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Signal adds a payments feature with a privacy-focused cryptocurrency

(www.wired.com)
544 points josh2600 | 12 comments | 06 Apr 21 16:23 UTC | HN request time: 0.943s | source | bottom
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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. leetcrew ◴[06 Apr 21 20:47 UTC] No.26717200[source]▶
> How do you stop harassers sending unwanted money?

idk, but this sounds like a great problem to have.

replies(4): >>26717234 #>>26717297 #>>26718438 #>>26723444 #
2. frakkingcylons ◴[06 Apr 21 20:50 UTC] No.26717234[source]▶
I wouldn’t want to be barraged with messages from spammers because they’re sending me $.0001
replies(1): >>26719390 #
3. Andrew_nenakhov ◴[06 Apr 21 20:57 UTC] No.26717297[source]▶
Not really. Someone steals money, sends them to you, your are having lots of trouble proving you are not an accomplice. If you are a government official, you can be framed as receiving a bribe.

In russia government can send your organisation money from abroad via an agent and then shut you down as a 'foreign agent'.

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4. Jtsummers ◴[06 Apr 21 21:09 UTC] No.26717422[source]▶
> In russia government can send your organisation money from abroad via an agent and then shut you down as a 'foreign agent'.

They could do this with traditional banking systems as well. Presumably the Russian government has a high degree of surveillance with regard to their domestic banks like every other nation in the world has. Creating a false financial trail is made slightly easier with crypto currencies, but for a nation state it's not hard to do with traditional banking systems.

replies(1): >>26717596 #
5. Andrew_nenakhov ◴[06 Apr 21 21:26 UTC] No.26717596{3}[source]▶
Creating a false trail is far more difficult than asking some scoundrel send 100 euro while vacationing in Italy or Spain. Also, for a FSB operative it is an opportunity to go to spain to 'supervise' the operation, lol.
6. kevingadd ◴[06 Apr 21 23:00 UTC] No.26718438[source]▶
Accepting unwanted money from someone can have serious consequences in many cases. In some cases it is illegal - for example, accepting certain types of political donations.

In cases where you've been sent unwanted money your obligation is typically to return it, but that specific type of use-case is often not considered when people design things. If you end up in a situation where anyone can send you money and you can't return it, you're in big trouble because the sender might be causing you to unintentionally get involved in a violation of the law and leave you without any method to undo it.

7. syrrim ◴[07 Apr 21 00:33 UTC] No.26719117[source]▶
How do they prove they sent it to you?
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8. stevenicr ◴[07 Apr 21 01:04 UTC] No.26719390[source]▶
So if these folks can make an address or wallet or however it works, auto-reject everything under X...

I myself will take all the spam you can send at 50 cents per message. ( I already sort about $200 worth of free spam daily at that rate)

I can imagine some other folks could set them at min 5 dollars per attached message and get use of such a thing.

Now wonders if an email layer can be added to transactions with this coin and a reply that can serve other digital assets..

patreon without the fees? onlyfans without the (insert their cut plus visa/mc cut here) - email with little to no spam..

I'm ready to help make this a thing.

9. leppr ◴[07 Apr 21 01:10 UTC] No.26719415[source]▶
MobileCoin transactions and balances are private and untraceable. This problem doesn't exist here.
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10. Andrew_nenakhov ◴[07 Apr 21 05:38 UTC] No.26720936{3}[source]▶
Think again. A criminal sends you a known amount of money, then you are seized and phone is searched, and you receive the exact amount of money a criminal had sent you.
11. insert_coin ◴[07 Apr 21 09:20 UTC] No.26722227{3}[source]▶
Prove? we are talking about Russia here.
12. jeltz ◴[07 Apr 21 11:47 UTC] No.26723444[source]▶
Not really. A friend of a friend had this issue and it was a huge pain.