[cryptography] Must have seemed like a good idea at the time

Florian Weimer fw at deneb.enyo.de
Mon Jul 22 16:33:59 EDT 2013


* James A. Donald:

> This not all that fatal, as the money is traceable, but it means that
> the financial institution needs an apparatus to reverse cell phone
> transactions, and that cell phone money is therefore soft on the may
> scale.

This has been the case for giro payments for a while, and some
national banking systems stipulate that *all* direct debit
transactions can be rolled back for some time after the transaction.
(Lines of credit automatically enforced by banking systems already
take this into account, for obvious reasons.)

So all this isn't as bad as it may sound.  (The phone as a second
factor is an endangered species, but for other reasons.)


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