NY Payroll Company Vanishes with $35M • Hacker News Board

Re: NY Payroll Company Vanishes with $35M

#91

Post by philpem » Thu, Sep 12, 2019, 12:53 PM UTC

notfoss wrote: post #87

londons_explore wrote: post #84

Earlier quoted context omitted.

If I were Cachet's shareholders, I wouldn't be happy about that...

If I was one of their shareholders, I would be happy instead, as they seem to have come out as the real good guys in the whole story (unless they were legally obligated for covering the mess).

If they begin to offer payroll services directly to some of the affected companies, I imagine the shareholders would be quite happy. They might be out the money until the insurance pays up, but ongoing fees and goodwill could well cover that inside of a year or two.

Re: NY Payroll Company Vanishes with $35M

#92

Post by cafard » Thu, Sep 12, 2019, 1:21 PM UTC

harryh wrote: post #30

notfromhere wrote: post #29

Earlier quoted context omitted.

I'm pretty sure if you find a bag of money on public property, you're under no obligation to actually return it.

This is not correct. If you find a bag of money (or, much more common: a wallet) and you can identify the owner you are obligated to return it. Not doing so is a crime. As it should be.

A New York police agency has or had the obnoxious practice of leaving bait wallets on subway platforms, and arresting anyone who picks one up and walks past an officer without returning it.

Re: NY Payroll Company Vanishes with $35M

#93

Post by Broken_Hippo » Thu, Sep 12, 2019, 5:05 PM UTC

ahnick wrote: post #70

Broken_Hippo wrote: post #49

Earlier quoted context omitted.

Yeah, until you need to pay rent, loans, credit cards, or buy groceries, or prove you are paying folks at least minimum wage.

Converting out to fiat is completely doable. People in countries where their own currency is experiencing issues make it work. Of course, ideally, ACH reversals couldn't be done without your permission.

Sure, it can, theoretically, work. But this isn't a reasonable thing for folks to do, at least not with a stable currency. Might as well get paid in gift cards. Theoretically, you can sell them for something more useful too.

Re: NY Payroll Company Vanishes with $35M

#94

Post by ahnick » Thu, Sep 19, 2019, 4:16 PM UTC

Broken_Hippo wrote: post #93

ahnick wrote: post #70

Earlier quoted context omitted.

Converting out to fiat is completely doable. People in countries where their own currency is experiencing issues make it work. Of course, ideally, ACH reversals couldn't be done without your permission.

Sure, it can , theoretically, work. But this isn't a reasonable thing for folks to do, at least not with a stable currency. Might as well get paid in gift cards. Theoretically, you can sell them for something more useful too.

It's more than theoretical. People in Argentina, Venezuela, etc. do it regularly. If you got paid like that regularly you would just setup automated transfers and it would be largely invisible to the individual.

Since ACH reversals happen so rarely in the US and since the US dollar is stable there is not much incentive to get paid in crypto. Also, there are disincentives, since the US taxes it as property. I'm definitely not arguing that. Only pointing out that what a pain ACH reversals are when they do happen and how crypto doesn't have that problem. Make crypto more stable or easier to convert from/to fiat and I think more people would opt to get paid in it rather than the current direct deposit ACH structure.