcoin is philosophically incompatible with services like that. Bitcoin is anonymous, so I could transfer my money to my account at another bank, report fraud, and the bank could never know unless the other bank told them. If the other bank tells them, or you set up a centralized register of transfers or accounts, you're just mirroring the current systems. Bitcoin doesn't have The Man, so there's no motivation not to do so fraudulently - what's the worst that happens if a bank realizes you're trying to defraud them? You've already moved your money elsewhere.
eli 14y ago
Yes, they do. https://www.bankofamerica.com/privacy/online-mobile-banking-privacy/safepass.go https://www.bankofamerica.com/privacy/online-mobile-banking-... Chase has a thing where it texts you a code as well.
codesuela 14y ago
dont know bout the US but in Germany every bank requires 2FA for transfers
foobarqux 14y ago
interactive brokers has various type of two factor authentication depending on how much money you have stored with them.

by nym 14y ago

lhc- 14y ago

The thing is, Chase and BoA are often capable of reversing fraud and catching the people behind it. Bitcoins don't really allow for that sort of restitution.

tensafefrogs 14y ago
Bitcoin is not a bank, and does not replace banks. There's nothing stopping anyone from setting up a bank that handles your bitcoin transactions, and therefore can reverse transactions between two parties. Replace "Bitcoin" with "Dollar" and you see how strange your statement is.
- jarek 14y ago
  I think the issue would be more that bitcoin is philosophically incompatible with services like that. Bitcoin is anonymous, so I could transfer my money to my account at another bank, report fraud, and the bank could never know unless the other bank told them. If the other bank tells them, or you set up a centralized register of transfers or accounts, you're just mirroring the current systems. Bitcoin doesn't have The Man, so there's no motivation not to do so fraudulently - what's the worst that happens if a bank realizes you're trying to defraud them? You've already moved your money elsewhere.

eli 14y ago

Yes, they do. https://www.bankofamerica.com/privacy/online-mobile-banking-privacy/safepass.go https://www.bankofamerica.com/privacy/online-mobile-banking-... Chase has a thing where it texts you a code as well.

codesuela 14y ago

dont know bout the US but in Germany every bank requires 2FA for transfers

foobarqux 14y ago

interactive brokers has various type of two factor authentication depending on how much money you have stored with them.