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Root – Programmable bank account for software developers

root.co.za

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Re: Root – Programmable bank account for software developers

#371

Post by palerdot »

jacksnipe wrote: post #215

At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…

What about bugs? What if your distribution code looped infinitely and effectively pumped all of the money from your account or something like that? Programming and bugs go hand in hand, and right now we are relying on the banking systems to compensate us in case we lose money because of their software oversights. Not sure how this problem will be solved in this kind of system.

Re: Root – Programmable bank account for software developers

#372

Post by palerdot »

suprfnk wrote: post #369
amelius wrote: post #365

Earlier quoted context omitted.

> Forcing me to stay on budget Let me picture this. You are standing at the checkout of a grocery store with a big shopping basket, and you find out that you are over budget for today ... Not sure if I would like this functionality.

sudo checkout

sudo: checkout: command not found !!!

// sweat in hands

// checking bank balance of the account

500 - Bad Gateway

// hurried typing

ssh root@myrootaccountserver

// enter password

permission denied!!

Re: Root – Programmable bank account for software developers

#373

Post by executesorder66 »

sangnoir wrote: post #229
executesorder66 wrote: post #202

Earlier quoted context omitted.

There's lots of people from Zimbabwe, Malawi, Mozambique etc. who come to South Africa because they can make more money here. Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/automated is a great advantage. Why would you not want that? Also,…

> Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/ WTF are you talking about? No one[1] uses bank transfers to send money to their families in the SADC region: it's quicker and cheaper to use formal and informal money transfer agencies where…

Yes you are correct.

When I said, "transfer the money from one bank account to another", I actually meant not sending the money physically, but by using various other means. I didn't know how to word this, and it came out wrong.

And I was talking about the cash being stolen 90% of the time, if you do choose to physically carry it with you back home. (Or trust someone else to do it)

Re: Root – Programmable bank account for software developers

#374

Post by developer2 »

ic4l wrote: post #323
derefr wrote: post #315

Earlier quoted context omitted.

That sounds like intentional malice rather than an accident. If you can't bounce a cheque safely, you don't really have a bank; you have a loan shark.

Was a legit large bank. They did lose the case, and forked over for it but still... Had nothing to do with who was right or wrong and made shit very complicated. NEVER go 3 months without paying your payments no matter what anyone says the risks are way too high. Oh and always have a friend that is a lawyer ;)

To be fair, your original comment: "was told he could delay a payment"; namely, "a payment". One. The limit for danger with any credit is 3 monthly payments. Technically a single missed/delayed payment can affect your credit bureau, though many credit providers are nice enough not to report 30 and 60 day faults.

Anyone who thinks they can get away with 3 months of not paying back any kind of credit product, let alone a mortgage, is going to be in trouble. If your friend skipped 3 mortgage payments in a row, I'm surprised they won the case in court. They must have had concrete proof that a bank employee truly misinformed about what it means to miss multiple payments in a single year, let alone 3+ consecutive payments.

Re: Root – Programmable bank account for software developers

#375

Post by tezza »

palerdot wrote: post #371
jacksnipe wrote: post #215

At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…

What about bugs? What if your distribution code looped infinitely and effectively pumped all of the money from your account or something like that? Programming and bugs go hand in hand, and right now we are relying on the banking systems to compensate us in case we lose money because of their software oversights. Not sure how this problem will be solved in this kind of system.

i would expect people not to use this as their main account for a long time.

people will just transfer in a small portion of their money to this automatable account and not risk 100%

so while this roboaccount can go mad and empty everything , you are only out say $3K when your traditional main account still has $9999997K

Treasury functions within large corporations do the same thing. They dole out only a portion of the companies wealth to departments so they cannot go mad ( amongst other reasons )

Re: Root – Programmable bank account for software developers

#377

Post by kyberias »

s_dev wrote: post #45

People asking about what problem this solves haven't been to South Africa or Zimbabwe which in some ways are ahead of the West in creating cashless societies. The biggest bank is a phone operator and people can send each other money over the phone and from what I understand this is very common. Also interestingly most phones aren't smart phones. It's mostly analog. Banks have a serious incentive to create and encoura…

Analog? No. Even though they might not be smart phones, they must still be digital.

Re: Root – Programmable bank account for software developers

#379

Post by pc86 »

palerdot wrote: post #371
jacksnipe wrote: post #215

At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…

What about bugs? What if your distribution code looped infinitely and effectively pumped all of the money from your account or something like that? Programming and bugs go hand in hand, and right now we are relying on the banking systems to compensate us in case we lose money because of their software oversights. Not sure how this problem will be solved in this kind of system.

Come now, just write it in Rust and bugs are a physical impossibility.

Re: Root – Programmable bank account for software developers

#380

Post by lloeki »

sigi45 wrote: post #112
thesimon wrote: post #16

Earlier quoted context omitted.

N26 has got a quite decent REST API if you are willing to use your dev tools for a bit :) Edit: Most banks also seem to support FinTS [0], but it seems a bit of a PITA. Edit 2: figo might be worth a try as well, though I don't know their pricing. Edit 3: bunq is quite nice as well. I implemented a few basic calls in node when they launched the API. Not the easiest API to work with, but acceptable. [0]: https://www.hb…

Don't trust them. They really fucked up there security. https://media.ccc.de/v/33c3-7969-shut_up_and_take_my_money

If you watch to the end of the talk, you discover that N26 acted courteously and responsibly to the report, and all the security issues have been dealt with.
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