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Signal adds a payments feature with a privacy-focused cryptocurrency

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544 points josh2600 | 4 comments | 06 Apr 21 16:23 UTC | HN request time: 0.846s | source
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edent ◴[06 Apr 21 17:13 UTC] No.26714541[source]▶
The UK already has faster payments in all major banks. I can send and receive money instantly from app or Web. Will yours be as fast as that?

The UK has a problem with authorised push payment fraud. Banks can recover funds which have been sent as a result of phishing / fraud. How can I reverse a payment on your platform if it was fraudulent?

The UK also has receiver verification. If I try to send to an account and it doesn't match the name I'm sending to, my bank will warn me. How do you stop impersonation?

There's no cost to sending payments on most mainstream banks. How much do you charge?

Most banks let the user block receiving payments from specific accounts. How do you stop harassers sending unwanted money?

Thanks!

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1. dan-robertson ◴[06 Apr 21 19:50 UTC] No.26716550[source]▶
This was my question too. I don’t really understand why the U.K. was chosen as the initial market. At least in the U.S. people are used to venmo and suchlike being services they might use. My guess is that either the cryptocurrency people are based in the U.K. or that whoever is in charge is viewing the country as something like America but easier to get started (anglophone but smaller market for testing or easier regulations or less competition) however I don’t think the U.K. is a good substitute for America in this case.

The one venmo-like thing people do use a lot in the U.K. is probably something like revolut for dealing with different currencies and international transfers (either for travel in Europe or for migrant workers sending earnings abroad for family or retirement). But a service that’s only available in the U.K. isn’t much use for that.

I also personally don’t really see the privacy use. I think I’m willing to give up a reasonably large amount of private information about the people on either side of a transaction if it is effective at reducing fraud and making transactions reversible.

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2. luma ◴[07 Apr 21 00:07 UTC] No.26718937[source]▶
America has AML and KYC and running an exchange that allows trades which dodge those requirements is a great path to men in black suits knocking on your door.
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3. howinteresting ◴[07 Apr 21 00:45 UTC] No.26719238[source]▶
Does the UK not have AML and KYC?
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4. Cederfjard ◴[07 Apr 21 06:40 UTC] No.26721211{3}[source]▶
Yes, there are stringent anti-money laundering laws in the UK.