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Question of the Day: Did you buy your last car with cash or on a finance plan?
Future of banking less predictable
- Thread starter rpm
- Start date
I just hope people forget about this mobile-based payment thing.
It's mostly about finding two of the follow three things:
Something you have
Something you are
Something you know
Today, we use the first and the latter to identify people.
Removing the first, and opting for something you are, say fingerprints, is going to ultimately take to crown IMO.
Heck, I'll even suggest DNA.
It's mostly about finding two of the follow three things:
Something you have
Something you are
Something you know
Today, we use the first and the latter to identify people.
Removing the first, and opting for something you are, say fingerprints, is going to ultimately take to crown IMO.
Heck, I'll even suggest DNA.
TheBossMan
Expert Member
+1 Came here to complain about the same. This has got nothing to do with Bitcoins or even any other crypto currency.
faniebraai
RIP
Why are you against mobile banking, firstly. And secondly, I don't understand the rest of your post.
faniebraai
RIP
People keep talking about snapscan and think this is something new and awesome. Yes, it is a nice app, but in the background, they are just using the same wheel which has already been invented. A normal card not present transaction. Meaning, if I pick up your card, without knowing the PIN, I can use this card at point of sale (for snapscan merchants) to authorize payments. Not very secure.
The "PIN" that the app creates is just on your phone, and has zero to do with authentication. It just protects your card, if you loose your phone, but not your card. If you loose your card, and I find it, I can load it into my snapscan and use it, with no authentication.
Standard Bank is about to launch another app soon. Much better app. Much better security. It actually uses your ATM PIN for authentication. Meaning, if you loose your phone or card, it can't be used without the ATM PIN.
The "PIN" that the app creates is just on your phone, and has zero to do with authentication. It just protects your card, if you loose your phone, but not your card. If you loose your card, and I find it, I can load it into my snapscan and use it, with no authentication.
Standard Bank is about to launch another app soon. Much better app. Much better security. It actually uses your ATM PIN for authentication. Meaning, if you loose your phone or card, it can't be used without the ATM PIN.
Arthur
Honorary Master
Not an issue, guys. Bitcoin is an unorthodox currency and e-based payment method; the article is about unusual e-based payment methods. Surprised you couldn't see the connection.
faniebraai
RIP
^this
Bitcoin and other crypto currencies does not form part of South Africa's National Payment System, because it is closed loop.
But article wasn't about the NPS was it... Anyways, I don't even see the logo anywhere...
Bitcoin and other crypto currencies does not form part of South Africa's National Payment System, because it is closed loop.
But article wasn't about the NPS was it... Anyways, I don't even see the logo anywhere...
There are many reasons to complain about mobile banking (and by implication, a future cashless society) listed here:
http://news.slashdot.org/story/14/07/13/2013250/predicting-a-future-free-of-dollar-bills
Your understanding of his post will be clearer after reading this:
http://www.bibliotecapleyades.net/sociopolitica/sociopol_globalelite07.htm
faniebraai
RIP
First link:
Read a couple of comments, don't see anything useful.
Second link:
TL;DR
Skimmed through, saw talk about an implant. Ignored the rest. Don't have time for that crap...
EDIT: Anything specifically in those two links I should be looking at?
A) Many people prefer to spend money privately. Increasingly electronic mechanisms of funds transfer reduce privacy. If you can't see the problem, you either don't care for privacy yourself, or don't care if "others" lose it.
B) If you cannot see how a move towards a cashless society is a step towards further enabling a potentially-tyrannical, all-knowing surveillance state, then I recommend you don't bother looking any further.
Also, beware of the word "banking" (as used in the post title). It is potentially propaganda: an attempt to change our concept of monetary transactions from being primarily between individuals, to a New Order where a non-negotiable third-party intermediary stands between you.
faniebraai
RIP
A) The only reasons I saw people complain about with a cashless society, is for illegal activities. Anything legal?
B) I'm sorry but I don't believe in this conspiracy bullschit.
If you believe in this crap you obviously don't know what impact a stable payment system of country has on its finances, etc. If you have any evidence instead of conspiracy theories, I'll gladly take a look at it.
B) I'm sorry but I don't believe in this conspiracy bullschit.
If you believe in this crap you obviously don't know what impact a stable payment system of country has on its finances, etc. If you have any evidence instead of conspiracy theories, I'll gladly take a look at it.
Arthur
Honorary Master
I read "author". Waddayamean misread?Think you misread, he said "Author"
A) I tried to by a second hand table the other day, from a typical second hand store. I had to boycott the store when it turned out they abide by the new Second Hand Goods Act, which requires that they record the (cash!) transaction and my ID information for Big Brother. Should we be letting our government, and all the dubious private enterprise that goes along with it, have access to our personal spending habits? I say no - not because of the legality of the purchases, but because it's my own damn business. They are resorting to legislation to make it mandatory that our exact "world resource" usages are list-able against our names. Don't let us become Gears.
B) I have no real evidence of conspiracy, but I see tons of evidence that the digital world we are building is ever more ripe for manipulation and co-opting by evil-doers. Build it and they will come. Technologists and their supporting Lords will take and are taking advantage of generation that treats the tech they are using as beneficent magic, when it is not.
EDIT: In terms of "legality", laws are not ethics, are not morals, and are not "just and good" by default. Laws are changed, added to (and not very often, removed) by those with vested interests. If you judge an action by its 'legality' at any one time, you are not judging reality.
Why is it wrong that my purchase of a table is done anonymously?
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In your mind, is it only possible to have a "stable payment system" in place when everyone's individual micro-transactions are tagged, archived, semantically-linked and easily indexed by Three-Letter-Mafias?
Do you believe that now because transactions are electronic and supposedly OpenSSL-encrypted, that the problem is solved?
How far will you go to secure society? Did you know people can meet face to face in a park and have private conversions (if they leave their phones at home and speak in a privately-derived goobledeegook language so as to deter laser microphones or lip-readers)? Just imagine the disruptions to society they might plot and plan...
faniebraai
RIP
that is ridiculous, have never heard of that act. Is that a real thing?
faniebraai
RIP
We have one of the most stable payment systems in the world in this country, to be honest. But none of our transactions are "tagged" or "semantically-linked and easily indexed by Three-Letter-Mafias". Who are these 3 letter mafias you are talking about?
your paragraph about the secure society has got nothing to do with a cashless society.
cashless is a pipedream. I don't think we'll get there in any of our lifetimes. cash will also be there, but not king. cash is expensive. not only to the consumer, but to the banks as well. that's why they are driving away from it.
It is a real thing. Promulgated in the last few years. Requires all second hand stores to maintain records of all transactions, buying and selling, over a certain value (R100?) in order to "stamp out crime". Franchise stores like Cash Converters etc seem to be complying, but some independent stores do not yet, thank goodness. I personally know an owner of an antique store who was one of the very few vendors who participated in the "public" process leading up to it. He was depressed how few people pitched up to contribute comment. Most complain about the extra paperwork being a burden on the business (a legitimate concern). My issue is that it creates a situation where any ol' private business now becomes an identity broker, a role that no-one employed is likely trained to do. I have the same issue with any 'ol PEP stores becoming a RICA agent for cellphone registration with Big Brother (it makes a "secure central DB" pointless).
http://www.acts.co.za/second-hand-goods-act-2009/
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