Rekt
Instead of crediting employees' checking accounts, the cloud payroll company debited them, then its CEO absconded with the funds. Trusted third parties are security holes https://nakamotoinstitute.org/trusted-third-parties/ …https://twitter.com/shah_sheikh/status/1171804495182888961 …
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Alas, the HR departments probably did not give the employees much choice, forcing them to give up insecure checking account details as a condition of their job. The practice is AFAIK ubiquitous.
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"Trusted third parties are security holes" Hmm. Rhetorical question: Do you mean the cloud payroll company or the bank wire transfer system?
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In this case they got a twofer :-(
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apparently not a push only API :) bitcoin transactions are push transactions, and don't involve trusted third parties with a tendency to become untrusted third parties.
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Well with layer 2 you introduce the ability for a third party to behave in this way. A company can easily open such a service and control who sends, and who receives. It is just software and once you are not on layer 1 you remove the fundamental values. Layer 2 isn't bitcoin.
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A company or a bank can easily begin to restrict users on the layer 2 solution for payroll and or merchant services. Institutions do not care about the fundamental value add proposition of bitcoin. Third parties are adversaries, to user or to the network. User is easier to attack
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Brutal!
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people are security holes
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Beyond brazen! Trusted third parties ensconce themselves into vaunted positions of plugging security holes. Makes them more or perfect conduits to leverage malfeasance over a network.
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That bank is rekt if funds withdrawn via wire/check. There is a 60d return window on ACH debits for consumers.
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This has no mainstream traction. Not sure if I'm surprised or not by that.
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How ..was he living in space
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#21stcenturycatchphrase : "trusted third parties are security holes" ( twentieth century?#catch22 ) Song of 21st century?https://www.youtube.com/watch?v=MM_G0IRLEx4 …Thanks. Twitter will use this to make your timeline better. UndoUndo
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But trust is the foundation of all economics. Trust transformed mankind from suspicious clan killing savages to mutually understanding societies All institutions of public life - shops, schools, police, government, banks, hospitals, companies - are trusted third parties
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Reading the krebs article, it looks like the money was frozen in the destination account immediately, so the fraudster didn't actually get anything, yet.
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@PaulRBerg Your move next.Thanks. Twitter will use this to make your timeline better. UndoUndo
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