Nick Szabo  🔑

I think the issue is their system allows numbers to be ported too easily. Not that they collect info.

But their system is designed for people to call each other so that they can order fast food. Not to secure a $25m irreversible transaction

Well the environment around them is radically changing and if they can't adopt people will flock to services where this kind of stuff can not occur.

It’s not about securing anything. It’s just basic service levels and good opsec. It’s like someone can shut off your internet by calling your ISP. Could be as annoying as you can’t watch cat vids on YouTube or bad as botched your trade with 100x leverage.

Right, and if my ISP permitted that behavior I'd likely switch. Same goes for my phone. If my phone is ever ported in some sort of attempt to log into any account of mine (not just a $23 million account), I'm ditching that carrier.

Agree. But they are all that bad. So I also agree with Peter’s view that something should happen to shock the system to improve. Things need to improve on all levels: stop easy if porting, stop recommending SMS as 2FA, etc.

SMS as 2fa is better than no 2fa, but lulls people into a false sense of security. And most people won't install a TOTP app. But if you're dealing with that much money, you're epically moronic to not spend even a day reading about security. Prob bragged about his holdings too.

It’s really surprising how people are calling for the phone company to take a DNA test before porting your number, but no one asks if maybe the exchange should, I dunno, do a Skype call before releasing $25m