201–210 of 359 posts
I can't really find details on how this works. I assume the merchant still receives USD in the transaction along with the typical Visa card transaction fees. Which in that case, what is the point?
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Unfortunately, both. Because that is how financial laws work.
That must get complicated. I see that Coinbase is incorporated in Delaware. Let's say that there's an online retailer of sex toys with a Coinbase account, and that they're incorporated in China. That business is legal in both the US and China, right? But what if they sell to customers in some nation where sex toys are illegal. Does that put their account at risk?
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I don't deal with international finance but I do deal with payments within the US and I have to say I really disagree with you on KYC. Our KYC process absolutely prevents fraud from happening, and because we are liable for any transactions we process I can't imagine operating without it.
Lol absolutely prevents fraud from happening? That is impossible. KYC is more of a cover-your-ass requirement rather than fraud prevention. With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet?
> With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet?
I can't really get into our entire KYC and fraud prevention process, but I'll just say there are many more ways to vet someone's identity then simply asking for their SSN.
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As a protocol, it's not great. There's a lot more flexibility in a lot of the new consensus protocols coming out that can run Turing-complete contracts etc. Look at all the hoops that need to be jumped through to do stuff like colored coins, payment channels, etc. in Bitcoin vs protocols with smart contracts. Anyway, that's irrelevant. If Bitcoin is for some reason the best protocol to be used, why would someone want…
Can you point me to some of the consensus protocol work? That's always seemed to be the more interesting aspect of BTC to me, but the other requirements of the currency have made that harder than just the smart contracts alone.
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Right, I just want to warn people away from putting significant Bitcoin holdings directly into Coinbase to use this card without being educated on the risks.
The risk of what? Coinbase stealing everyone users bitcoins and running away? Better not use any bank, credit union, or money transferring service to stay safe.
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I don't deal with international finance but I do deal with payments within the US and I have to say I really disagree with you on KYC. Our KYC process absolutely prevents fraud from happening, and because we are liable for any transactions we process I can't imagine operating without it.
Sure, but don't for one second pretend its ever for the convenience of the customer or any of that sort of nonsense. It's very clearly for your bottom line and for the government's ability to track financial movement.
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For credit cards in the US you virtually never use a PIN. Debit cards only
That's changing as of this month. Most banks have already issued new chip cards, which require a PIN. If a merchant is still using the old swipe and sign system, now they'll be liable for any fraudulent transactions if the customer has a chip card.
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but if someone intercepts your mail, then they know your address and could possibly know your phone number. How secure is the activation process? Why dont you send the card and PIN out separately like a bank?
> but if someone intercepts your mail, then they know your address and could possibly know your phone number. How secure is the activation process Every "normal" credit and debit card I've received in the mail has used this same procedure -- call a number on a removable sticker stuck to the card to activate it where the only verification is the phone number you're calling from (and caller ID is easily faked). How is…
It's been a long time since I was into telephony stuff, but IIRC caller ID is easily faked but ANI is not. Do verifications use CID or ANI?
If you wanted to use a visa card, why would even bother with bitcoin? Or vise-versa