Yubico is merging with ACQ Bure and intends to go public • Hacker News Board

Re: Yubico is merging with ACQ Bure and intends to go public

#171

Post by j16sdiz » Wed, Apr 19, 2023, 6:18 PM UTC

labcomputer wrote: post #117

ckdarby wrote: post #96

Earlier quoted context omitted.

Cross key syncing service. You plug both yubikeys in. Authenticate on both keys using the tool and then you're able to transfer/backup. Corporate management offerings around Yubikeys, inventories, call back home to renew an expiry if the yubikey itself when touched should give out the information. Trust me, if Yubikey hires me and goes IPO it is all downhill but the company will make a boatload more money. Every comp…

> Cross key syncing service. Can’t work with FIDO/U2F, I’m afraid. The protocol works a little differently than most people expect, which is what allows the hardware token to “store” an unlimited number of auth credentials. What really happens at auth time is that the server (the one you are trying to authenticate to) sends a crypto package including the challenge and a key used to sign the challenge to the token. (T…

The protocol don't allow that.

But we are talking about the manufacturer: they can add a backdoor and sell the backdoor as a feature for subscribed user.

That is what gp is talking about.

Re: Yubico is merging with ACQ Bure and intends to go public

#172

Post by ChancyChance » Wed, Apr 19, 2023, 6:26 PM UTC

Arnavion wrote: post #144

ChancyChance wrote: post #140

I was a big fan of Yubikey (I have 3) until fewer and fewer services supported them, instead switching to authenticator apps. Now I have zero hard tokens, but still four authenticator apps: Google + 3 for banking services that use their own. The biggest killer was the fact that Yubikey NFC is so awful. I worked with tech support repeatedly, even bought two new keys, and it almost never worked right.

Services support Yubikeys through U2F / WebAuthn, not anything Yubikey-specific, right? If you're using services that don't support that, I take it the apps you do use are using TOTP?

All three of my banks do not support Yubikey according to their tech support.

Re: Yubico is merging with ACQ Bure and intends to go public

#173

Post by aidenn0 » Wed, Apr 19, 2023, 6:28 PM UTC

dumpster_fire wrote: post #7

I have an irrational concern about using security products from a company post-merger or acquisition. It has never ended well for me as an anecdotal user. Going public is taking that worry even further. Make keys, sell keys. The end. What's there to raise funding for? Build yet another password vault?

Besides raising funding, a reason to go public is to give the investors a pay-day. Inasmuch as some of the investors are also founders/key people, them "cashing out" can involve them being less involved.

Re: Yubico is merging with ACQ Bure and intends to go public

#174

Post by tptacek » Wed, Apr 19, 2023, 6:33 PM UTC

ACQ Bure is a SPAC, so really what Yubico is doing here is simply "going public"; a SPAC is just a vehicle for doing that, as is an underwritten IPO or a direct listing.

Re: Yubico is merging with ACQ Bure and intends to go public

#175

Post by mattmaroon » Wed, Apr 19, 2023, 6:46 PM UTC

wintogreen74 wrote: post #169

Scoundreller wrote: post #110

Earlier quoted context omitted.

> The problem with going public is that performance is now measured quarterly. Depends on ownership. When the insiders still own 80% (or control that much through super-voting shares), the minority shareholders’ interests (often but not always short-term) may still be ignored.

The market now measures performance regardless of ownership. Just because they retain a huge percentage of shares, or controlling interest, doesn't mean they'll accept massive declines in market value.

It means they can though. The tech world is full of examples of companies keeping their focus long-term due to dual class structure and/or founders retaining large stakes despite the vagaries of the market.

But, nothing lasts forever. Eventually the founders sell, the shares get converted to common, etc.

Re: Yubico is merging with ACQ Bure and intends to go public

#176

Post by labcomputer » Wed, Apr 19, 2023, 6:49 PM UTC

ec109685 wrote: post #162

labcomputer wrote: post #118

Earlier quoted context omitted.

Probably not at all? Yubico is one of two brands that Apple recommends for securing your iCloud account.

The keys in our phone and our computers are going to handle a majority of the use cases that currently rely on yubico. We use them at work, but they aren't fundamentally more secure than the what's built into the computer.

Right, but you still “need” a pair of Yubikeys to secure the iCloud account that holds your Passkey credentials. So you’d use the Yubikeys less in day-to-day auth situations, but you still need to buy them.

Re: Yubico is merging with ACQ Bure and intends to go public

#177

Post by labcomputer » Wed, Apr 19, 2023, 6:54 PM UTC

j16sdiz wrote: post #171

labcomputer wrote: post #117

Earlier quoted context omitted.

> Cross key syncing service. Can’t work with FIDO/U2F, I’m afraid. The protocol works a little differently than most people expect, which is what allows the hardware token to “store” an unlimited number of auth credentials. What really happens at auth time is that the server (the one you are trying to authenticate to) sends a crypto package including the challenge and a key used to sign the challenge to the token. (T…

The protocol don't allow that. But we are talking about the manufacturer: they can add a backdoor and sell the backdoor as a feature for subscribed user. That is what gp is talking about.

Well, sure, but that completely defeats the purpose of a security token. The whole point is that you can’t extract the crypto secret, even if you ask nicely.

In fact, the sales literature brags about how the secret never leaves the device!

Re: Yubico is merging with ACQ Bure and intends to go public

#178

Post by insanitybit » Wed, Apr 19, 2023, 6:57 PM UTC

wintogreen74 wrote: post #170

widowlark wrote: post #120

Earlier quoted context omitted.

who defines your quarterly goals as a private company?

Or more importantly, how are you goals measured after the quarter? Public markets don't take and mitigating factors into consideration when your financials tank the way a private company does.

Your investors (and potential investors) have a take, certainly.

Re: Yubico is merging with ACQ Bure and intends to go public

#179

Post by fallingknife » Wed, Apr 19, 2023, 6:57 PM UTC

gizmo wrote: post #156

fallingknife wrote: post #137

Earlier quoted context omitted.

Yeah I can just like I am about all those other great ways to lose money that I just posted. But, I'm really not getting your point here. SPACs have to report financial results just like any other public company. They aren't allowed to commit fraud any more than any other company.

SPACs are basically an incorporated bag of money, so yes, while they technically have the same disclosure requirements as any other public company the disclosures won't tell you anything. There is no Form S-1 for SPAC acquisition targets. A conventional IPO has a number of roadblocks for fraudsters. First they have to convince a reputable investment bank (like Goldman Sachs) to take them on as a client. Then the CEO…

Do you have an example of a SPAC where the.target was a scam? I'm not aware of any, and I follow this stuff more closely than most people.

Re: Yubico is merging with ACQ Bure and intends to go public

#180

Post by super256 » Wed, Apr 19, 2023, 6:59 PM UTC

0xbadc0de5 wrote: post #47

And how have SPAC mergers historically performed? Yikes! I didn't realize Yubico was is such bad shape financially that this was their best (only) option.

> Yikes! I didn't realize Yubico was is such bad shape financially that this was their best (only) option.

Some early employees could want to cash out. Going public is a great way to do that.