Ok. So why wouldn't this be a black-hat hacker's version of heaven? Writing Javascript scripts that touch my bank account directly must be the bulls-eye target of all bulls-eyes. What's the security model?
Root – Programmable bank account for software developers
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Re: Root – Programmable bank account for software developers
#282[deleted]
Re: Root – Programmable bank account for software developers
#283Earlier quoted context omitted.
"ahead of the West" Ahem, ahead of the US, really. Canada and the EU can be cashless already, with chip cards and direct bank withdrawal at the POS a reality for 99.99% of merchants.
Acknowledge that not using cash places is "advanced" but also want to say that being able to use cash is not necessarily a bad thing. Cash allows for anonymity, allows for the un-banked to conduct their business, and prevents 100% leverage of your transactions data (not to mention transaction fees) by the companies that handle them.
You are correct in all of this, of course, but cash can always be kept for backup even in societies that are mostly cashless.
The issue of "un banked" can be distinctly American too, actually. Given the extent of social programs in Can/EU, even the nearly homeless have bank accounts, because government funds are pushed directly into accounts, and it's more secure/timely than receiving a physical cheque. Not having a simply checking account is a very rare thing in Canada.
Re: Root – Programmable bank account for software developers
#284Founder here :) Feel free to ask me any questions
Is this usable in the United States?
Re: Root – Programmable bank account for software developers
#285At 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…
5. Due to a bug in _your_ code, accidentally have your mortgage payments bounce because of lack of funds, and get evicted from your home. With great power comes great responsibility. The number of times you say 'perhaps', 'unless', 'so if', or 'could' is so high that you would have to thoroughly review your code before trusting it.
To get to that point though I'm sure the bank would be calling you for their money, sending you letters, serving you with legal documents, ect and I think most people should notice if their account suddenly had extra unbudgeted money the size of your mortgage payment.
So yeah, be careful but I don't think you could lose your home.
Re: Root – Programmable bank account for software developers
#286Earlier quoted context omitted.
> in fact you may have more luck changing the dumb laws if people are truly hurt by them. But that’s the point. Cuban Cigars are legal in Germany. You can legally buy them. But every payment processor that’s located in the US can not process such a transaction. Relying on foreign companies for most basic needs means you lose a lot of sovereignty.
Given that I've personally bought Cuban cigars with my Amex card last Christmas as gifts, I'm pretty sure your assertion is false. It's more likely the case that an American credit card holder cannot buy them, even when he is in Germany, because he's subject to American laws, as I would be if I took a box into the US and started selling them.
No, my assertion is pretty much right.
It went so far that PayPal, VISA and MasterCard ended up threatening several German store chains to stop selling products from Cuba or they’d end all business with the store
It went into national media, and was discussed on reddit: https://www.reddit.com/r/technology/comments/ka26b/paypal_bl...
Rossmann won against PayPal in court, to this date they don’t offer any payment via PayPal.
They came to an agreement with VISA and MasterCard, where if a sale contains embargoed products, everything but these products can be paid by card, but the embargoed products can not.
Re: Root – Programmable bank account for software developers
#287Hmmm...it's very unlikely that everyone who will open a "Root" account will write their own apps to control their account. So the idea is that any developer can create a "Root" app for my "Root" bank account...and then sell my data, get hacked, start transferring my money without my knowing it?!
Re: Root – Programmable bank account for software developers
#288Earlier quoted context omitted.
Thanks for the questions: The legal one was looked at by lawyers earlier this year. There were two points to consider: - copyright infringement via reverse engineering - "hacking" statutes, e.g. Computer Misuse Act 1990 They concluded that there are no concerns in terms of copyright infringement, we have devised many non-infringing techniques for reverse-engineering and use them wherever possible, not least because t…
Thanks for taking the time to answer all that in so much detail, the legal aspect in particular is really interesting. Users staying on old versions is also a good point, and something I didn't consider. Best of luck with the future of Teller, you're doing something that I personally think consumer banks should've been offering for years and it's great to see someone filling that gap. I'm hoping Monzo and others end…
No problem at all. You can always find me at sg@teller.io if you ever want to ask anything else.
Re: Root – Programmable bank account for software developers
#289Earlier quoted context omitted.
Thanks for the questions: The legal one was looked at by lawyers earlier this year. There were two points to consider: - copyright infringement via reverse engineering - "hacking" statutes, e.g. Computer Misuse Act 1990 They concluded that there are no concerns in terms of copyright infringement, we have devised many non-infringing techniques for reverse-engineering and use them wherever possible, not least because t…
Thanks for taking the time to answer all that in so much detail, the legal aspect in particular is really interesting. Users staying on old versions is also a good point, and something I didn't consider. Best of luck with the future of Teller, you're doing something that I personally think consumer banks should've been offering for years and it's great to see someone filling that gap. I'm hoping Monzo and others end…
[deleted]
Re: Root – Programmable bank account for software developers
#290Sounds like it would be neat to use this for a business account. Just need a corporate accountant chatbot.