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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

#381

Post by mnx »

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…

>I swear HN seems knowledgeable on all subjects except those I am deeply familiar with..

Good old Gell-Mann amnesia.

Re: Root – Programmable bank account for software developers

#382

Post by purpleidea »

pc86 wrote: post #379
palerdot wrote: post #371

Earlier quoted context omitted.

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.

You misunderstand what Rust does.

Re: Root – Programmable bank account for software developers

#383

Post by annnnd »

kbenson wrote: post #331
ic4l wrote: post #323

Earlier quoted context omitted.

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 ;)

Never attribute to malice what can be explained by sufficiently entrenched bureaucracy. Often they are indistinguishable.

Especially when interests are aligned.

Re: Root – Programmable bank account for software developers

#384

Post by uitgewis »

executesorder66 wrote: post #205
louwhopley wrote: post #87

Earlier quoted context omitted.

The underlying banking infrastructure is provided by Standard Bank of South Africa

Does Standard Bank own a stake in Root, or do they just supply infrastructure/services? Can this interact with FNB or ABSA accounts? Is it international? In short, what are the limits? Also, I just want to say this is really cool. I've wanted something like this for ages.

From what I know the banking infrastructure are quite uniquely suited to each.

Re: Root – Programmable bank account for software developers

#385

Post by uitgewis »

spookyuser wrote: post #195
Ianvdl wrote: post #187

Earlier quoted context omitted.

Just FYI: Capitec uses their mobile app for that (or you can also get a keychain with an authenticator).

Really? That's great. I didn't know that. FNB should get on it then. In general FNB seems to have 'poor' security. You can't even paste a password in when resetting or signing up. They seem to just want me to be making week passwords.

FNB also does OTP within their own mobile app.

Re: Root – Programmable bank account for software developers

#387

Post by palerdot »

GrinningFool wrote: post #136
hasbroslasher wrote: post #102

Earlier quoted context omitted.

The example of your son's school is fine, but imagine that your son lives in another country. Cash has other problems beside being slow. It's insecure - a person could steal your $20 bill from your mailbox or his, or from the Post Office. It's untraceable - if your son's school says "We never got your payment" but your son swears he gave them the cash, you're stuck in a situation where either your son or the school i…

That's why you always get a receipt when you pay in cash - it serves as proof that you paid.

You should be living in some other universe. Most of the corruption stems from the fact that cash transaction history can be spoofed easily. There is no way to link cash with your identity linked to the tax systems. With digital payment, all the payments to/from will be linked to a taxable entity.

Re: Root – Programmable bank account for software developers

#388

Post by tragomaskhalos »

pc86 wrote: post #379
palerdot wrote: post #371

Earlier quoted context omitted.

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.

Or, use Haskell and have the type system protect your precious moolah :)

Re: Root – Programmable bank account for software developers

#389

Post by codingdave »

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…

As a parent, it seems like a decent way to introduce your children to spending without really opening up the floodgates. You could give them a credit card, but let parents adjust spending limits for kids via an app, or restrict a specific child to certain vendors, or both.
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