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zende commented on Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows   coindesk.com/mt-gox-halts... · Posted by u/zende
foobarqux · 12 years ago
MtGox badly needs a financial audit. It's easy to fund operations from deposits and, by having limited withdrawals, hide the fact that you are insolvent.
zende · 12 years ago
This is exactly why regulations exist. MtGox should need to register as a Money Service Business (MSB) in the US and as a Money Transmitter in each state that they support. That needs to happen even if they're not a US company. The same applies to the EU, Australia, Canada, and many other countries that have regulations around this kind of activity.

The purpose of the regulations are to protect consumers for companies that are either malicious or incompetent.

The problem is that the licensing process is expensive, painful, and long. There should be better ways. Nonetheless, there's a reason why the exist.

zende commented on Ask HN: How much of a pay cut would you take?    · Posted by u/username317
zende · 12 years ago
One of the things to also consider is where you live and if you're effected by Seasonal Affective Disorder (SAD), which is a form of depression. It sounds like there's more going on than just your job, and you have to consider if your feeling about things have changed during the Winter.

It may be worth the effort of focusing on ways to improve your mood by exercising and spending time with friends to get you to a better state. That will let you think more clearly, have more energy for side projects, and seek out new employment or go out on your own.

There's usually a lot more going on with our mood than we initially think.

zende commented on Square thinks I don’t exist   kevinchen.co/blog/square-... · Posted by u/kevinchen
kevinchen · 12 years ago
I know how it used to work -- I've been following Square from the beginning. I just don't think it would cost that much to outsource verifying a DL and bank statement that I upload to their website.
zende · 12 years ago
You can automate the DL verification process using Jumio. You hold your DL in front of your computer's camera, Jumio reads the info, and verifies the information. IIRC, Western Union uses Jumio for this very purpose.
zende commented on Pushing Money to Debit Cards Using Balanced   balanced.crowdhoster.com/... · Posted by u/zende
notahacker · 12 years ago
I can believe there is a market for this service, but that doesn't say much for the average consumer's savviness

Debit card numbers, designed to take money out of your account, are what fraudsters want and have compliance policies so strict even bank employees usually don't get access to the full string. Account details are less useful to fraudsters and generally printed all over communications from banks, including the checks and remittance advice handed to third parties.

So why would rational people prefer the latter, particularly if it involves paying a premium?

Is it another startup whose usefulness stems in a large part from the lack of ubiquitous free, same-day interbank payments between checking accounts in the US (unlike much of the rest of the developed world)?

zende · 12 years ago
You can also take money from a bank account using an account number and routing number. That's why Donald Knuth stopped sending out checks to pay bounties.[1]

> Is it another startup whose usefulness stems in a large part from the lack of ubiquitous free, same-day interbank payments between checking accounts in the US (unlike much of the rest of the developed world)?

Partly but not all.

[1] http://en.wikipedia.org/wiki/Knuth_reward_check

zende commented on Pushing Money to Debit Cards Using Balanced   balanced.crowdhoster.com/... · Posted by u/zende
arkonaut · 12 years ago
What will the payout time be for it to hit the debit card? Is it instant? This is awesome by the way.
zende · 12 years ago
I didn't list the payout time because it varies by bank. It is instant (24/7) when we're able to go through an ATM network like STAR or PULSE. We'll learn a lot more during the development.

... and thanks for the support!

u/zende

KarmaCake day960October 9, 2009
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